Salem Investment Counselors Inc. Lowers Stake in Novartis AG (NVS)
Salem Investment Counselors Inc. trimmed its position in shares of Novartis AG (NYSE:NVS) by 21.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,244 shares of the company’s stock after selling 1,743 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Novartis AG were worth $521,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. City Holding Co. grew its position in Novartis AG by 4.6% in the 2nd quarter. City Holding Co. now owns 1,217 shares of the company’s stock valued at $102,000 after purchasing an additional 54 shares during the period. Archford Capital Strategies LLC raised its holdings in Novartis AG by 72.3% during the first quarter. Archford Capital Strategies LLC now owns 1,480 shares of the company’s stock worth $110,000 after buying an additional 621 shares during the last quarter. Kernodle & Katon Asset Management Group LLC raised its holdings in Novartis AG by 3.4% during the first quarter. Kernodle & Katon Asset Management Group LLC now owns 1,488 shares of the company’s stock worth $111,000 after buying an additional 49 shares during the last quarter. North Star Investment Management Corp. raised its holdings in Novartis AG by 1.0% during the second quarter. North Star Investment Management Corp. now owns 1,542 shares of the company’s stock worth $129,000 after buying an additional 16 shares during the last quarter. Finally, Massey Quick & Co. LLC acquired a new position in Novartis AG during the first quarter worth $119,000. 10.93% of the stock is currently owned by institutional investors.
Novartis AG (NYSE:NVS) traded up 0.17% during trading on Tuesday, hitting $86.49. 388,403 shares of the company’s stock traded hands. The company’s 50 day moving average is $84.59 and its 200-day moving average is $81.17. Novartis AG has a 12 month low of $66.93 and a 12 month high of $86.90. The stock has a market cap of $202.64 billion, a P/E ratio of 31.58 and a beta of 0.73.
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, topping the Zacks’ consensus estimate of $1.16 by $0.06. The company had revenue of $12.24 billion for the quarter, compared to analysts’ expectations of $12.20 billion. Novartis AG had a net margin of 13.52% and a return on equity of 15.51%. Novartis AG’s revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.23 EPS. On average, analysts predict that Novartis AG will post $4.75 earnings per share for the current year.
A number of brokerages have recently issued reports on NVS. BidaskClub cut shares of Novartis AG from a “hold” rating to a “sell” rating in a report on Friday, August 11th. J P Morgan Chase & Co restated a “neutral” rating on shares of Novartis AG in a report on Thursday, June 8th. Cowen and Company set a $90.00 target price on shares of Novartis AG and gave the stock a “hold” rating in a report on Wednesday, August 9th. Finally, Zacks Investment Research lowered shares of Novartis AG from a “buy” rating to a “hold” rating in a report on Thursday, September 21st. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $85.12.
In other news, major shareholder Bioventures Ltd Novartis acquired 266,667 shares of Novartis AG stock in a transaction on Wednesday, July 5th. The stock was acquired at an average cost of $15.00 per share, for a total transaction of $4,000,005.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 0.01% of the stock is currently owned by company insiders.
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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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