Private Asset Management Inc. cut its stake in shares of Novartis AG (NYSE:NVS) by 2.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 56,618 shares of the company’s stock after selling 1,635 shares during the quarter. Private Asset Management Inc.’s holdings in Novartis were worth $5,170,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Private Trust Co. NA lifted its holdings in Novartis by 9.1% in the 2nd quarter. Private Trust Co. NA now owns 3,496 shares of the company’s stock valued at $319,000 after purchasing an additional 293 shares in the last quarter. Cox Capital Mgt LLC lifted its holdings in Novartis by 4.1% in the 2nd quarter. Cox Capital Mgt LLC now owns 20,451 shares of the company’s stock valued at $1,867,000 after purchasing an additional 806 shares in the last quarter. Sphera Funds Management LTD. purchased a new position in Novartis in the 1st quarter valued at about $9,614,000. FMR LLC lifted its holdings in Novartis by 23.7% in the 1st quarter. FMR LLC now owns 8,678,552 shares of the company’s stock valued at $834,356,000 after purchasing an additional 1,662,505 shares in the last quarter. Finally, Redwood Investment Management LLC purchased a new position in Novartis in the 1st quarter valued at about $488,000. 11.88% of the stock is currently owned by institutional investors and hedge funds.
Shares of NVS stock traded down $0.36 during trading hours on Tuesday, hitting $93.68. 2,850,104 shares of the company were exchanged, compared to its average volume of 2,419,625. The stock has a market cap of $214.65 billion, a price-to-earnings ratio of 18.40, a PEG ratio of 2.20 and a beta of 0.59. Novartis AG has a 1 year low of $71.33 and a 1 year high of $95.00. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.74 and a current ratio of 0.94. The business’s fifty day moving average price is $90.69.
Novartis (NYSE:NVS) last announced its quarterly earnings data on Thursday, July 18th. The company reported $1.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.20 by $0.14. The business had revenue of $11.76 billion for the quarter, compared to analyst estimates of $11.45 billion. Novartis had a net margin of 23.27% and a return on equity of 18.55%. The company’s revenue was up 3.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.29 EPS. As a group, equities research analysts predict that Novartis AG will post 4.99 earnings per share for the current year.
Several research analysts have recently weighed in on the stock. Argus increased their price objective on shares of Novartis to $105.00 and gave the stock a “buy” rating in a report on Tuesday. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Hallmark Financial Services from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a report on Friday. Liberum Capital upgraded shares of Novartis from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. Guggenheim upgraded shares of Novartis from a “neutral” rating to a “buy” rating and set a $79.16 price objective on the stock in a report on Wednesday, April 24th. Finally, Morgan Stanley set a $165.00 price objective on shares of Caterpillar and gave the stock a “buy” rating in a report on Wednesday, April 10th. Four analysts have rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Novartis currently has an average rating of “Hold” and an average price target of $90.63.
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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