Norris Perne & French LLP MI Has $9.92 Million Stake in Novartis AG (NVS)

Norris Perne & French LLP MI lowered its stake in Novartis AG (NYSE:NVS) by 0.1% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 118,803 shares of the company’s stock after selling 131 shares during the period. Novartis AG comprises about 1.7% of Norris Perne & French LLP MI’s portfolio, making the stock its 15th largest position. Norris Perne & French LLP MI’s holdings in Novartis AG were worth $9,917,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NVS. Sit Investment Associates Inc. bought a new position in Novartis AG during the first quarter valued at approximately $1,367,000. Headinvest LLC boosted its position in Novartis AG by 2.0% in the first quarter. Headinvest LLC now owns 15,130 shares of the company’s stock valued at $1,124,000 after buying an additional 300 shares during the last quarter. Fisher Asset Management LLC boosted its position in Novartis AG by 0.8% in the first quarter. Fisher Asset Management LLC now owns 6,121,673 shares of the company’s stock valued at $454,657,000 after buying an additional 46,803 shares during the last quarter. Rehmann Capital Advisory Group boosted its position in Novartis AG by 16.1% in the first quarter. Rehmann Capital Advisory Group now owns 3,626 shares of the company’s stock valued at $269,000 after buying an additional 504 shares during the last quarter. Finally, Sigma Planning Corp boosted its position in Novartis AG by 5.4% in the first quarter. Sigma Planning Corp now owns 6,447 shares of the company’s stock valued at $479,000 after buying an additional 330 shares during the last quarter. 11.16% of the stock is owned by hedge funds and other institutional investors.

Novartis AG (NVS) opened at 83.02 on Tuesday. The stock’s 50 day moving average price is $83.91 and its 200 day moving average price is $79.26. Novartis AG has a 52-week low of $66.93 and a 52-week high of $86.90. The firm has a market capitalization of $194.51 billion, a PE ratio of 30.31 and a beta of 0.73.

Novartis AG (NYSE:NVS) last posted its quarterly earnings results on Tuesday, July 18th. The company reported $1.22 EPS for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.06. The business had revenue of $12.24 billion during the quarter, compared to the consensus estimate of $12.20 billion. Novartis AG had a return on equity of 15.51% and a net margin of 13.52%. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period last year, the firm earned $1.23 earnings per share. Analysts expect that Novartis AG will post $4.74 earnings per share for the current year.

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Several research firms recently commented on NVS. Leerink Swann reissued a “market perform” rating and set a $83.00 target price on shares of Novartis AG in a research note on Thursday, June 22nd. BidaskClub cut Novartis AG from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Morgan Stanley raised Novartis AG from an “underweight” rating to an “overweight” rating in a research note on Wednesday, July 26th. Cowen and Company set a $90.00 target price on Novartis AG and gave the stock a “hold” rating in a research note on Wednesday, August 9th. Finally, Credit Suisse Group cut Novartis AG from a “neutral” rating to an “underperform” rating and set a $82.25 target price for the company. in a research note on Wednesday, July 5th. 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 company. The stock has a consensus rating of “Hold” and a consensus price target of $83.56.

In other news, major shareholder Bioventures Ltd Novartis purchased 266,667 shares of the firm’s stock in a transaction that occurred on Wednesday, July 5th. The stock was acquired at an average cost of $15.00 per share, for a total transaction of $4,000,005.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.01% of the stock is currently owned by company insiders.

About Novartis AG

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.