ProVise Management Group LLC Purchases 9,227 Shares of Novartis AG (NVS)
ProVise Management Group LLC boosted its position in Novartis AG (NYSE:NVS) by 12.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 85,041 shares of the company’s stock after buying an additional 9,227 shares during the period. Novartis AG makes up about 1.1% of ProVise Management Group LLC’s portfolio, making the stock its 22nd largest position. ProVise Management Group LLC’s holdings in Novartis AG were worth $7,099,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Primecap Management Co. CA boosted 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 last quarter. Wells Fargo & Company MN boosted 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 last quarter. Parnassus Investments CA boosted 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 last quarter. Bank of America Corp DE boosted 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 last quarter. Finally, Fisher Asset Management LLC boosted 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 last quarter. 10.97% of the stock is owned by institutional investors and hedge funds.
Shares of Novartis AG (NYSE:NVS) opened at 83.81 on Friday. The company has a market cap of $196.36 billion, a price-to-earnings ratio of 30.60 and a beta of 0.74. The company’s 50 day moving average price is $84.10 and its 200 day moving average price is $79.76. Novartis AG has a 12 month low of $66.93 and a 12 month high of $86.90.
Novartis AG (NYSE:NVS) last announced its quarterly earnings results on Tuesday, July 18th. The company reported $1.22 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $12.20 billion. During the same quarter in the previous year, the business earned $1.23 EPS. Novartis AG’s revenue was down 1.8% compared to the same quarter last year. On average, equities analysts expect that Novartis AG will post $4.75 EPS for the current fiscal year.
Several equities research analysts have recently weighed in on the company. Leerink Swann reissued a “market perform” rating and issued a $83.00 price target on shares of Novartis AG in a research note on Thursday, June 22nd. Morgan Stanley reissued a “sell” rating on shares of Novartis AG in a research note on Tuesday, June 6th. UBS AG reissued a “neutral” rating on shares of Novartis AG in a research note on Wednesday, May 24th. Credit Suisse Group cut Novartis AG from a “neutral” rating to an “underperform” rating and set a $82.25 price target for the company. in a research note on Wednesday, July 5th. Finally, Cowen and Company set a $77.00 price target on Novartis AG and gave the company a “hold” rating in a research note on Tuesday, July 11th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the company. Novartis AG has a consensus rating of “Hold” and an average target price of $83.56.
In other news, major shareholder Bioventures Ltd Novartis acquired 266,667 shares of the business’s stock in a transaction on Wednesday, July 5th. The shares were acquired at an average cost of $15.00 per share, with a total value of $4,000,005.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 0.01% of the stock is owned by insiders.
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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