PNC Financial Services Group Inc. boosted its holdings in shares of Novartis AG (NYSE:NVS – Free Report) by 4.7% during the first quarter, Holdings Channel.com reports. The institutional investor owned 220,134 shares of the company’s stock after buying an additional 9,930 shares during the period. PNC Financial Services Group Inc.’s holdings in Novartis were worth $33,625,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the stock. Morgan Stanley raised its position in Novartis by 14.9% in the 4th quarter. Morgan Stanley now owns 8,876,906 shares of the company’s stock valued at $1,223,860,000 after purchasing an additional 1,148,033 shares in the last quarter. Fisher Asset Management LLC grew its position in shares of Novartis by 3.1% during the fourth quarter. Fisher Asset Management LLC now owns 7,465,850 shares of the company’s stock worth $1,029,317,000 after buying an additional 226,484 shares in the last quarter. Auto Owners Insurance Co increased its stake in shares of Novartis by 13,687.0% during the fourth quarter. Auto Owners Insurance Co now owns 4,628,296 shares of the company’s stock worth $638,103,000 after buying an additional 4,594,726 shares during the period. Bank of America Corp DE raised its holdings in Novartis by 1.7% in the third quarter. Bank of America Corp DE now owns 4,605,878 shares of the company’s stock valued at $590,658,000 after acquiring an additional 78,390 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in Novartis by 10.3% in the fourth quarter. Franklin Resources Inc. now owns 4,479,307 shares of the company’s stock valued at $617,562,000 after acquiring an additional 419,988 shares in the last quarter. Hedge funds and other institutional investors own 13.12% of the company’s stock.
Wall Street Analyst Weigh In
Several research analysts have commented on the stock. Citigroup reiterated a “buy” rating on shares of Novartis in a report on Wednesday. Morgan Stanley lifted their price objective on shares of Novartis from $143.00 to $170.00 and gave the stock an “overweight” rating in a research report on Thursday, March 26th. Finally, Weiss Ratings downgraded shares of Novartis from a “buy (a-)” rating to a “buy (b)” rating in a research note on Wednesday, April 29th. Seven equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $141.20.
Novartis Price Performance
NVS stock opened at $156.32 on Friday. The business has a 50 day moving average price of $151.81 and a 200 day moving average price of $152.11. The company has a quick ratio of 0.65, a current ratio of 0.86 and a debt-to-equity ratio of 0.89. The stock has a market cap of $298.29 billion, a price-to-earnings ratio of 23.58, a PEG ratio of 2.65 and a beta of 0.45. Novartis AG has a fifty-two week low of $112.34 and a fifty-two week high of $170.46.
Novartis (NYSE:NVS – Get Free Report) last announced its quarterly earnings results on Tuesday, June 30th. The company reported $2.41 EPS for the quarter. Novartis had a net margin of 23.29% and a return on equity of 38.56%. The company had revenue of $14.95 billion for the quarter. Equities research analysts anticipate that Novartis AG will post 8.75 earnings per share for the current fiscal year.
Novartis Profile
Novartis is a Swiss multinational pharmaceutical company headquartered in Basel that researches, develops, manufactures and commercializes prescription medicines and related health-care products. Formed through the 1996 merger of Ciba-Geigy and Sandoz, Novartis operates globally and focuses on bringing therapeutics from discovery through clinical development to commercial markets worldwide.
The company’s activities center on innovative pharmaceuticals across several therapeutic areas, including oncology, immunology, cardiovascular and metabolic diseases, neuroscience and ophthalmology, alongside capabilities in advanced therapies such as biologics, cell and gene therapies.
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