MUFG Americas Holdings Corp Reduces Stake in Novartis AG (NVS)
MUFG Americas Holdings Corp decreased its position in Novartis AG (NYSE:NVS) by 15.4% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 32,782 shares of the company’s stock after selling 5,953 shares during the period. MUFG Americas Holdings Corp’s holdings in Novartis AG were worth $2,737,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of NVS. First Bank & Trust boosted its stake in Novartis AG by 30.0% in the first quarter. First Bank & Trust now owns 14,681 shares of the company’s stock worth $1,090,000 after buying an additional 3,386 shares in the last quarter. Dowling & Yahnke LLC bought a new stake in Novartis AG during the first quarter worth about $227,000. Conning Inc. boosted its stake in Novartis AG by 22.1% in the first quarter. Conning Inc. now owns 3,735 shares of the company’s stock worth $277,000 after buying an additional 675 shares in the last quarter. WealthTrust Axiom LLC boosted its stake in Novartis AG by 4.7% in the first quarter. WealthTrust Axiom LLC now owns 17,698 shares of the company’s stock worth $1,314,000 after buying an additional 790 shares in the last quarter. Finally, Welch & Forbes LLC boosted its stake in Novartis AG by 8.8% in the first quarter. Welch & Forbes LLC now owns 104,215 shares of the company’s stock worth $7,740,000 after buying an additional 8,411 shares in the last quarter. Institutional investors own 10.97% of the company’s stock.
Novartis AG (NYSE:NVS) opened at 83.81 on Friday. The company’s 50-day moving average is $84.10 and its 200-day moving average is $79.76. Novartis AG has a 52-week low of $66.93 and a 52-week high of $86.90. The company has a market capitalization of $196.36 billion, a price-to-earnings ratio of 30.60 and a beta of 0.74.
Novartis AG (NYSE:NVS) last released its quarterly earnings data on Tuesday, July 18th. The company reported $1.22 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.16 by $0.06. The business had revenue of $12.24 billion for the quarter, compared to the consensus estimate of $12.20 billion. Novartis AG had a net margin of 13.52% and a return on equity of 15.51%. The company’s revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.23 earnings per share. On average, analysts expect that Novartis AG will post $4.75 earnings per share for the current fiscal year.
A number of analysts have recently issued reports on the stock. Leerink Swann restated a “market perform” rating and set a $83.00 target price on shares of Novartis AG in a research note on Thursday, June 22nd. BidaskClub cut shares of Novartis AG from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Morgan Stanley upgraded shares of Novartis AG from an “underweight” rating to an “overweight” rating in a research note on Wednesday, July 26th. Cowen and Company set a $90.00 target price on shares of Novartis AG and gave the stock a “hold” rating in a research note on Wednesday, August 9th. Finally, Credit Suisse Group cut shares of Novartis AG from a “neutral” rating to an “underperform” rating and set a $82.25 target price for the company. in a research note on Wednesday, July 5th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $83.56.
In other Novartis AG news, major shareholder Bioventures Ltd Novartis acquired 266,667 shares of the company’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 purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.01% of the stock is owned by corporate insiders.
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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