Summit Global Investments acquired a new position in shares of Novartis AG (NYSE:NVS) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 6,570 shares of the company’s stock, valued at approximately $488,000.
Other large investors also recently modified their holdings of the company. Parnassus Investments CA increased its stake in shares of Novartis AG by 89.4% in the first quarter. Parnassus Investments CA now owns 8,173,974 shares of the company’s stock worth $593,720,000 after buying an additional 3,858,632 shares during the last quarter. BlackRock Inc. bought a new stake in shares of Novartis AG during the first quarter worth $210,378,000. Janus Capital Management LLC increased 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 last quarter. Wells Fargo & Company MN increased 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 last quarter. Finally, Karp Capital Management Corp bought a new stake in shares of Novartis AG during the first quarter worth $51,745,000. 11.16% of the stock is currently owned by institutional investors.
Shares of Novartis AG (NYSE:NVS) traded down 0.50% on Friday, reaching $82.76. The company had a trading volume of 1,319,136 shares. The firm has a market capitalization of $193.90 billion, a P/E ratio of 30.22 and a beta of 0.73. The company’s 50-day moving average price is $83.92 and its 200 day moving average price is $79.10. Novartis AG has a 52 week low of $66.93 and a 52 week 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, topping analysts’ consensus estimates of $1.16 by $0.06. Novartis AG had a return on equity of 15.51% and a net margin of 13.52%. The company had revenue of $12.24 billion during the quarter, compared to analysts’ expectations of $12.20 billion. During the same period last year, the firm earned $1.23 EPS. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. On average, analysts expect that Novartis AG will post $4.73 EPS for the current year.
A number of equities research analysts recently weighed in on NVS shares. Zacks Investment Research downgraded Novartis AG from a “hold” rating to a “sell” rating in a research report on Monday, July 10th. Credit Suisse Group downgraded Novartis AG from a “neutral” rating to an “underperform” rating and set a $82.25 price objective on the stock. in a research report on Wednesday, July 5th. Morgan Stanley raised Novartis AG from an “underweight” rating to an “overweight” rating in a research report on Wednesday, July 26th. Leerink Swann reissued a “market perform” rating and issued a $83.00 price target on shares of Novartis AG in a report on Thursday, June 22nd. Finally, Vetr downgraded Novartis AG from a “buy” rating to a “hold” rating and set a $78.32 price target for the company. in a report on Tuesday, April 25th. Three investment 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. The company has an average rating of “Hold” and a consensus price target of $83.56.
In related news, major shareholder Bioventures Ltd Novartis acquired 266,667 shares of the firm’s stock in a transaction on Wednesday, July 5th. The stock was bought at an average cost of $15.00 per share, with a total value of $4,000,005.00. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 0.01% of the stock is currently owned by company 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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