NorthCrest Asset Manangement LLC lifted its position in Novartis AG (NYSE:NVS – Free Report) by 1,078.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 54,333 shares of the company’s stock after acquiring an additional 49,721 shares during the period. NorthCrest Asset Manangement LLC’s holdings in Novartis were worth $4,999,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. TCI Wealth Advisors Inc. grew its holdings in Novartis by 193.0% in the fourth quarter. TCI Wealth Advisors Inc. now owns 293 shares of the company’s stock worth $27,000 after purchasing an additional 193 shares during the period. Fortis Capital Advisors LLC purchased a new stake in shares of Novartis in the 4th quarter worth approximately $27,000. Financial Management Professionals Inc. increased its position in Novartis by 2,018.8% during the 4th quarter. Financial Management Professionals Inc. now owns 339 shares of the company’s stock valued at $31,000 after buying an additional 323 shares in the last quarter. Resurgent Financial Advisors LLC purchased a new position in Novartis during the fourth quarter valued at $35,000. Finally, CoreCap Advisors LLC bought a new stake in Novartis in the fourth quarter worth $37,000. Hedge funds and other institutional investors own 8.07% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities analysts recently issued reports on the stock. StockNews.com assumed coverage on shares of Novartis in a research note on Thursday, May 18th. They issued a “strong-buy” rating on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Novartis from a “hold” rating to a “buy” rating in a research note on Wednesday, April 26th. Finally, BTIG Research upped their price target on Novartis from $75.00 to $85.00 in a research note on Wednesday, April 19th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Novartis has an average rating of “Hold” and a consensus target price of $82.25.
Novartis Trading Down 3.3 %
Novartis (NYSE:NVS – Free Report) last posted its quarterly earnings results on Tuesday, April 25th. The company reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.16. The business had revenue of $12.95 billion for the quarter, compared to the consensus estimate of $12.60 billion. Novartis had a return on equity of 23.29% and a net margin of 13.78%. The business’s revenue was up 3.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.46 EPS. On average, research analysts expect that Novartis AG will post 6.72 EPS for the current year.
About Novartis
Novartis AG researches, develops, manufactures, and markets healthcare products in Switzerland and internationally. The company operates through two segments: Innovative Medicines and Sandoz. The Innovative Medicines segment offers prescription medicines for patients and physicians. It also provides cardiovascular, ophthalmology, neuroscience, immunology, hematology, and solid tumor products.
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