Novartis AG (NVS) Position Decreased by Rench Wealth Management Inc.
Rench Wealth Management Inc. cut its holdings in shares of Novartis AG (NYSE:NVS) by 0.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,399 shares of the company’s stock after selling 142 shares during the quarter. Rench Wealth Management Inc.’s holdings in Novartis AG were worth $2,287,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of NVS. City Holding Co. increased its holdings in shares of 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 acquiring an additional 54 shares during the last quarter. TCI Wealth Advisors Inc. increased its holdings in shares of 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 acquiring an additional 230 shares during the last quarter. Archford Capital Strategies LLC increased its holdings in shares of 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 acquiring an additional 621 shares during the last quarter. Kernodle & Katon Asset Management Group LLC increased its holdings in shares of 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 acquiring an additional 49 shares during the last quarter. Finally, Massey Quick & Co. LLC acquired a new position in shares of Novartis AG during the 1st quarter worth approximately $119,000. 10.93% of the stock is currently owned by institutional investors and hedge funds.
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A number of research firms recently weighed in on NVS. UBS AG reissued a “neutral” rating on shares of Novartis AG in a report on Tuesday, May 30th. Zacks Investment Research lowered Novartis AG from a “buy” rating to a “hold” rating in a report on Thursday. BidaskClub lowered Novartis AG from a “hold” rating to a “sell” rating in a report on Friday, August 11th. J P Morgan Chase & Co reaffirmed a “neutral” rating on shares of Novartis AG in a report on Thursday, June 8th. Finally, Cowen and Company set a $90.00 price objective on Novartis AG and gave the company a “hold” rating in a report on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $85.12.
Novartis AG (NYSE:NVS) traded down 0.64% during mid-day trading on Thursday, hitting $85.23. The stock had a trading volume of 546,419 shares. The company has a market cap of $199.68 billion, a price-to-earnings ratio of 31.12 and a beta of 0.74. The firm’s 50-day moving average is $84.30 and its 200 day moving average is $80.50. Novartis AG has a 12 month low of $66.93 and a 12 month high of $86.90.
Novartis AG (NYSE:NVS) last announced its quarterly earnings results on Tuesday, July 18th. The company reported $1.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.16 by $0.06. The company 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%. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.23 earnings per share. Equities analysts anticipate that Novartis AG will post $4.75 EPS for the current fiscal year.
In other Novartis AG news, major shareholder Bioventures Ltd Novartis acquired 266,667 shares of the company’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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.01% of the stock is currently owned by company insiders.
Novartis AG Company 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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