Novartis (NVS) Rating Lowered to Underperform at Bank of America
Novartis (NYSE:NVS) was downgraded by investment analysts at Bank of America from a “neutral” rating to an “underperform” rating in a research report issued on Wednesday, MarketBeat Ratings reports.
Several other equities research analysts also recently commented on the company. Zacks Investment Research raised Novartis from a “sell” rating to a “hold” rating in a report on Thursday, October 26th. J P Morgan Chase & Co restated a “neutral” rating on shares of Novartis in a research note on Tuesday, August 29th. Leerink Swann boosted their price target on Novartis from $89.00 to $91.00 and gave the stock a “market perform” rating in a research note on Monday, October 23rd. Barclays cut Novartis from an “equal weight” rating to an “underweight” rating in a research note on Wednesday, October 25th. Finally, BidaskClub upgraded Novartis from a “sell” rating to a “hold” rating in a research note on Saturday, August 19th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $85.32.
Novartis (NVS) traded down $0.66 during trading on Wednesday, reaching $83.18. The company’s stock had a trading volume of 1,256,817 shares, compared to its average volume of 2,275,874. The company has a quick ratio of 0.81, a current ratio of 1.08 and a debt-to-equity ratio of 0.32. Novartis has a twelve month low of $66.93 and a twelve month high of $86.90. The company has a market capitalization of $200,791.69, a P/E ratio of 17.87, a price-to-earnings-growth ratio of 2.71 and a beta of 0.73.
Several hedge funds have recently bought and sold shares of NVS. Cetera Investment Advisers purchased a new stake in Novartis during the second quarter valued at $241,000. Bartlett & Co. LLC increased its position in Novartis by 1.6% during the third quarter. Bartlett & Co. LLC now owns 473,081 shares of the company’s stock valued at $40,614,000 after acquiring an additional 7,249 shares during the last quarter. GFS Advisors LLC increased its position in Novartis by 6.5% during the second quarter. GFS Advisors LLC now owns 21,314 shares of the company’s stock valued at $1,779,000 after acquiring an additional 1,300 shares during the last quarter. Schafer Cullen Capital Management Inc. increased its position in Novartis by 9.2% during the second quarter. Schafer Cullen Capital Management Inc. now owns 2,780,606 shares of the company’s stock valued at $232,097,000 after acquiring an additional 233,292 shares during the last quarter. Finally, Mechanics Bank Trust Department purchased a new stake in Novartis during the second quarter valued at $389,000. Hedge funds and other institutional investors own 10.87% of the company’s stock.
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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