Private Bank & Trust Co. cut its position in Novartis AG (NYSE:NVS) by 8.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,027 shares of the company’s stock after selling 279 shares during the period. Private Bank & Trust Co.’s holdings in Novartis AG were worth $253,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Parnassus Investments CA raised its stake in shares of Novartis AG by 89.4% in the first quarter. Parnassus Investments CA now owns 8,173,974 shares of the company’s stock worth $593,720,000 after buying an additional 3,858,632 shares during the period. BlackRock Inc. bought a new stake in shares of Novartis AG during the first quarter worth about $210,378,000. Janus Capital Management LLC raised its stake in shares of Novartis AG by 34,406.2% in the first quarter. Janus Capital Management LLC now owns 1,759,816 shares of the company’s stock worth $130,696,000 after buying an additional 1,754,716 shares during the period. Wells Fargo & Company MN raised its stake in shares of Novartis AG by 12.2% in the first quarter. Wells Fargo & Company MN now owns 9,100,801 shares of the company’s stock worth $675,917,000 after buying an additional 988,301 shares during the period. Finally, Karp Capital Management Corp bought a new stake in shares of Novartis AG during the first quarter worth about $51,745,000. Institutional investors and hedge funds own 11.28% of the company’s stock.

Novartis AG (NYSE:NVS) traded down 0.04% during mid-day trading on Friday, reaching $84.84. 659,617 shares of the company’s stock traded hands. The stock has a market capitalization of $198.77 billion, a PE ratio of 30.97 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 firm’s 50-day moving average price is $83.64 and its 200 day moving average price is $78.07.

Novartis AG (NYSE:NVS) last issued its earnings results on Tuesday, July 18th. The company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.16 by $0.06. The firm had revenue of $12.24 billion during the quarter, compared to analysts’ expectations of $12.20 billion. Novartis AG had a return on equity of 15.51% and a net margin of 13.52%. Novartis AG’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period last year, the business earned $1.23 earnings per share. Equities research analysts predict that Novartis AG will post $4.75 EPS for the current year.

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NVS has been the subject of a number of research analyst reports. Zacks Investment Research upgraded shares of Novartis AG from a “strong sell” rating to a “hold” rating in a research note on Monday, May 1st. Credit Suisse Group lowered shares of Novartis AG from a “neutral” rating to an “underperform” rating and set a $82.25 price target for the company. in a research note on Wednesday, July 5th. Morgan Stanley restated a “sell” rating on shares of Novartis AG in a research note on Tuesday, June 6th. Leerink Swann restated a “market perform” rating and issued a $83.00 price target on shares of Novartis AG in a research note on Thursday, June 22nd. Finally, J P Morgan Chase & Co restated a “neutral” rating on shares of Novartis AG in a research note on Tuesday, April 18th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. Novartis AG currently has an average rating of “Hold” and a consensus target price of $81.71.

In other news, major shareholder Bioventures Ltd Novartis bought 266,667 shares of Novartis AG stock in a transaction that occurred on Wednesday, July 5th. The stock was purchased at an average cost of $15.00 per share, with a total value of $4,000,005.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.01% of the stock is owned by company 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.

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

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