Abbot Financial Management Inc. Acquires New Stake in Novartis AG (NVS)
Abbot Financial Management Inc. acquired a new stake in shares of Novartis AG (NYSE:NVS) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 26,694 shares of the company’s stock, valued at approximately $2,228,000. Novartis AG comprises 2.0% of Abbot Financial Management Inc.’s investment portfolio, making the stock its 15th biggest holding.
A number of other hedge funds have also added to or reduced their stakes in the business. Farr Miller & Washington LLC DC lifted its position in Novartis AG by 0.3% during the second quarter. Farr Miller & Washington LLC DC now owns 2,959 shares of the company’s stock valued at $247,000 after purchasing an additional 10 shares during the last quarter. FCG Advisors LLC lifted its position in Novartis AG by 0.3% during the second quarter. FCG Advisors LLC now owns 4,271 shares of the company’s stock valued at $357,000 after purchasing an additional 12 shares during the last quarter. Washington Trust Bank lifted its position in Novartis AG by 0.3% during the second quarter. Washington Trust Bank now owns 4,384 shares of the company’s stock valued at $366,000 after purchasing an additional 14 shares during the last quarter. North Star Investment Management Corp. lifted its position 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 valued at $129,000 after purchasing an additional 16 shares during the last quarter. Finally, Ledyard National Bank lifted its position in Novartis AG by 0.9% during the second quarter. Ledyard National Bank now owns 3,428 shares of the company’s stock valued at $286,000 after purchasing an additional 30 shares during the last quarter. Institutional investors and hedge funds own 10.93% of the company’s stock.
Novartis AG (NYSE NVS) traded up 0.78% on Tuesday, reaching $85.77. 649,236 shares of the company traded hands. The stock has a 50 day moving average of $84.28 and a 200-day moving average of $80.42. Novartis AG has a 1-year low of $66.93 and a 1-year high of $86.90. The stock has a market capitalization of $200.95 billion, a price-to-earnings ratio of 31.31 and a beta of 0.74.
Novartis AG (NYSE:NVS) last announced its quarterly earnings results on Tuesday, July 18th. The company reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.06. The firm 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%. The company’s revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.23 EPS. On average, equities analysts anticipate that Novartis AG will post $4.75 EPS for the current year.
Several equities analysts have commented on NVS shares. J P Morgan Chase & Co reiterated a “neutral” rating on shares of Novartis AG in a research report on Tuesday, September 5th. BidaskClub upgraded shares of Novartis AG from a “sell” rating to a “hold” rating in a report on Saturday, August 5th. Cowen and Company restated a “hold” rating on shares of Novartis AG in a report on Tuesday, July 18th. UBS AG restated a “neutral” rating on shares of Novartis AG in a report on Tuesday, May 30th. Finally, Zacks Investment Research lowered shares of Novartis AG from a “hold” rating to a “sell” rating in a report on Monday, July 10th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have issued a buy rating to the company. Novartis AG presently has an average rating of “Hold” and a consensus target price of $85.12.
In related news, major shareholder Bioventures Ltd Novartis bought 266,667 shares of the firm’s stock in a transaction on Wednesday, July 5th. The shares were bought at an average price 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 is available through this hyperlink. Corporate 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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