Professional Advisory Services Inc. decreased its stake in Novartis AG (NYSE:NVS) by 4.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 223,738 shares of the company’s stock after selling 11,609 shares during the period. Novartis AG accounts for approximately 4.1% of Professional Advisory Services Inc.’s investment portfolio, making the stock its 2nd largest position. Professional Advisory Services Inc.’s holdings in Novartis AG were worth $18,675,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NVS. Hall Laurie J Trustee raised its position in Novartis AG by 2.8% in the first quarter. Hall Laurie J Trustee now owns 16,663 shares of the company’s stock valued at $1,229,000 after buying an additional 450 shares in the last quarter. TNB Financial purchased a new position in Novartis AG during the first quarter valued at approximately $6,982,000. Capstone Asset Management Co. raised its position in Novartis AG by 7.6% in the first quarter. Capstone Asset Management Co. now owns 128,300 shares of the company’s stock valued at $9,529,000 after buying an additional 9,010 shares in the last quarter. First PREMIER Bank raised its position in Novartis AG by 2.4% in the first quarter. First PREMIER Bank now owns 2,242 shares of the company’s stock valued at $166,000 after buying an additional 52 shares in the last quarter. Finally, E&G Advisors LP raised its position in Novartis AG by 27.0% in the first quarter. E&G Advisors LP now owns 10,350 shares of the company’s stock valued at $769,000 after buying an additional 2,200 shares in the last quarter. Institutional investors and hedge funds own 11.27% of the company’s stock.
Shares of Novartis AG (NYSE:NVS) traded up 0.12% during trading on Tuesday, reaching $84.54. The company had a trading volume of 380,482 shares. Novartis AG has a 52-week low of $66.93 and a 52-week high of $86.90. The stock has a 50 day moving average of $83.64 and a 200 day moving average of $78.07. The stock has a market capitalization of $198.07 billion, a price-to-earnings ratio of 30.87 and a beta of 0.73.
Novartis AG (NYSE:NVS) last released its quarterly earnings data on Tuesday, July 18th. The company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.06. The firm had revenue of $12.24 billion for the quarter, compared to analyst estimates of $12.20 billion. Novartis AG had a net margin of 13.52% and a return on equity of 15.51%. Novartis AG’s quarterly revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.23 earnings per share. Equities research analysts forecast that Novartis AG will post $4.75 EPS for the current year.
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Several research analysts have recently commented on the company. Leerink Swann restated a “market perform” rating and set a $83.00 price target on shares of Novartis AG in a research report on Thursday, June 22nd. BidaskClub lowered Novartis AG from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Morgan Stanley upgraded Novartis AG from an “underweight” rating to an “overweight” rating in a report on Wednesday, July 26th. Credit Suisse Group lowered Novartis AG from a “neutral” rating to an “underperform” rating and set a $82.25 target price for the company. in a report on Wednesday, July 5th. Finally, Cowen and Company reiterated a “hold” rating on shares of Novartis AG in a report on Tuesday, July 18th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $81.71.
In other Novartis AG news, major shareholder Bioventures Ltd Novartis acquired 266,667 shares of the company’s stock in a transaction that occurred on Wednesday, July 5th. The shares were purchased at an average price of $15.00 per share, for a total transaction of $4,000,005.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.01% of the stock is owned by corporate 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.
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