Novartis AG (NVS) Holdings Reduced by Peapack Gladstone Financial Corp
Peapack Gladstone Financial Corp lowered its position in Novartis AG (NYSE:NVS) by 12.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,280 shares of the company’s stock after selling 2,117 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Novartis AG were worth $1,275,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the business. City Holding Co. raised its stake in Novartis AG by 4.6% during the second quarter. City Holding Co. now owns 1,217 shares of the company’s stock worth $102,000 after acquiring an additional 54 shares during the period. Archford Capital Strategies LLC grew its position in Novartis AG by 72.3% in the 1st quarter. Archford Capital Strategies LLC now owns 1,480 shares of the company’s stock worth $110,000 after purchasing an additional 621 shares during the last quarter. Kernodle & Katon Asset Management Group LLC grew its position in Novartis AG by 3.4% in the 1st quarter. Kernodle & Katon Asset Management Group LLC now owns 1,488 shares of the company’s stock worth $111,000 after purchasing an additional 49 shares during the last quarter. Massey Quick & Co. LLC bought a new position in Novartis AG in the 1st quarter worth about $119,000. Finally, North Star Investment Management Corp. grew its position in Novartis AG by 1.0% in the 2nd quarter. North Star Investment Management Corp. now owns 1,542 shares of the company’s stock worth $129,000 after purchasing an additional 16 shares during the last quarter. Hedge funds and other institutional investors own 10.93% of the company’s stock.
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Novartis AG (NVS) traded up 0.1012% during mid-day trading on Friday, reaching $85.7267. 220,095 shares of the company traded hands. The stock’s 50-day moving average price is $84.76 and its 200-day moving average price is $81.32. Novartis AG has a one year low of $66.93 and a one year high of $86.90. The firm has a market cap of $200.85 billion, a PE ratio of 31.2985 and a beta of 0.73.
Novartis AG (NYSE:NVS) last issued its quarterly earnings data on Tuesday, July 18th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.06. The firm had revenue of $12.24 billion during 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 business’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.23 earnings per share. Analysts forecast that Novartis AG will post $4.75 earnings per share for the current fiscal year.
Several research analysts have commented on the stock. Leerink Swann restated a “market perform” rating and issued a $83.00 target price on shares of Novartis AG in a research report on Thursday, June 22nd. J P Morgan Chase & Co reiterated a “neutral” rating on shares of Novartis AG in a report on Tuesday, September 26th. Zacks Investment Research cut shares of Novartis AG from a “buy” rating to a “hold” rating in a report on Thursday, September 21st. BidaskClub cut shares of Novartis AG from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Finally, Morgan Stanley raised shares of Novartis AG from an “underweight” rating to an “overweight” rating in a research note on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the company. Novartis AG has an average rating of “Hold” and a consensus price target of $85.12.
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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