Summit Global Investments purchased a new stake in Novartis AG (NYSE:NVS) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 6,570 shares of the company’s stock, valued at approximately $488,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NVS. Parnassus Investments CA boosted its position 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 buying an additional 3,858,632 shares during the last quarter. BlackRock Inc. purchased a new position in Novartis AG during the first quarter valued at $210,378,000. Janus Capital Management LLC boosted its position in 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 valued at $130,696,000 after buying an additional 1,754,716 shares during the last quarter. Wells Fargo & Company MN boosted its position in Novartis AG by 12.2% in the first quarter. Wells Fargo & Company MN now owns 9,100,801 shares of the company’s stock valued at $675,917,000 after buying an additional 988,301 shares during the last quarter. Finally, Karp Capital Management Corp purchased a new position in Novartis AG during the first quarter valued at $51,745,000. 11.27% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Novartis AG (NYSE NVS) opened at 83.35 on Friday. The stock has a market capitalization of $195.28 billion, a price-to-earnings ratio of 30.43 and a beta of 0.73. Novartis AG has a 52-week low of $66.93 and a 52-week high of $86.90. The firm’s 50-day moving average is $84.17 and its 200 day moving average is $78.68.
Novartis AG (NYSE:NVS) last posted its earnings results on Tuesday, July 18th. The company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.06. Novartis AG had a net margin of 13.52% and a return on equity of 15.51%. The firm had revenue of $12.24 billion for the quarter, compared to the consensus estimate of $12.20 billion. During the same period in the previous year, the firm posted $1.23 EPS. The business’s quarterly revenue was down 1.8% on a year-over-year basis. Equities analysts expect that Novartis AG will post $4.73 EPS for the current year.
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Several brokerages recently issued reports on NVS. Zacks Investment Research lowered shares of Novartis AG from a “hold” rating to a “sell” rating in a research report on Monday, July 10th. Credit Suisse Group lowered shares of Novartis AG from a “neutral” rating to an “underperform” rating and set a $82.25 target price for the company. in a research report on Wednesday, July 5th. Morgan Stanley upgraded shares of Novartis AG from an “underweight” rating to an “overweight” rating in a research report on Wednesday, July 26th. Leerink Swann reiterated a “market perform” rating and issued a $83.00 target price on shares of Novartis AG in a research report on Thursday, June 22nd. Finally, J P Morgan Chase & Co reiterated a “neutral” rating on shares of Novartis AG in a research report on Tuesday, April 18th. Four investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $83.56.
In other Novartis AG news, major shareholder Bioventures Ltd Novartis bought 266,667 shares of Novartis AG stock in a transaction dated Wednesday, July 5th. The shares were 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 legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.01% of the company’s stock.
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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