Associated Banc Corp Buys 7,024 Shares of Novartis AG $NVS

Key Points

• Associated Banc Corp initiated a position in Novartis, buying 7,024 shares worth approximately $1.0 million in the third quarter. Hedge funds and other institutional investors collectively own 13.12% of the stock.
• Novartis beat quarterly estimates, reporting EPS of $2.46 versus a $2.25 consensus and revenue of $15.03 billion versus $14.53 billion; revenue grew 4.4% year over year.
• Analyst sentiment is mixed but averages to Hold: six Buy, nine Hold, and three Sell ratings, with a consensus price target of $152.25.

Associated Banc Corp purchased a new position in shares of Novartis AG (NYSE:NVS - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 7,024 shares of the company's stock, valued at approximately $1,001,000.

A number of other hedge funds have also modified their holdings of the business. CPC Advisors LLC grew its holdings in shares of Novartis by 4.6% in the second quarter. CPC Advisors LLC now owns 1,516 shares of the company's stock valued at $238,000 after purchasing an additional 66 shares in the last quarter. Canopy Partners LLC raised its stake in Novartis by 1.9% in the third quarter. Canopy Partners LLC now owns 3,525 shares of the company's stock valued at $503,000 after buying an additional 67 shares in the last quarter. Busey Bank raised its holdings in Novartis by 2.8% during the third quarter. Busey Bank now owns 2,521 shares of the company's stock worth $359,000 after purchasing an additional 69 shares in the last quarter. Moody National Bank Trust Division boosted its stake in Novartis by 4.2% in the second quarter. Moody National Bank Trust Division now owns 1,802 shares of the company's stock valued at $282,000 after acquiring an additional 72 shares in the last quarter. Finally, PFG Investments LLC lifted its stake in Novartis by 1.8% in the second quarter. PFG Investments LLC now owns 4,173 shares of the company's stock valued at $654,000 after buying an additional 72 shares during the last quarter. 13.12% of the stock is currently owned by hedge funds and other institutional investors.

Novartis Price Performance

Shares of NVS opened at $164.98 on Thursday. The firm has a market cap of $314.81 billion, a price-to-earnings ratio of 31.49, a PEG ratio of 2.93 and a beta of 0.40. The stock has a 50 day moving average of $148.58 and a 200-day moving average of $152.07. The company has a current ratio of 0.88, a quick ratio of 0.70 and a debt-to-equity ratio of 0.98. Novartis AG has a 52 week low of $123.24 and a 52 week high of $170.46.

Novartis (NYSE:NVS - Get Free Report) last issued its earnings results on Tuesday, October 27th. The company reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.25 by $0.21. The firm had revenue of $15.03 billion for the quarter, compared to analyst estimates of $14.53 billion. Novartis had a return on equity of 41.04% and a net margin of 18.11%. The firm's revenue for the quarter was up 4.4% on a year-over-year basis. During the same period last year, the company earned $2.25 earnings per share. As a group, analysts forecast that Novartis AG will post 9.04 EPS for the current year.

Analyst Upgrades and Downgrades

NVS has been the subject of a number of recent analyst reports. DZ Bank began coverage on shares of Novartis in a research report on Wednesday, October 28th. They issued a "hold" rating for the company. Jefferies Financial Group restated a "neutral" rating on shares of Novartis in a research report on Thursday, July 23rd. Deutsche Bank Aktiengesellschaft lowered Novartis from a "hold" rating to a "sell" rating in a research note on Friday, October 30th. Sanford C. Bernstein reiterated a "neutral" rating on shares of Novartis in a report on Wednesday, July 22nd. Finally, HSBC upgraded shares of Novartis from a "reduce" rating to a "hold" rating and lifted their price target for the stock from $123.00 to $136.00 in a report on Thursday, September 10th. Six analysts have rated the stock with a Buy rating, nine have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $152.25.

Novartis Profile

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 span areas including cardiovascular, renal and metabolic diseases, immunology, neuroscience, oncology and hematology. Its portfolio includes prescription medicines such as Entresto, Cosentyx, Kisqali, Kesimpta, Leqvio, Pluvicto and Scemblix.

Novartis serves patients and healthcare providers in markets around the world.

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