First Trust Advisors LP Reduces Position in Novartis AG (NVS)
First Trust Advisors LP lowered its position in shares of Novartis AG (NYSE:NVS) by 3.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 233,445 shares of the company’s stock after selling 8,397 shares during the period. First Trust Advisors LP’s holdings in Novartis AG were worth $19,486,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of NVS. Westwood Holdings Group Inc. increased its position in Novartis AG by 5.6% in the first quarter. Westwood Holdings Group Inc. now owns 5,405 shares of the company’s stock worth $401,000 after buying an additional 285 shares during the period. AT Bancorp increased its position in Novartis AG by 4.2% in the first quarter. AT Bancorp now owns 11,690 shares of the company’s stock worth $868,000 after buying an additional 470 shares during the period. Mechanics Bank Trust Department acquired a new position in Novartis AG during the second quarter worth approximately $389,000. Physicians Financial Services Inc. increased its position in Novartis AG by 11.4% in the first quarter. Physicians Financial Services Inc. now owns 16,583 shares of the company’s stock worth $1,232,000 after buying an additional 1,700 shares during the period. Finally, Investment Centers of America Inc. increased its position in Novartis AG by 3.1% in the first quarter. Investment Centers of America Inc. now owns 7,639 shares of the company’s stock worth $566,000 after buying an additional 231 shares during the period. 11.16% of the stock is currently owned by institutional investors and hedge funds.
Shares of Novartis AG (NVS) opened at 83.28 on Thursday. Novartis AG has a 12-month low of $66.93 and a 12-month high of $86.90. The company has a market capitalization of $195.12 billion, a PE ratio of 30.41 and a beta of 0.73. The stock has a 50 day moving average of $83.89 and a 200-day moving average of $79.35.
Novartis AG (NYSE:NVS) last issued its quarterly earnings results on Tuesday, July 18th. The company reported $1.22 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.06. Novartis AG had a return on equity of 15.51% and a net margin of 13.52%. The business had revenue of $12.24 billion during the quarter, compared to the consensus estimate of $12.20 billion. During the same period in the previous year, the business earned $1.23 EPS. The business’s quarterly revenue was down 1.8% on a year-over-year basis. Analysts predict that Novartis AG will post $4.74 earnings per share for the current fiscal year.
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NVS has been the topic of a number of research reports. Zacks Investment Research downgraded shares of Novartis AG from a “hold” rating to a “sell” rating in a research report on Monday, July 10th. J P Morgan Chase & Co reissued a “neutral” rating on shares of Novartis AG in a research report on Thursday, June 8th. BidaskClub raised shares of Novartis AG from a “sell” rating to a “hold” rating in a research report on Saturday, August 19th. Morgan Stanley raised shares of Novartis AG from an “underweight” rating to an “overweight” rating in a research report on Wednesday, July 26th. Finally, Cowen and Company set a $77.00 target price on shares of Novartis AG and gave the company a “hold” rating in a research report on Tuesday, July 11th. 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 company. The stock presently has an average rating of “Hold” and an average target price of $83.56.
In other news, major shareholder Bioventures Ltd Novartis purchased 266,667 shares of the stock in a transaction dated 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 legal filing with the SEC, which is available at this hyperlink. 0.01% of the stock is currently 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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