Synovus Financial Corp increased its holdings in shares of Novartis AG (NYSE:NVS) by 3.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,362 shares of the company’s stock after acquiring an additional 1,347 shares during the period. Synovus Financial Corp’s holdings in Novartis were worth $3,469,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of the stock. Parnassus Investments CA lifted its stake in shares of Novartis by 18.5% in the third quarter. Parnassus Investments CA now owns 9,447,817 shares of the company’s stock worth $811,095,000 after buying an additional 1,477,168 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of Novartis by 2.0% in the third quarter. Fisher Asset Management LLC now owns 6,632,984 shares of the company’s stock worth $569,442,000 after buying an additional 127,049 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Novartis by 3.1% in the second quarter. The Manufacturers Life Insurance Company now owns 5,036,427 shares of the company’s stock worth $420,390,000 after buying an additional 151,115 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Novartis by 25.3% in the second quarter. BlackRock Inc. now owns 3,549,783 shares of the company’s stock worth $296,299,000 after buying an additional 717,186 shares in the last quarter. Finally, State Street Corp lifted its stake in shares of Novartis by 2.3% in the second quarter. State Street Corp now owns 3,046,276 shares of the company’s stock worth $254,273,000 after buying an additional 68,834 shares in the last quarter. 10.87% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have recently issued reports on the stock. Bank of America downgraded shares of Novartis from a “neutral” rating to an “underperform” rating in a research note on Wednesday. J P Morgan Chase & Co reiterated a “neutral” rating on shares of Novartis in a research note on Tuesday, October 24th. BidaskClub downgraded shares of Novartis from a “hold” rating to a “sell” rating in a research note on Friday, August 11th. Cowen set a $90.00 target price on shares of Novartis and gave the stock a “hold” rating in a research note on Wednesday, August 9th. Finally, Leerink Swann increased their price objective on shares of Novartis from $89.00 to $91.00 and gave the company a “market perform” rating in a research report on Monday, October 23rd. Four research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. Novartis has a consensus rating of “Hold” and an average target price of $85.32.
Novartis (NYSE:NVS) last issued its quarterly earnings data on Tuesday, October 24th. The company reported $1.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.25 by $0.04. The company had revenue of $12.41 billion for the quarter, compared to the consensus estimate of $12.21 billion. Novartis had a net margin of 13.73% and a return on equity of 15.77%. The firm’s revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.23 earnings per share. equities research analysts predict that Novartis AG will post 4.75 earnings per share for the current fiscal year.
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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