Lowe Brockenbrough & Co. Inc. lowered its position in Novartis AG (NYSE:NVS) by 1.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,524 shares of the company’s stock after selling 230 shares during the period. Lowe Brockenbrough & Co. Inc.’s holdings in Novartis AG were worth $1,713,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently added to or reduced their stakes in NVS. Primecap Management Co. CA increased its stake in Novartis AG by 2.1% in the first quarter. Primecap Management Co. CA now owns 21,693,804 shares of the company’s stock worth $1,611,199,000 after buying an additional 446,976 shares during the last quarter. Wells Fargo & Company MN increased its stake in Novartis AG by 12.2% in the first quarter. Wells Fargo & Company MN now owns 9,100,801 shares of the company’s stock worth $675,917,000 after buying an additional 988,301 shares during the last quarter. Parnassus Investments CA increased its stake in Novartis AG by 89.4% in the first quarter. Parnassus Investments CA now owns 8,173,974 shares of the company’s stock worth $593,720,000 after buying an additional 3,858,632 shares during the last quarter. Bank of America Corp DE increased its stake in Novartis AG by 7.5% in the first quarter. Bank of America Corp DE now owns 7,328,730 shares of the company’s stock worth $544,304,000 after buying an additional 508,435 shares during the last quarter. Finally, Fisher Asset Management LLC increased its stake in Novartis AG by 6.3% in the second quarter. Fisher Asset Management LLC now owns 6,505,935 shares of the company’s stock worth $543,050,000 after buying an additional 384,262 shares during the last quarter. Institutional investors and hedge funds own 11.16% of the company’s stock.
Shares of Novartis AG (NYSE:NVS) opened at 82.76 on Friday. Novartis AG has a 12 month low of $66.93 and a 12 month high of $86.90. The stock has a market capitalization of $193.90 billion, a PE ratio of 30.22 and a beta of 0.73. The company’s 50-day moving average is $83.92 and its 200-day moving average is $79.10.
Novartis AG (NYSE:NVS) last posted its quarterly earnings results on Tuesday, July 18th. The company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.06. The company had revenue of $12.24 billion for the quarter, compared to analyst estimates of $12.20 billion. Novartis AG had a net margin of 13.52% and a return on equity of 15.51%. The business’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period last year, the business posted $1.23 EPS. Equities research analysts expect that Novartis AG will post $4.73 earnings per share for the current fiscal year.
A number of analysts have recently commented on NVS shares. Vetr downgraded Novartis AG from a “buy” rating to a “hold” rating and set a $78.32 price objective for the company. in a report on Tuesday, April 25th. J P Morgan Chase & Co restated a “neutral” rating on shares of Novartis AG in a report on Thursday, June 8th. BidaskClub upgraded Novartis AG from a “sell” rating to a “hold” rating in a report on Saturday, August 5th. Cowen and Company restated a “hold” rating on shares of Novartis AG in a report on Tuesday, July 18th. Finally, UBS AG restated a “neutral” rating on shares of Novartis AG in a report on Tuesday, May 30th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $83.56.
In related news, major shareholder Bioventures Ltd Novartis purchased 266,667 shares of the firm’s stock in a transaction on Wednesday, July 5th. The shares were bought at an average cost of $15.00 per share, for a total transaction of $4,000,005.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.01% of the company’s stock.
Novartis AG Company Profile
Novartis AG is a holding company, which provides healthcare solutions. The Company is engaged in the research, development, manufacturing and marketing of a range of healthcare products led by pharmaceuticals. The Company’s segments include Innovative Medicines, Sandoz, Alcon and Corporate activities.
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