Allspring Global Investments Holdings LLC Boosts Holdings in Novartis AG (NYSE:NVS)

Allspring Global Investments Holdings LLC increased its stake in shares of Novartis AG (NYSE:NVS - Free Report) by 14.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 112,469 shares of the company's stock after buying an additional 14,057 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Novartis were worth $12,328,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NVS. Raiffeisen Bank International AG purchased a new position in shares of Novartis during the 4th quarter worth $25,000. Nexus Investment Management ULC acquired a new stake in Novartis during the first quarter worth about $25,000. Park Square Financial Group LLC purchased a new position in Novartis during the fourth quarter worth about $30,000. Alpine Bank Wealth Management purchased a new position in Novartis during the first quarter worth about $33,000. Finally, Bellwether Advisors LLC acquired a new position in Novartis in the 4th quarter valued at about $38,000. Institutional investors and hedge funds own 13.12% of the company's stock.

Novartis Trading Down 1.5%

NVS stock traded down $1.91 during mid-day trading on Friday, hitting $121.90. 955,240 shares of the company were exchanged, compared to its average volume of 1,586,680. Novartis AG has a 12-month low of $96.06 and a 12-month high of $124.45. The firm has a market capitalization of $257.50 billion, a P/E ratio of 19.05, a PEG ratio of 1.70 and a beta of 0.59. The business has a fifty day simple moving average of $114.89 and a 200-day simple moving average of $108.74. The company has a quick ratio of 0.61, a current ratio of 0.79 and a debt-to-equity ratio of 0.56.

Novartis (NYSE:NVS - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $2.28 earnings per share for the quarter, topping analysts' consensus estimates of $2.12 by $0.16. Novartis had a net margin of 24.70% and a return on equity of 39.44%. The firm had revenue of $13.23 billion during the quarter, compared to analysts' expectations of $12.92 billion. During the same quarter last year, the company posted $1.80 EPS. The firm's quarterly revenue was up 11.9% on a year-over-year basis. On average, equities research analysts predict that Novartis AG will post 8.45 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, BNP Paribas upgraded shares of Novartis to a "strong-buy" rating in a report on Tuesday, April 15th. Three analysts have rated the stock with a sell rating, six have given a hold rating, one has assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $123.67.

Novartis Profile

Novartis AG engages in the research, development, manufacture, and marketing of healthcare products in Switzerland and internationally. The company offers prescription medicines for patients and physicians. It focuses on therapeutic areas, such as cardiovascular, renal and metabolic, immunology, neuroscience, and oncology, as well as ophthalmology and hematology.