Novartis AG (NVS) Upgraded to Hold at BidaskClub
Novartis AG (NYSE:NVS) was upgraded by equities research analysts at BidaskClub from a “sell” rating to a “hold” rating in a report released on Saturday.
A number of other research firms have also recently commented on NVS. Vetr cut shares of Novartis AG from a “buy” rating to a “hold” rating and set a $78.32 price target for the company. in a report on Tuesday, April 25th. J P Morgan Chase & Co restated a “neutral” rating on shares of Novartis AG in a report on Thursday, June 8th. Cowen and Company restated a “hold” rating on shares of Novartis AG in a report on Tuesday, July 18th. UBS AG restated a “neutral” rating on shares of Novartis AG in a report on Tuesday, May 30th. Finally, Zacks Investment Research cut shares of Novartis AG from a “hold” rating to a “sell” rating in a report on Monday, July 10th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $83.56.
Novartis AG (NYSE NVS) traded down 0.50% during midday trading on Friday, reaching $82.76. 1,319,136 shares of the company traded hands. The company has a 50 day moving average of $83.92 and a 200-day moving average of $79.10. Novartis AG has a 12-month low of $66.93 and a 12-month high of $86.90. The stock has a market capitalization of $193.90 billion, a P/E ratio of 30.22 and a beta of 0.73.
Novartis AG (NYSE:NVS) last posted its quarterly earnings results on Tuesday, July 18th. The company reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.06. The business had revenue of $12.24 billion during the quarter, compared to analysts’ expectations of $12.20 billion. Novartis AG had a net margin of 13.52% and a return on equity of 15.51%. The business’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period last year, the company posted $1.23 earnings per share. Equities analysts anticipate that Novartis AG will post $4.73 EPS for the current fiscal year.
In other Novartis AG news, major shareholder Bioventures Ltd Novartis acquired 266,667 shares of the company’s stock in a transaction on Wednesday, July 5th. The shares were purchased at an average cost of $15.00 per share, with a total value of $4,000,005.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.01% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in NVS. Parnassus Investments CA raised its position in Novartis AG by 89.4% in the first quarter. Parnassus Investments CA now owns 8,173,974 shares of the company’s stock worth $593,720,000 after buying an additional 3,858,632 shares during the last quarter. BlackRock Inc. purchased a new position in Novartis AG during the first quarter worth $210,378,000. Janus Henderson Group PLC raised its position in Novartis AG by 42,797.5% in the second quarter. Janus Henderson Group PLC now owns 1,914,516 shares of the company’s stock worth $159,821,000 after buying an additional 1,910,053 shares during the last quarter. Janus Capital Management LLC raised its position in Novartis AG by 34,406.2% in the first quarter. Janus Capital Management LLC now owns 1,759,816 shares of the company’s stock worth $130,696,000 after buying an additional 1,754,716 shares during the last quarter. Finally, FMR LLC raised its position in Novartis AG by 172.1% in the second quarter. FMR LLC now owns 2,294,782 shares of the company’s stock worth $191,546,000 after buying an additional 1,451,441 shares during the last quarter. 11.16% of the stock is currently owned by hedge funds and other institutional investors.
About Novartis AG
Novartis AG is a holding company, which provides healthcare solutions. The Company is engaged in the research, development, manufacturing and marketing of a range of healthcare products led by pharmaceuticals. The Company’s segments include Innovative Medicines, Sandoz, Alcon and Corporate activities.
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