CIBC Asset Management Inc Raises Holdings in Novartis AG $NVS

CIBC Asset Management Inc boosted its position in Novartis AG (NYSE:NVS) by 50.2% in the 3rd quarter, Holdings Channel reports. The firm owned 25,989 shares of the company’s stock after acquiring an additional 8,682 shares during the quarter. CIBC Asset Management Inc’s holdings in Novartis were worth $3,305,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Bank of Montreal Can raised its position in shares of Novartis by 489.1% in the second quarter. Bank of Montreal Can now owns 564,990 shares of the company’s stock valued at $68,369,000 after buying an additional 469,080 shares during the last quarter. Fisher Asset Management LLC grew its stake in Novartis by 5.3% during the 2nd quarter. Fisher Asset Management LLC now owns 7,121,414 shares of the company’s stock valued at $861,762,000 after acquiring an additional 358,282 shares in the last quarter. Balyasny Asset Management L.P. raised its holdings in Novartis by 52.9% in the 2nd quarter. Balyasny Asset Management L.P. now owns 876,956 shares of the company’s stock valued at $106,120,000 after acquiring an additional 303,553 shares during the last quarter. Midwest Trust Co acquired a new position in shares of Novartis during the 2nd quarter worth approximately $32,297,000. Finally, Ameriprise Financial Inc. grew its position in shares of Novartis by 63.0% in the second quarter. Ameriprise Financial Inc. now owns 631,131 shares of the company’s stock valued at $76,374,000 after purchasing an additional 244,037 shares in the last quarter. Institutional investors and hedge funds own 13.12% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on NVS. HSBC restated a “reduce” rating and issued a $112.00 target price on shares of Novartis in a report on Wednesday, December 10th. HC Wainwright lowered shares of Novartis to a “neutral” rating in a report on Monday, October 27th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Novartis in a research report on Friday, January 16th. Weiss Ratings reiterated a “buy (b)” rating on shares of Novartis in a report on Monday, December 29th. Finally, Wall Street Zen raised shares of Novartis from a “hold” rating to a “buy” rating in a research note on Saturday, January 17th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Novartis currently has an average rating of “Hold” and a consensus price target of $119.75.

Novartis Trading Up 2.0%

NVS opened at $152.08 on Wednesday. Novartis AG has a 52 week low of $97.71 and a 52 week high of $152.48. The company has a quick ratio of 0.68, a current ratio of 0.88 and a debt-to-equity ratio of 0.50. The business has a fifty day simple moving average of $137.06 and a 200-day simple moving average of $129.08. The firm has a market cap of $321.27 billion, a P/E ratio of 20.78, a P/E/G ratio of 1.94 and a beta of 0.51.

Novartis (NYSE:NVS) last posted its earnings results on Tuesday, October 28th. The company reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.26 by ($0.01). The firm had revenue of $14.36 billion for the quarter, compared to analyst estimates of $13.70 billion. Novartis had a return on equity of 41.21% and a net margin of 26.49%.Novartis’s revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the company posted $2.06 EPS. On average, equities analysts expect that Novartis AG will post 8.45 earnings per share for the current year.

About Novartis

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.