Steinberg Global Asset Management increased its position in shares of Novartis AG (NYSE:NVS) by 24.3% in the 1st quarter, HoldingsChannel reports. The firm owned 5,470 shares of the company’s stock after purchasing an additional 1,070 shares during the period. Steinberg Global Asset Management’s holdings in Novartis were worth $442,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. HC Financial Advisors Inc. increased its holdings in Novartis by 5.1% in the third quarter. HC Financial Advisors Inc. now owns 16,934 shares of the company’s stock valued at $1,459,000 after buying an additional 816 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Novartis by 526.2% in the third quarter. Bank of New York Mellon Corp now owns 635,797 shares of the company’s stock valued at $54,780,000 after buying an additional 534,268 shares in the last quarter. Dodge & Cox increased its holdings in Novartis by 0.5% in the third quarter. Dodge & Cox now owns 44,361,387 shares of the company’s stock valued at $3,822,177,000 after buying an additional 229,525 shares in the last quarter. Mutual Advisors LLC increased its holdings in Novartis by 34.7% in the third quarter. Mutual Advisors LLC now owns 11,446 shares of the company’s stock valued at $986,000 after buying an additional 2,950 shares in the last quarter. Finally, HRT Financial LLC purchased a new position in Novartis in the third quarter valued at about $227,000. 11.68% of the stock is owned by hedge funds and other institutional investors.
In related news, major shareholder Bioventures Ltd Novartis sold 132,738 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $2.12, for a total transaction of $281,404.56. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last 90 days, insiders have sold 870,195 shares of company stock worth $1,062,051. 0.01% of the stock is owned by company insiders.
A number of research analysts have issued reports on NVS shares. Zacks Investment Research cut shares of Novartis from a “hold” rating to a “strong sell” rating in a report on Thursday, April 11th. JPMorgan Chase & Co. reaffirmed a “sell” rating on shares of Novartis in a report on Wednesday, January 16th. Credit Suisse Group cut shares of Novartis to a “sell” rating in a report on Thursday, December 20th. Finally, Morgan Stanley cut shares of Novartis from an “equal weight” rating to an “underweight” rating and increased their target price for the company from $82.50 to $82.52 in a report on Wednesday, April 10th. Five research analysts have rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $89.25.
NVS stock opened at $79.34 on Wednesday. The company has a market capitalization of $187.02 billion, a PE ratio of 15.59, a price-to-earnings-growth ratio of 2.07 and a beta of 0.68. Novartis AG has a 12 month low of $72.30 and a 12 month high of $96.31. The company has a current ratio of 1.20, a quick ratio of 0.97 and a debt-to-equity ratio of 0.29.
Novartis (NYSE:NVS) last announced its earnings results on Wednesday, January 30th. The company reported $1.24 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.33 by ($0.09). Novartis had a return on equity of 15.66% and a net margin of 24.30%. The firm had revenue of $13.27 billion for the quarter, compared to analyst estimates of $13.33 billion. During the same quarter last year, the business posted $1.21 EPS. The firm’s revenue was up 2.7% compared to the same quarter last year. Equities analysts anticipate that Novartis AG will post 5.1 EPS for the current fiscal year.
Novartis AG researches, develops, manufactures, and markets healthcare products worldwide. The company's Innovative Medicines segment offers patented prescription medicines for patients and healthcare providers. It also provides ophthalmology, neuroscience, immunology, hepatology and dermatology, respiratory, cardio-metabolic, and established medicine products.
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