Novartis (NYSE:NVS) was downgraded by investment analysts at HSBC from a “buy” rating to a “hold” rating in a research report issued on Tuesday, May 29th, MarketBeat Ratings reports.
Other analysts have also recently issued reports about the stock. Deutsche Bank restated a “neutral” rating on shares of Novartis in a report on Friday, April 20th. JPMorgan Chase & Co. restated a “neutral” rating on shares of Novartis in a report on Monday, April 9th. Credit Suisse Group upgraded shares of Novartis from an “underperform” rating to a “neutral” rating in a report on Friday, May 25th. Finally, ValuEngine cut shares of Novartis from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $89.81.
Shares of Novartis stock traded up $1.26 on Tuesday, hitting $75.24. The company had a trading volume of 193,738 shares, compared to its average volume of 1,604,789. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.17 and a quick ratio of 0.91. The stock has a market capitalization of $172.02 billion, a PE ratio of 15.64, a price-to-earnings-growth ratio of 1.62 and a beta of 0.76. Novartis has a 52 week low of $73.21 and a 52 week high of $94.19.
In other news, major shareholder Institutes For Biomed Novartis acquired 766,666 shares of the firm’s stock in a transaction that occurred on Monday, April 23rd. The stock was purchased at an average price of $15.00 per share, with a total value of $11,499,990.00. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.01% of the company’s stock.
A number of institutional investors have recently bought and sold shares of NVS. Winthrop Partners WNY LLC purchased a new stake in Novartis in the 1st quarter worth approximately $100,000. Gables Capital Management Inc. purchased a new stake in Novartis in the 1st quarter worth approximately $103,000. Pinnacle Wealth Planning Services Inc. purchased a new stake in Novartis in the 4th quarter worth approximately $113,000. Calton & Associates Inc. purchased a new stake in Novartis in the 4th quarter worth approximately $118,000. Finally, SeaCrest Wealth Management LLC purchased a new stake in Novartis in the 4th quarter worth approximately $124,000. 10.91% of the stock is owned by hedge funds and other institutional investors.
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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