Gradient Investments LLC lowered its holdings in shares of Novartis AG (NYSE:NVS) by 7.3% during the fourth quarter, HoldingsChannel reports. The firm owned 17,796 shares of the company’s stock after selling 1,402 shares during the quarter. Gradient Investments LLC’s holdings in Novartis were worth $1,685,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Primecap Management Co. CA raised its position in shares of Novartis by 7.4% during the second quarter. Primecap Management Co. CA now owns 25,617,640 shares of the company’s stock worth $2,339,147,000 after purchasing an additional 1,760,424 shares during the period. Bank of America Corp DE raised its position in shares of Novartis by 1.3% during the second quarter. Bank of America Corp DE now owns 9,166,269 shares of the company’s stock worth $836,972,000 after purchasing an additional 115,613 shares during the period. Fisher Asset Management LLC raised its position in shares of Novartis by 3.1% during the third quarter. Fisher Asset Management LLC now owns 8,314,984 shares of the company’s stock worth $722,572,000 after purchasing an additional 247,749 shares during the period. State Street Corp raised its position in shares of Novartis by 1.8% during the third quarter. State Street Corp now owns 2,721,543 shares of the company’s stock worth $236,502,000 after purchasing an additional 48,335 shares during the period. Finally, Parametric Portfolio Associates LLC raised its position in shares of Novartis by 2.5% during the third quarter. Parametric Portfolio Associates LLC now owns 2,538,794 shares of the company’s stock worth $220,621,000 after purchasing an additional 61,474 shares during the period. 10.62% of the stock is currently owned by institutional investors.
NVS has been the topic of a number of recent research reports. Cowen reissued a “buy” rating and issued a $100.00 target price on shares of Novartis in a research report on Friday, October 25th. ValuEngine raised Novartis from a “sell” rating to a “hold” rating in a research report on Saturday, October 19th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $93.34.
Novartis (NYSE:NVS) last announced its earnings results on Tuesday, October 22nd. The company reported $1.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.31 by $0.10. Novartis had a return on equity of 20.86% and a net margin of 24.43%. The business had revenue of $12.17 billion for the quarter, compared to analyst estimates of $11.67 billion. During the same quarter last year, the firm earned $1.32 EPS. Novartis’s revenue for the quarter was up 10.5% compared to the same quarter last year. As a group, equities research analysts predict that Novartis AG will post 5.23 EPS for the current year.
Novartis Company Profile
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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