Thornburg Investment Management Inc. lessened its holdings in shares of Novartis AG (NYSE:NVS) by 19.0% during the 1st quarter, HoldingsChannel reports. The fund owned 287,584 shares of the company’s stock after selling 67,404 shares during the period. Thornburg Investment Management Inc.’s holdings in Novartis were worth $27,648,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. Trustcore Financial Services LLC raised its position in shares of Novartis by 10.0% in the first quarter. Trustcore Financial Services LLC now owns 1,738 shares of the company’s stock valued at $167,000 after purchasing an additional 158 shares during the period. Farmers National Bank bought a new position in shares of Novartis in the first quarter valued at approximately $825,000. Measured Wealth Private Client Group LLC raised its position in shares of Novartis by 28.0% in the first quarter. Measured Wealth Private Client Group LLC now owns 7,128 shares of the company’s stock valued at $685,000 after purchasing an additional 1,558 shares during the period. Global Retirement Partners LLC raised its position in shares of Novartis by 36.3% in the first quarter. Global Retirement Partners LLC now owns 1,713 shares of the company’s stock valued at $165,000 after purchasing an additional 456 shares during the period. Finally, Cordatus Wealth Management LLC increased its position in Novartis by 7.5% during the first quarter. Cordatus Wealth Management LLC now owns 6,737 shares of the company’s stock worth $648,000 after acquiring an additional 468 shares during the period. 11.66% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE NVS traded up $0.58 during mid-day trading on Friday, reaching $83.03. The company had a trading volume of 22,694 shares, compared to its average volume of 2,645,737. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.83 and a current ratio of 0.93. Novartis AG has a one year low of $63.60 and a one year high of $85.08. The stock has a market capitalization of $190.46 billion, a P/E ratio of 16.32, a PEG ratio of 1.97 and a beta of 0.66.
Novartis (NYSE:NVS) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $1.21 EPS for the quarter, topping the Zacks’ consensus estimate of $1.11 by $0.10. Novartis had a return on equity of 16.75% and a net margin of 24.55%. The company had revenue of $11.11 billion for the quarter, compared to analysts’ expectations of $11.76 billion. During the same quarter last year, the business earned $1.28 earnings per share. Novartis’s revenue was up 1.7% on a year-over-year basis. Equities research analysts forecast that Novartis AG will post 4.98 earnings per share for the current year.
A number of brokerages recently issued reports on NVS. Liberum Capital raised shares of Novartis from a “hold” rating to a “buy” rating in a research report on Thursday, April 25th. Guggenheim raised shares of Novartis from a “neutral” rating to a “buy” rating and set a $79.16 target price on the stock in a research report on Wednesday, April 24th. Zacks Investment Research lowered shares of Novartis from a “hold” rating to a “strong sell” rating in a research report on Thursday, April 11th. Morgan Stanley lowered shares of Novartis from an “equal weight” rating to an “underweight” rating and boosted their target price for the stock from $82.50 to $82.52 in a research report on Wednesday, April 10th. Finally, JPMorgan Chase & Co. reaffirmed a “sell” rating on shares of Novartis in a research report on Tuesday, January 29th. Five analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Novartis has an average rating of “Hold” and an average target price of $87.57.
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.
Featured Article: Percentage Gainers
Want to see what other hedge funds are holding NVS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Novartis AG (NYSE:NVS).
Receive News & Ratings for Novartis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Novartis and related companies with MarketBeat.com's FREE daily email newsletter.