Griffin Asset Management Inc. Takes Position in Novartis AG (NVS)
Griffin Asset Management Inc. purchased a new position in Novartis AG (NYSE:NVS) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 60,319 shares of the company’s stock, valued at approximately $5,035,000. Novartis AG accounts for 1.3% of Griffin Asset Management Inc.’s investment portfolio, making the stock its 29th largest position.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Westwood Holdings Group Inc. increased its position in shares of Novartis AG by 5.6% in the first quarter. Westwood Holdings Group Inc. now owns 5,405 shares of the company’s stock worth $401,000 after purchasing an additional 285 shares during the period. GFS Advisors LLC increased its position in shares of Novartis AG by 6.5% in the second quarter. GFS Advisors LLC now owns 21,314 shares of the company’s stock worth $1,779,000 after purchasing an additional 1,300 shares during the period. Union Bankshares Corp increased its position in shares of Novartis AG by 0.3% in the second quarter. Union Bankshares Corp now owns 37,521 shares of the company’s stock worth $3,132,000 after purchasing an additional 99 shares during the period. Mechanics Bank Trust Department bought a new position in shares of Novartis AG in the second quarter worth $389,000. Finally, ProVise Management Group LLC increased its position in shares of Novartis AG by 12.2% in the second quarter. ProVise Management Group LLC now owns 85,041 shares of the company’s stock worth $7,099,000 after purchasing an additional 9,227 shares during the period. Institutional investors own 10.93% of the company’s stock.
Novartis AG (NYSE NVS) traded down 0.57% on Friday, reaching $85.67. The company’s stock had a trading volume of 334,059 shares. The stock’s 50 day moving average price is $85.56 and its 200 day moving average price is $82.13. Novartis AG has a 52-week low of $66.93 and a 52-week high of $86.90. The firm has a market cap of $200.72 billion, a PE ratio of 31.28 and a beta of 0.73.
Novartis AG (NYSE:NVS) last released its quarterly earnings results on Tuesday, July 18th. The company reported $1.22 earnings per share for the quarter, beating the 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 firm had revenue of $12.24 billion for the quarter, compared to analysts’ expectations of $12.20 billion. During the same quarter last year, the firm posted $1.23 EPS. The company’s revenue was down 1.8% compared to the same quarter last year. Equities research analysts expect that Novartis AG will post $4.75 earnings per share for the current fiscal year.
A number of brokerages recently commented on NVS. J P Morgan Chase & Co restated a “neutral” rating on shares of Novartis AG in a research report on Thursday, June 22nd. BidaskClub upgraded Novartis AG from a “sell” rating to a “hold” rating in a research report on Saturday, August 5th. Credit Suisse Group cut Novartis AG from a “neutral” rating to an “underperform” rating and set a $82.25 price target on the stock. in a research report on Wednesday, July 5th. Leerink Swann restated a “market perform” rating and issued a $83.00 price target on shares of Novartis AG in a research report on Thursday, June 22nd. Finally, Barclays PLC upgraded Novartis AG from an “underweight” rating to an “equal weight” rating in a research report on Thursday, June 22nd. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company. Novartis AG has an average rating of “Hold” and an average target price of $84.13.
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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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