Patten Group Inc. increased its position in shares of Novartis AG (NYSE:NVS) by 1.3% during the first quarter, HoldingsChannel reports. The institutional investor owned 17,319 shares of the company’s stock after purchasing an additional 223 shares during the quarter. Patten Group Inc.’s holdings in Novartis were worth $1,665,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also recently added to or reduced their stakes in NVS. Camelot Portfolios LLC boosted its holdings in Novartis by 1.2% during the fourth quarter. Camelot Portfolios LLC now owns 10,063 shares of the company’s stock valued at $863,000 after purchasing an additional 123 shares in the last quarter. Stratos Wealth Partners LTD. boosted its holdings in Novartis by 1.2% during the first quarter. Stratos Wealth Partners LTD. now owns 10,631 shares of the company’s stock valued at $1,022,000 after purchasing an additional 125 shares in the last quarter. Legacy Bridge LLC boosted its holdings in Novartis by 7.5% during the first quarter. Legacy Bridge LLC now owns 1,844 shares of the company’s stock valued at $177,000 after purchasing an additional 128 shares in the last quarter. Proficio Capital Partners LLC boosted its holdings in Novartis by 3.8% during the fourth quarter. Proficio Capital Partners LLC now owns 3,511 shares of the company’s stock valued at $301,000 after purchasing an additional 129 shares in the last quarter. Finally, Archford Capital Strategies LLC boosted its holdings in Novartis by 5.7% during the first quarter. Archford Capital Strategies LLC now owns 2,447 shares of the company’s stock valued at $235,000 after purchasing an additional 131 shares in the last quarter. 11.81% of the stock is currently owned by institutional investors and hedge funds.
NVS has been the topic of a number of recent research reports. Liberum Capital raised Novartis from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. Guggenheim raised Novartis from a “neutral” rating to a “buy” rating and set a $79.16 price objective on the stock in a report on Wednesday, April 24th. Zacks Investment Research downgraded Novartis from a “hold” rating to a “strong sell” rating in a report on Thursday, April 11th. Finally, Morgan Stanley downgraded Novartis from an “equal weight” rating to an “underweight” rating and lifted their price objective for the company from $82.50 to $82.52 in a report on Wednesday, April 10th. Five equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $87.57.
Shares of NVS traded up $0.83 on Wednesday, hitting $88.93. The company’s stock had a trading volume of 59,428 shares, compared to its average volume of 2,533,823. The company has a market capitalization of $205.24 billion, a P/E ratio of 17.48, a PEG ratio of 2.11 and a beta of 0.56. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.93 and a quick ratio of 0.83. Novartis AG has a fifty-two week low of $63.60 and a fifty-two week high of $88.99.
Novartis (NYSE:NVS) last announced its earnings results on Wednesday, April 24th. The company reported $1.21 EPS for the quarter, topping the consensus estimate of $1.11 by $0.10. The business had revenue of $11.11 billion for the quarter, compared to the consensus estimate of $11.76 billion. Novartis had a return on equity of 16.75% and a net margin of 24.55%. Novartis’s revenue was up 1.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.28 EPS. On average, sell-side analysts anticipate that Novartis AG will post 5.01 EPS for the current fiscal year.
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Novartis AG researches, develops, manufactures, and markets healthcare products worldwide. The company's Innovative Medicines segment offers patented prescription medicines for patients and healthcare providers. It also provides ophthalmology, neuroscience, immunology, hepatology and dermatology, respiratory, cardio-metabolic, and established medicine products.
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