Marshall Wace North America L.P. cut its holdings in shares of Novartis AG (NYSE:NVS) by 47.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 425,703 shares of the company’s stock after selling 387,439 shares during the quarter. Marshall Wace North America L.P.’s holdings in Novartis were worth $36,679,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in NVS. Stelac Advisory Services LLC purchased a new stake in Novartis in the 3rd quarter worth about $113,000. Columbia Asset Management purchased a new stake in Novartis in the 3rd quarter worth about $126,000. Belpointe Asset Management LLC purchased a new stake in Novartis in the 3rd quarter worth about $131,000. Quad Cities Investment Group LLC purchased a new stake in Novartis in the 2nd quarter worth about $139,000. Finally, Resources Management Corp CT ADV purchased a new stake in Novartis in the 3rd quarter worth about $142,000. 11.20% of the stock is owned by hedge funds and other institutional investors.
Several brokerages recently weighed in on NVS. Cowen raised Novartis from a “market perform” rating to an “outperform” rating and set a $88.03 price objective for the company in a report on Sunday, December 2nd. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Novartis in a report on Wednesday, November 28th. Goldman Sachs Group raised Novartis from a “neutral” rating to a “conviction-buy” rating in a report on Friday, November 16th. Wolfe Research began coverage on Novartis in a report on Tuesday, October 23rd. They issued an “outperform” rating for the company. Finally, Guggenheim started coverage on Novartis in a report on Monday, October 8th. They issued a “neutral” rating for the company. Eleven research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $85.91.
NYSE NVS traded down $1.51 during trading hours on Friday, hitting $87.54. The company had a trading volume of 61,703 shares, compared to its average volume of 2,464,027. Novartis AG has a 52 week low of $72.30 and a 52 week high of $94.19. The company has a quick ratio of 0.96, a current ratio of 1.20 and a debt-to-equity ratio of 0.29. The company has a market cap of $209.68 billion, a P/E ratio of 18.21, a P/E/G ratio of 2.01 and a beta of 0.74.
Novartis (NYSE:NVS) last issued its earnings results on Thursday, October 18th. The company reported $1.32 EPS for the quarter, topping the consensus estimate of $1.31 by $0.01. Novartis had a return on equity of 15.81% and a net margin of 25.98%. The business had revenue of $12.78 billion during the quarter, compared to the consensus estimate of $12.88 billion. During the same quarter last year, the company earned $1.29 EPS. The firm’s revenue was up 2.9% compared to the same quarter last year. Equities research analysts anticipate that Novartis AG will post 5.17 EPS for the current year.
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Novartis AG researches, develops, manufactures, and markets a range of healthcare products worldwide. The company's Innovative Medicines segment offers patented prescription medicines to enhance health outcomes for patients and health-care providers. This segment also commercializes products in the areas of oncology and rare diseases, ophthalmology, immunology and dermatology, neuroscience, respiratory, cardio-metabolic, and established medicines.
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