Hartwell J M Limited Partnership maintained its position in shares of Novartis AG (NYSE:NVS) during the second quarter, according to its most recent filing with the SEC. The firm owned 9,253 shares of the company’s stock at the end of the second quarter. Hartwell J M Limited Partnership’s holdings in Novartis AG were worth $772,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in NVS. Atria Investments LLC increased its position in shares of Novartis AG by 1.9% in the second quarter. Atria Investments LLC now owns 25,458 shares of the company’s stock valued at $2,125,000 after buying an additional 466 shares during the last quarter. City Holding Co. increased its position in shares of Novartis AG by 4.6% in the second quarter. City Holding Co. now owns 1,217 shares of the company’s stock valued at $102,000 after buying an additional 54 shares during the last quarter. Cardinal Capital Management Inc. increased its position in shares of Novartis AG by 12.4% in the second quarter. Cardinal Capital Management Inc. now owns 80,329 shares of the company’s stock valued at $6,705,000 after buying an additional 8,860 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in shares of Novartis AG during the second quarter valued at approximately $392,000. Finally, Beacon Financial Group increased its position in shares of Novartis AG by 11.3% in the second quarter. Beacon Financial Group now owns 24,166 shares of the company’s stock valued at $2,035,000 after buying an additional 2,454 shares during the last quarter. Institutional investors and hedge funds own 11.28% of the company’s stock.
Novartis AG (NYSE NVS) traded down 0.26% during mid-day trading on Thursday, reaching $85.05. 362,134 shares of the company traded hands. The stock has a 50-day moving average of $83.64 and a 200 day moving average of $78.07. The stock has a market capitalization of $199.26 billion, a PE ratio of 31.05 and a beta of 0.73. Novartis AG has a 52-week low of $66.93 and a 52-week high of $86.90.
Novartis AG (NYSE:NVS) last posted its quarterly earnings results on Tuesday, July 18th. The company reported $1.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.06. The company had revenue of $12.24 billion for the quarter, compared to the consensus estimate of $12.20 billion. Novartis AG had a net margin of 13.52% and a return on equity of 15.51%. Novartis AG’s revenue was down 1.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.23 earnings per share. Equities research analysts expect that Novartis AG will post $4.78 earnings per share for the current year.
A number of research firms recently commented on NVS. BidaskClub downgraded Novartis AG from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Morgan Stanley raised shares of Novartis AG from an “underweight” rating to an “overweight” rating in a research note on Wednesday, July 26th. Cowen and Company reaffirmed a “hold” rating on shares of Novartis AG in a research note on Tuesday, July 18th. J P Morgan Chase & Co reaffirmed a “neutral” rating on shares of Novartis AG in a research note on Monday, July 17th. Finally, Zacks Investment Research lowered shares of Novartis AG from a “hold” rating to a “sell” rating in a research note on Monday, July 10th. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $81.71.
In related news, major shareholder Bioventures Ltd Novartis purchased 266,667 shares of the business’s stock in a transaction on Wednesday, July 5th. The shares were bought at an average price of $15.00 per share, with a total value of $4,000,005.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.01% of the company’s stock.
By Stormie Castle
Source: Rincon Hill News
Giovanni Caforio, the former CEO of Bristol Myers Squibb, is set to become the next board chairman of Novartis, which on Tuesday proposed the pharmaceutical industry veteran as its pick to replace Joerg Reinhardt in the role next year. Reinhardt has served as Novartis’ chair since 2013 and plans to retire when his 12-year term ends in 2025.
GE HealthCare has raised the curtain on two ultrasound systems equipped with artificial intelligence programs designed to assist in diagnosing conditions in women’s health, including obstetric exams. The Voluson Signature 20 and 18 imaging systems include AI tools capable of automatically identifying and annotating measurements of fetal anatomy.
Scientists from the University of Edinburgh’s School of Chemistry have revealed a new sustainable method of manufacturing complex molecules that could reduce waste produced during drug production. The method published in Nature Chemistry could help to prevent severe side effects caused by drugs that can exist as enantiomers.
