Bank of New York Mellon Corp Has $50.66 Million Stock Holdings in Novartis AG (NYSE:NVS)

Posted by Defense World Staff on Mar 11th, 2023

Bank of New York Mellon Corp lessened its stake in shares of Novartis AG (NYSE:NVS – Get Rating) by 12.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 666,443 shares of the company’s stock after selling 98,241 shares during the period. Bank of New York Mellon Corp’s holdings in Novartis were worth $50,656,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Franklin Resources Inc. boosted its position in shares of Novartis by 3.6% in the second quarter. Franklin Resources Inc. now owns 7,488,174 shares of the company’s stock valued at $632,976,000 after acquiring an additional 258,830 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Novartis by 7.7% in the third quarter. Dimensional Fund Advisors LP now owns 6,503,191 shares of the company’s stock valued at $494,313,000 after acquiring an additional 465,677 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Novartis by 4.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,399,213 shares of the company’s stock valued at $386,031,000 after acquiring an additional 193,519 shares during the period. Wellington Management Group LLP boosted its position in shares of Novartis by 0.9% in the first quarter. Wellington Management Group LLP now owns 4,131,935 shares of the company’s stock valued at $362,577,000 after acquiring an additional 35,483 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of Novartis by 11.9% in the second quarter. Renaissance Technologies LLC now owns 3,783,370 shares of the company’s stock valued at $319,808,000 after acquiring an additional 402,200 shares during the period. Institutional investors and hedge funds own 8.12% of the company’s stock.

Analyst Ratings Changes

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

Novartis Stock Up 0.8 %

Shares of NYSE NVS opened at $80.67 on Friday. Novartis AG has a 52-week low of $74.09 and a 52-week high of $94.26. The stock has a market cap of $178.49 billion, a PE ratio of 25.45, a PEG ratio of 1.56 and a beta of 0.52. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.04 and a current ratio of 1.29. The business has a fifty day moving average of $88.05 and a two-hundred day moving average of $84.76.

Novartis Increases Dividend

The firm also recently announced an annual dividend, which will be paid on Monday, March 20th. Stockholders of record on Friday, March 10th will be paid a $3.4694 dividend. The ex-dividend date of this dividend is Thursday, March 9th. This is a positive change from Novartis’s previous annual dividend of $1.18. This represents a dividend yield of 2.6%. Novartis’s dividend payout ratio (DPR) is 71.29%.

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.