First Financial Corp IN cut its stake in shares of Novartis AG (NYSE:NVS) by 72.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,191 shares of the company’s stock after selling 8,347 shares during the period. First Financial Corp IN’s holdings in Novartis AG were worth $267,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Primecap Management Co. CA raised its stake in shares of Novartis AG by 2.1% in the first quarter. Primecap Management Co. CA now owns 21,693,804 shares of the company’s stock valued at $1,611,199,000 after buying an additional 446,976 shares during the period. Wells Fargo & Company MN raised 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 valued at $675,917,000 after buying an additional 988,301 shares during the period. Parnassus Investments CA raised 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 valued at $593,720,000 after buying an additional 3,858,632 shares during the period. Bank of America Corp DE raised its stake in shares of Novartis AG by 7.5% in the first quarter. Bank of America Corp DE now owns 7,328,730 shares of the company’s stock valued at $544,304,000 after buying an additional 508,435 shares during the period. Finally, Fisher Asset Management LLC raised its stake in shares of Novartis AG by 6.3% in the second quarter. Fisher Asset Management LLC now owns 6,505,935 shares of the company’s stock valued at $543,050,000 after buying an additional 384,262 shares during the period. Institutional investors and hedge funds own 11.16% of the company’s stock.
Novartis AG (NYSE NVS) opened at 82.76 on Friday. Novartis AG has a 52-week low of $66.93 and a 52-week high of $86.90. The company’s 50-day moving average price is $83.92 and its 200 day moving average price is $79.10. The firm has a market capitalization of $193.90 billion, a price-to-earnings ratio of 30.22 and a beta of 0.73.
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 the Thomson Reuters’ 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 return on equity of 15.51% and a net margin of 13.52%. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.23 earnings per share. Equities analysts predict that Novartis AG will post $4.73 earnings per share for the current fiscal year.
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NVS has been the subject of several research analyst reports. Vetr lowered Novartis AG from a “buy” rating to a “hold” rating and set a $78.32 price objective for the company. in a report on Tuesday, April 25th. J P Morgan Chase & Co reaffirmed a “neutral” rating on shares of Novartis AG in a research report on Thursday, June 22nd. BidaskClub raised Novartis AG from a “sell” rating to a “hold” rating in a research report on Saturday, August 5th. Cowen and Company reaffirmed a “hold” rating on shares of Novartis AG in a research report on Tuesday, July 18th. Finally, UBS AG reaffirmed a “neutral” rating on shares of Novartis AG in a research report on Tuesday, May 30th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $83.56.
In other Novartis AG news, major shareholder Bioventures Ltd Novartis bought 266,667 shares of Novartis AG stock in a transaction on 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 Securities & Exchange Commission, which is available at this link. Insiders own 0.01% of the company’s stock.
Novartis AG Company Profile
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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