Novartis AG (NYSE:NVS) Stake Cut by BB&T Corp

BB&T Corp reduced its position in shares of Novartis AG (NYSE:NVS) by 1.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 320,950 shares of the company’s stock after selling 5,662 shares during the period. BB&T Corp’s holdings in Novartis AG were worth $26,789,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Westwood Holdings Group Inc. increased its stake in shares of Novartis AG by 5.6% in the first quarter. Westwood Holdings Group Inc. now owns 5,405 shares of the company’s stock worth $401,000 after buying an additional 285 shares in the last quarter. AT Bancorp increased its stake in shares of Novartis AG by 4.2% in the first quarter. AT Bancorp now owns 11,690 shares of the company’s stock worth $868,000 after buying an additional 470 shares in the last quarter. Physicians Financial Services Inc. increased its stake in shares of Novartis AG by 11.4% in the first quarter. Physicians Financial Services Inc. now owns 16,583 shares of the company’s stock worth $1,232,000 after buying an additional 1,700 shares in the last quarter. Investment Centers of America Inc. increased its stake in shares of Novartis AG by 3.1% in the first quarter. Investment Centers of America Inc. now owns 7,639 shares of the company’s stock worth $566,000 after buying an additional 231 shares in the last quarter. Finally, Union Bankshares Corp increased its stake in shares of Novartis AG by 0.3% in the second quarter. Union Bankshares Corp now owns 37,521 shares of the company’s stock worth $3,132,000 after buying an additional 99 shares in the last quarter. Institutional investors and hedge funds own 11.16% of the company’s stock.

Shares of Novartis AG (NYSE:NVS) opened at 84.37 on Thursday. The company’s 50-day moving average is $84.02 and its 200 day moving average is $79.00. The firm has a market capitalization of $197.67 billion, a price-to-earnings ratio of 30.80 and a beta of 0.73. Novartis AG has a 1-year low of $66.93 and a 1-year high of $86.90.

Novartis AG (NYSE:NVS) last posted its quarterly earnings data on Tuesday, July 18th. The company reported $1.22 earnings per share for the quarter, beating the 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%. During the same quarter last year, the company posted $1.23 EPS. The company’s quarterly revenue was down 1.8% compared to the same quarter last year. On average, analysts expect that Novartis AG will post $4.73 EPS for the current fiscal year.

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Several research analysts have commented on NVS shares. Vetr cut shares of Novartis AG from a “buy” rating to a “hold” rating and set a $78.32 target price for the company. in a research report on Tuesday, April 25th. Zacks Investment Research upgraded shares of Novartis AG from a “strong sell” rating to a “hold” rating in a research report on Monday, May 1st. UBS AG restated a “neutral” rating on shares of Novartis AG in a research report on Wednesday, May 24th. J P Morgan Chase & Co restated a “neutral” rating on shares of Novartis AG in a research report on Friday, June 2nd. Finally, Morgan Stanley restated a “sell” rating on shares of Novartis AG in a research report on Tuesday, June 6th. Four equities research analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $83.56.

In other Novartis AG news, major shareholder Bioventures Ltd Novartis purchased 266,667 shares of the stock in a transaction dated Wednesday, July 5th. The stock was bought at an average price of $15.00 per share, for a total transaction of $4,000,005.00. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.01% of the stock is owned by 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.

Institutional Ownership by Quarter for Novartis AG (NYSE:NVS)

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