PNC Financial Services Group Inc. Sells 21,021 Shares of Novartis AG (NVS)
PNC Financial Services Group Inc. cut its stake in shares of Novartis AG (NYSE:NVS) by 4.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 484,410 shares of the company’s stock after selling 21,021 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Novartis AG were worth $40,433,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. City Holding Co. lifted its holdings in Novartis AG by 4.6% during the 2nd quarter. City Holding Co. now owns 1,217 shares of the company’s stock worth $102,000 after buying an additional 54 shares during the period. TCI Wealth Advisors Inc. lifted its holdings in Novartis AG by 20.0% during the 1st quarter. TCI Wealth Advisors Inc. now owns 1,381 shares of the company’s stock worth $103,000 after buying an additional 230 shares during the period. Archford Capital Strategies LLC lifted its holdings in Novartis AG by 72.3% during the 1st quarter. Archford Capital Strategies LLC now owns 1,480 shares of the company’s stock worth $110,000 after buying an additional 621 shares during the period. Kernodle & Katon Asset Management Group LLC lifted its holdings in Novartis AG by 3.4% during the 1st quarter. Kernodle & Katon Asset Management Group LLC now owns 1,488 shares of the company’s stock worth $111,000 after buying an additional 49 shares during the period. Finally, Massey Quick & Co. LLC acquired a new position in Novartis AG during the 1st quarter worth about $119,000. 10.93% of the stock is currently owned by hedge funds and other institutional investors.
In other news, major shareholder Bioventures Ltd Novartis bought 266,667 shares of the company’s stock in a transaction dated Wednesday, July 5th. The stock was bought at an average cost of $15.00 per share, for a total transaction of $4,000,005.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.01% of the company’s stock.
Several research analysts have commented on the company. J P Morgan Chase & Co reaffirmed a “neutral” rating on shares of Novartis AG in a report on Tuesday, September 5th. BidaskClub raised Novartis AG from a “sell” rating to a “hold” rating in a report on Saturday, August 19th. Cowen and Company set a $90.00 target price on Novartis AG and gave the stock a “hold” rating in a report on Wednesday, August 9th. Finally, Morgan Stanley raised Novartis AG from an “underweight” rating to an “overweight” rating in a report on Wednesday, July 26th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company’s stock. Novartis AG presently has an average rating of “Hold” and a consensus price target of $83.56.
Shares of Novartis AG (NYSE:NVS) traded up 0.095% on Monday, hitting $85.661. The stock had a trading volume of 72,250 shares. Novartis AG has a 1-year low of $66.93 and a 1-year high of $86.90. The firm has a 50 day moving average of $84.27 and a 200-day moving average of $80.30. The firm has a market capitalization of $200.69 billion, a price-to-earnings ratio of 31.275 and a beta of 0.74.
Novartis AG (NYSE:NVS) last posted its 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 during the quarter, compared to analyst estimates 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 for the quarter was down 1.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.23 earnings per share. Equities analysts predict that Novartis AG will post $4.75 earnings per share for the current year.
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Novartis AG Profile
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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