Novartis AG $NVS Stock: Salem Investment Counselors Inc. Raises Position

Salem Investment Counselors Inc. boosted its position in shares of Novartis AG (NYSE:NVS) by 9.4% in the 3rd quarter, HoldingsChannel reports. The fund owned 77,768 shares of the company’s stock after acquiring an additional 6,666 shares during the period. Salem Investment Counselors Inc.’s holdings in Novartis were worth $11,087,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of NVS. Auto Owners Insurance Co raised its holdings in shares of Novartis by 13,687.0% in the 4th quarter. Auto Owners Insurance Co now owns 4,628,296 shares of the company’s stock valued at $638,103,000 after purchasing an additional 4,594,726 shares in the last quarter. WCM Investment Management LLC purchased a new position in Novartis in the first quarter valued at $220,004,000. Arrowstreet Capital Limited Partnership purchased a new position in Novartis in the fourth quarter valued at $108,638,000. Bank of America Corp DE raised its stake in Novartis by 9.1% in the first quarter. Bank of America Corp DE now owns 4,962,794 shares of the company’s stock valued at $758,067,000 after buying an additional 413,778 shares in the last quarter. Finally, Ferguson Wellman Capital Management Inc. acquired a new stake in Novartis in the first quarter valued at $27,855,000. 13.12% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NVS has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Novartis in a report on Sunday, August 9th. Bank of America reiterated a “buy” rating on shares of Novartis in a report on Tuesday, September 8th. Berenberg Bank cut their target price on Novartis from $147.00 to $130.00 and set a “hold” rating on the stock in a research report on Friday, September 11th. UBS Group restated a “neutral” rating on shares of Novartis in a research note on Thursday, September 17th. Finally, HSBC raised Novartis from a “reduce” rating to a “hold” rating and upped their price target for the company from $123.00 to $136.00 in a report on Thursday, September 10th. Six research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $145.60.

Novartis Stock Performance

NYSE NVS opened at $142.43 on Wednesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.86 and a quick ratio of 0.67. Novartis AG has a 1 year low of $121.57 and a 1 year high of $170.46. The company has a market capitalization of $271.78 billion, a PE ratio of 16.57, a P/E/G ratio of 2.74 and a beta of 0.41. The company has a fifty day moving average of $148.69 and a two-hundred day moving average of $150.47.

Novartis (NYSE:NVS) last issued its quarterly earnings data on Tuesday, June 30th. The company reported $2.41 earnings per share (EPS) for the quarter. Novartis had a return on equity of 38.56% and a net margin of 23.29%. The company had revenue of $14.95 billion for the quarter. As a group, analysts expect that Novartis AG will post 8.91 earnings per share for the current year.

About Novartis

Novartis AG is a Switzerland-based pharmaceutical company focused on the discovery, development and commercialization of innovative medicines. The company’s research and commercial activities center on cardiovascular, renal and metabolic diseases, immunology, neuroscience, oncology and hematology. Its portfolio includes prescription medicines such as Entresto, Cosentyx, Kesimpta, Kisqali, Pluvicto, Leqvio and Jakavi, as well as other therapies for serious and chronic conditions.

Novartis serves patients and healthcare providers in markets worldwide, with operations spanning North America, Europe, Asia and other international regions.