Wallace Capital Management Inc. grew its holdings in shares of Novartis AG (NYSE:NVS) by 3.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 98,523 shares of the company’s stock after purchasing an additional 3,040 shares during the quarter. Novartis makes up about 1.0% of Wallace Capital Management Inc.’s investment portfolio, making the stock its 28th biggest position. Wallace Capital Management Inc.’s holdings in Novartis were worth $7,442,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of NVS. Winthrop Partners WNY LLC purchased a new position in shares of Novartis during the 1st quarter worth $100,000. Gables Capital Management Inc. purchased a new position in shares of Novartis during the 1st quarter worth $103,000. Quad Cities Investment Group LLC purchased a new position in shares of Novartis during the 2nd quarter worth $139,000. Archford Capital Strategies LLC purchased a new position in shares of Novartis during the 1st quarter worth $149,000. Finally, Linscomb & Williams Inc. purchased a new position in shares of Novartis during the 2nd quarter worth $200,000. 11.16% of the stock is currently owned by institutional investors.
A number of research analysts have weighed in on NVS shares. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Novartis in a research note on Thursday, May 17th. Zacks Investment Research lowered Novartis from a “hold” rating to a “sell” rating in a research note on Wednesday, August 29th. HSBC lowered Novartis from a “buy” rating to a “hold” rating in a research note on Tuesday, May 29th. Credit Suisse Group raised Novartis from an “underperform” rating to a “neutral” rating in a research note on Friday, May 25th. Finally, Barclays raised Novartis from an “underweight” rating to an “equal weight” rating in a research note on Thursday, July 19th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $93.50.
NVS stock opened at $82.56 on Wednesday. The firm has a market cap of $192.37 billion, a PE ratio of 17.16, a PEG ratio of 1.80 and a beta of 0.85. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.15 and a quick ratio of 0.89. Novartis AG has a 52 week low of $72.30 and a 52 week high of $94.19.
Novartis (NYSE:NVS) last released its quarterly earnings data on Wednesday, July 18th. The company reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.02. The business had revenue of $13.16 billion during the quarter, compared to the consensus estimate of $12.93 billion. Novartis had a return on equity of 16.05% and a net margin of 27.06%. The business’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.22 EPS. analysts forecast that Novartis AG will post 5.17 earnings per share for the current fiscal year.
In other news, major shareholder Bioventures Ltd Novartis sold 30,600 shares of the company’s stock in a transaction on Monday, July 23rd. The stock was sold at an average price of $4.25, for a total transaction of $130,050.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 81,322 shares of company stock valued at $290,796. Insiders own 0.01% of the company’s stock.
Novartis Company Profile
Novartis AG researches, develops, manufactures, and markets a range of healthcare products worldwide. The company's Innovative Medicines segment offers patented prescription medicines to enhance health outcomes for patients and health-care providers. This segment also commercializes products in the areas of oncology and rare diseases, ophthalmology, immunology and dermatology, neuroscience, respiratory, cardio-metabolic, and established medicines.
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