Novartis AG (NVS) Position Cut by Osborne Partners Capital Management LLC
Osborne Partners Capital Management LLC reduced its position in shares of Novartis AG (NYSE:NVS) by 92.0% during the second quarter, Holdings Channel reports. The firm owned 6,513 shares of the company’s stock after selling 75,023 shares during the period. Osborne Partners Capital Management LLC’s holdings in Novartis AG were worth $544,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Rosenbaum Jay D. increased its position in shares of Novartis AG by 13.2% in the second quarter. Rosenbaum Jay D. now owns 5,370 shares of the company’s stock worth $448,000 after buying an additional 625 shares during the period. Cohen Lawrence B increased its position in shares of Novartis AG by 3.3% in the second quarter. Cohen Lawrence B now owns 26,643 shares of the company’s stock worth $2,224,000 after buying an additional 855 shares during the period. Duncker Streett & Co. Inc. increased its position in shares of Novartis AG by 17.4% in the second quarter. Duncker Streett & Co. Inc. now owns 9,565 shares of the company’s stock worth $798,000 after buying an additional 1,415 shares during the period. Hemenway Trust Co LLC increased its position in shares of Novartis AG by 4.5% in the second quarter. Hemenway Trust Co LLC now owns 157,921 shares of the company’s stock worth $13,182,000 after buying an additional 6,850 shares during the period. Finally, Broderick Brian C increased its position in shares of Novartis AG by 2.1% in the second quarter. Broderick Brian C now owns 92,549 shares of the company’s stock worth $7,727,000 after buying an additional 1,910 shares during the period. Hedge funds and other institutional investors own 11.27% of the company’s stock.
Shares of Novartis AG (NVS) traded down 0.73% during mid-day trading on Monday, reaching $84.35. The company had a trading volume of 763,313 shares. The firm 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 $197.62 billion, a P/E ratio of 30.80 and a beta of 0.73. Novartis AG has a one year low of $66.93 and a one year high of $86.90.
Novartis AG (NYSE:NVS) last issued its quarterly earnings data on Tuesday, July 18th. The company reported $1.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.06. Novartis AG had a return on equity of 15.51% and a net margin of 13.52%. The company had revenue of $12.24 billion during the quarter, compared to analyst estimates of $12.20 billion. During the same quarter in the previous year, the company posted $1.23 earnings per share. Novartis AG’s revenue was down 1.8% compared to the same quarter last year. Analysts forecast that Novartis AG will post $4.75 EPS for the current fiscal year.
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A number of brokerages have issued reports on NVS. BidaskClub upgraded Novartis AG from a “sell” rating to a “hold” rating in a research note on Saturday. Morgan Stanley raised Novartis AG from an “underweight” rating to an “overweight” rating in a research report on Wednesday, July 26th. Cowen and Company reaffirmed a “hold” rating on shares of Novartis AG in a research report on Tuesday, July 18th. J P Morgan Chase & Co reaffirmed a “neutral” rating on shares of Novartis AG in a research report on Monday, July 17th. Finally, Zacks Investment Research cut Novartis AG from a “hold” rating to a “sell” rating in a research report on Monday, July 10th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $81.71.
In other news, major shareholder Bioventures Ltd Novartis acquired 266,667 shares of the business’s stock in a transaction that occurred on Wednesday, July 5th. The stock was bought at an average price of $15.00 per share, with a total value of $4,000,005.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.01% of the company’s stock.
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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