New England Asset Management Inc. lowered its stake in shares of Novartis AG (NYSE:NVS) by 36.6% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,250 shares of the company’s stock after selling 1,300 shares during the period. New England Asset Management Inc.’s holdings in Novartis AG were worth $167,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of NVS. Primecap Management Co. CA boosted its stake in Novartis AG by 2.1% in the first quarter. Primecap Management Co. CA now owns 21,693,804 shares of the company’s stock valued at $1,611,199,000 after buying an additional 446,976 shares during the period. Wells Fargo & Company MN boosted its stake in Novartis AG by 12.2% in the first quarter. Wells Fargo & Company MN now owns 9,100,801 shares of the company’s stock valued at $675,917,000 after buying an additional 988,301 shares during the period. Parnassus Investments CA boosted its stake in Novartis AG by 89.4% in the first quarter. Parnassus Investments CA now owns 8,173,974 shares of the company’s stock valued at $593,720,000 after buying an additional 3,858,632 shares during the period. Bank of America Corp DE boosted its stake in Novartis AG by 7.5% in the first quarter. Bank of America Corp DE now owns 7,328,730 shares of the company’s stock valued at $544,304,000 after buying an additional 508,435 shares during the period. Finally, Loomis Sayles & Co. L P boosted its stake in Novartis AG by 0.7% in the first quarter. Loomis Sayles & Co. L P now owns 6,241,239 shares of the company’s stock valued at $463,537,000 after buying an additional 41,762 shares during the period. Hedge funds and other institutional investors own 11.29% of the company’s stock.

Novartis AG (NYSE:NVS) opened at 85.42 on Friday. The stock has a market cap of $202.07 billion, a PE ratio of 32.11 and a beta of 0.73. Novartis AG has a 12 month low of $66.93 and a 12 month high of $86.90. The company has a 50-day moving average of $82.88 and a 200-day moving average of $77.36.

Novartis AG (NYSE:NVS) last released its quarterly earnings results on Tuesday, July 18th. The company reported $1.22 earnings per share (EPS) for the quarter, beating 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 in the prior year, the firm earned $1.23 earnings per share. On average, equities analysts forecast that Novartis AG will post $4.74 EPS for the current fiscal year.

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Several analysts have recently weighed in on NVS shares. Vetr cut shares of Novartis AG from a “buy” rating to a “hold” rating and set a $78.32 price objective on the stock. in a research report on Tuesday, April 25th. J P Morgan Chase & Co restated a “neutral” rating on shares of Novartis AG in a research report on Thursday, June 8th. Cowen and Company restated a “hold” rating on shares of Novartis AG in a research report on Tuesday. UBS AG restated a “neutral” rating on shares of Novartis AG in a research report on Tuesday, May 30th. Finally, Zacks Investment Research cut shares of Novartis AG from a “hold” rating to a “sell” rating in a research report on Monday, July 10th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. Novartis AG presently has an average rating of “Hold” and an average target price of $81.71.

In other Novartis AG news, major shareholder Bioventures Ltd Novartis purchased 266,667 shares of the firm’s stock in a transaction that occurred 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.01% of the stock is owned by corporate insiders.

About Novartis AG

Novartis AG is a holding company, which provides healthcare solutions. The Company is engaged in the research, development, manufacturing and marketing of a range of healthcare products led by pharmaceuticals. The Company’s segments include Innovative Medicines, Sandoz, Alcon and Corporate activities.

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Institutional Ownership by Quarter for Novartis AG (NYSE:NVS)

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