Novartis AG (NVS) Price Target Cut to $92.00
Novartis AG (NYSE:NVS) had its target price cut by investment analysts at Chardan Capital from $95.00 to $92.00 in a research note issued to investors on Monday, StockTargetPrices.com reports. The brokerage currently has a “buy” rating on the stock. Chardan Capital’s price target indicates a potential upside of 17.51% from the company’s previous close.
Other equities analysts have also recently issued reports about the company. Zacks Investment Research upgraded Novartis AG from a “sell” rating to a “hold” rating in a research note on Wednesday, June 15th. TheStreet upgraded Novartis AG from a “hold” rating to a “buy” rating in a research note on Friday, June 24th. Bank of America Corp. reiterated a “hold” rating on shares of Novartis AG in a research note on Tuesday, July 12th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Novartis AG in a research note on Wednesday, July 13th. Finally, Argus reiterated a “hold” rating on shares of Novartis AG in a research note on Thursday, August 25th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $91.33.
Shares of Novartis AG (NYSE:NVS) opened at 78.29 on Monday. The company has a market cap of $186.43 billion, a price-to-earnings ratio of 27.95 and a beta of 0.57. Novartis AG has a 1-year low of $69.90 and a 1-year high of $95.11. The stock has a 50 day moving average price of $79.90 and a 200-day moving average price of $78.89.
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Novartis AG (NYSE:NVS) last announced its earnings results on Tuesday, July 19th. The company reported $1.23 EPS for the quarter, topping the Zacks’ consensus estimate of $1.18 by $0.05. Novartis AG had a return on equity of 15.33% and a net margin of 13.84%. The company had revenue of $12.47 billion for the quarter, compared to analysts’ expectations of $12.33 billion. During the same period last year, the firm earned $1.25 EPS. Equities research analysts forecast that Novartis AG will post $4.72 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pacad Investment Ltd. bought a new position in Novartis AG during the first quarter valued at approximately $261,000. BlackRock Institutional Trust Company N.A. bought a new position in Novartis AG during the first quarter valued at approximately $232,000. Columbia Partners L L C Investment Management raised its position in Novartis AG by 6.2% in the first quarter. Columbia Partners L L C Investment Management now owns 13,318 shares of the company’s stock valued at $964,000 after buying an additional 776 shares in the last quarter. JPMorgan Chase & Co. raised its position in Novartis AG by 9.4% in the first quarter. JPMorgan Chase & Co. now owns 1,486,055 shares of the company’s stock valued at $107,649,000 after buying an additional 128,235 shares in the last quarter. Finally, Shufro Rose & Co. LLC raised its position in Novartis AG by 9.6% in the first quarter. Shufro Rose & Co. LLC now owns 17,952 shares of the company’s stock valued at $1,300,000 after buying an additional 1,570 shares in the last quarter. Institutional investors own 9.78% of the company’s stock.
About Novartis AG
Novartis AG is a holding company. The Company specializes in the research, development, manufacturing and marketing of a range of healthcare products led by pharmaceuticals, including eye care products. Its portfolio includes medicines, eye care and generic pharmaceuticals. The Company’s segments include Pharmaceuticals, Alcon and Sandoz.
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