Bank of New York Mellon Corp Raises Holdings in Novartis AG $NVS

Key Points

• Bank of New York Mellon increased its Novartis stake by 3.0% in the first quarter, adding 9,691 shares to bring its total holding to 327,817 shares worth about $50.1 million.
• Novartis continues to attract mixed analyst sentiment: seven analysts rate it a Buy, seven a Hold, and two a Sell, giving the stock an overall Hold consensus with a target price of $141.20.
• The company reported quarterly earnings of $2.41 per share on $14.95 billion in revenue, while the stock was trading at $154.84, down 0.8% on the day.

Bank of New York Mellon Corp increased its position in Novartis AG (NYSE:NVS - Free Report) by 3.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 327,817 shares of the company's stock after acquiring an additional 9,691 shares during the quarter. Bank of New York Mellon Corp's holdings in Novartis were worth $50,074,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Arlington Trust Co LLC bought a new stake in shares of Novartis during the 4th quarter valued at $25,000. Archer Investment Corp boosted its holdings in Novartis by 93.0% in the 1st quarter. Archer Investment Corp now owns 166 shares of the company's stock valued at $25,000 after purchasing an additional 80 shares during the period. CrossGen Wealth LLC purchased a new stake in shares of Novartis in the fourth quarter worth $28,000. Bank of Jackson Hole Trust boosted its stake in Novartis by 425.0% during the fourth quarter. Bank of Jackson Hole Trust now owns 231 shares of the company's stock valued at $32,000 after buying an additional 187 shares during the period. Finally, Measured Wealth Private Client Group LLC bought a new stake in Novartis during the third quarter valued at $33,000. 13.12% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Weiss Ratings cut Novartis from a "buy (a-)" rating to a "buy (b)" rating in a report on Wednesday, April 29th. Citigroup reissued a "buy" rating on shares of Novartis in a research note on Wednesday. Seven equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Novartis presently has an average rating of "Hold" and a consensus target price of $141.20.

Novartis Trading Down 0.8%

Novartis stock opened at $154.84 on Friday. Novartis AG has a one year low of $112.34 and a one year high of $170.46. The business's fifty day moving average is $151.95 and its 200 day moving average is $152.13. The stock has a market capitalization of $295.46 billion, a PE ratio of 23.35, a price-to-earnings-growth ratio of 2.69 and a beta of 0.45. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.86 and a quick ratio of 0.65.

Novartis (NYSE:NVS - Get Free Report) last issued its quarterly earnings data on Tuesday, June 30th. The company reported $2.41 earnings per share for the quarter. The company had revenue of $14.95 billion for the quarter. Novartis had a net margin of 23.29% and a return on equity of 38.56%. On average, sell-side analysts predict that Novartis AG will post 8.78 EPS for the current year.

Novartis Company Profile

Novartis is a Swiss multinational pharmaceutical company headquartered in Basel that researches, develops, manufactures and commercializes prescription medicines and related health-care products. Formed through the 1996 merger of Ciba-Geigy and Sandoz, Novartis operates globally and focuses on bringing therapeutics from discovery through clinical development to commercial markets worldwide.

The company's activities center on innovative pharmaceuticals across several therapeutic areas, including oncology, immunology, cardiovascular and metabolic diseases, neuroscience and ophthalmology, alongside capabilities in advanced therapies such as biologics, cell and gene therapies.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.