Cannell Peter B & Co. Inc. raised its stake in Novartis AG (NYSE:NVS) by 2.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,097 shares of the company’s stock after acquiring an additional 600 shares during the period. Cannell Peter B & Co. Inc.’s holdings in Novartis AG were worth $1,844,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the stock. Parnassus Investments CA lifted its holdings in Novartis AG by 89.4% in the first quarter. Parnassus Investments CA now owns 8,173,974 shares of the company’s stock valued at $593,720,000 after acquiring an additional 3,858,632 shares during the period. BlackRock Inc. bought a new position in shares of Novartis AG in the first quarter worth about $210,378,000. Janus Capital Management LLC raised its stake in shares of Novartis AG by 34,406.2% in the first quarter. Janus Capital Management LLC now owns 1,759,816 shares of the company’s stock worth $130,696,000 after buying an additional 1,754,716 shares during the period. Wells Fargo & Company MN raised its stake in shares of 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 period. Finally, Principal Financial Group Inc. bought a new stake in Novartis AG during the 2nd quarter valued at approximately $71,606,000. 10.98% of the stock is currently owned by institutional investors.
In other Novartis AG news, major shareholder Bioventures Ltd Novartis bought 266,667 shares of Novartis AG stock in a transaction that occurred on Wednesday, July 5th. The stock was purchased at an average cost of $15.00 per share, for a total transaction of $4,000,005.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.01% of the company’s stock.
Several brokerages recently issued reports on NVS. Leerink Swann reiterated a “market perform” rating and issued a $83.00 target price on shares of Novartis AG in a report on Thursday, June 22nd. Morgan Stanley reiterated a “sell” rating on shares of Novartis AG in a report on Tuesday, June 6th. UBS AG reissued a “neutral” rating on shares of Novartis AG in a research note on Wednesday, May 24th. Credit Suisse Group lowered Novartis AG from a “neutral” rating to an “underperform” rating and set a $82.25 price target for the company. in a research note on Wednesday, July 5th. Finally, Cowen and Company set a $77.00 price target on Novartis AG and gave the stock a “hold” rating in a research note on Tuesday, July 11th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the stock. Novartis AG has an average rating of “Hold” and a consensus price target of $83.56.
Novartis AG (NYSE:NVS) traded down 0.16% during mid-day trading on Friday, reaching $85.69. The company’s stock had a trading volume of 228,938 shares. The stock’s 50 day moving average is $84.26 and its 200 day moving average is $80.24. Novartis AG has a one year low of $66.93 and a one year high of $86.90. The firm has a market cap of $200.76 billion, a PE ratio of 31.29 and a beta of 0.74.
Novartis AG (NYSE:NVS) last issued its earnings results on Tuesday, July 18th. The company reported $1.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.06. The firm had revenue of $12.24 billion during the quarter, compared to analysts’ expectations of $12.20 billion. Novartis AG had a net margin of 13.52% and a return on equity of 15.51%. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same period last year, the firm posted $1.23 earnings per share. On average, analysts anticipate that Novartis AG will post $4.75 EPS for the current year.
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.
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