Penserra Capital Management LLC Takes $36,000 Position in Novartis AG (NYSE:NVS)

Posted by on Feb 28th, 2023

Penserra Capital Management LLC acquired a new stake in shares of Novartis AG (NYSE:NVS – Get Rating) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 477 shares of the company’s stock, valued at approximately $36,000.

Several other institutional investors have also recently modified their holdings of NVS. Cetera Investment Advisers grew its position in Novartis by 5.1% during the 2nd quarter. Cetera Investment Advisers now owns 16,705 shares of the company’s stock worth $1,412,000 after acquiring an additional 811 shares during the last quarter. New Millennium Group LLC bought a new position in Novartis during the 2nd quarter worth approximately $58,000. Synovus Financial Corp grew its position in Novartis by 4.9% during the 3rd quarter. Synovus Financial Corp now owns 23,006 shares of the company’s stock worth $1,749,000 after acquiring an additional 1,078 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in Novartis by 15.6% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 69,093 shares of the company’s stock worth $5,842,000 after acquiring an additional 9,345 shares during the last quarter. Finally, Commerce Bank grew its position in Novartis by 4.7% during the 3rd quarter. Commerce Bank now owns 23,504 shares of the company’s stock worth $1,786,000 after acquiring an additional 1,050 shares during the last quarter. 8.12% of the stock is currently owned by institutional investors.

Novartis Stock Down 0.1 %

Shares of NYSE:NVS opened at $85.55 on Tuesday. Novartis AG has a 12-month low of $74.09 and a 12-month high of $94.26. The stock has a fifty day simple moving average of $89.40 and a two-hundred day simple moving average of $84.87. The company has a current ratio of 1.29, a quick ratio of 1.04 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $189.29 billion, a price-to-earnings ratio of 26.99, a PEG ratio of 1.67 and a beta of 0.52.

Novartis Increases Dividend

The company also recently disclosed an annual dividend, which will be paid on Monday, March 20th. Investors of record on Friday, March 10th will be issued a $3.4694 dividend. The ex-dividend date is Thursday, March 9th. This represents a dividend yield of 2.6%. This is a positive change from Novartis’s previous annual dividend of $1.18. Novartis’s payout ratio is presently 68.14%.

Analysts Set New Price Targets

Several research firms recently issued reports on NVS. Citigroup lowered Novartis from a “buy” rating to a “neutral” rating in a research report on Thursday, January 26th. Morgan Stanley lowered Novartis from an “equal weight” rating to an “underweight” rating in a research report on Friday, January 6th. UBS Group lifted their price objective on Novartis from CHF 82 to CHF 84 and gave the stock a “neutral” rating in a research report on Wednesday, December 14th. JPMorgan Chase & Co. upgraded Novartis from an “underweight” rating to a “neutral” rating in a research report on Tuesday, January 3rd. Finally, Stifel Nicolaus upgraded Novartis from a “hold” rating to a “buy” rating in a research report on Monday, December 5th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $82.63.

Novartis Profile

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Novartis AG is a holding company, which engages in the development, manufacture, and marketing of healthcare products. It operates through the following segments: Innovative Medicines, Sandoz, and Corporate. The Innovative Medicines segment researches, develops, manufactures, distributes and sells patented pharmaceuticals, and is composed of two business units: Novartis Oncology and Novartis Pharmaceuticals.

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Institutional Ownership by Quarter for Novartis (NYSE:NVS)

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