Cookson Peirce & Co. Inc. Takes $24.76 Million Position in Novartis AG (NYSE:NVS)

Key Points

• Cookson Peirce & Co. Inc. has acquired a new stake in Novartis AG, purchasing 222,127 shares valued at approximately $24.76 million, making it the 29th largest position in their investment portfolio.
• Hedge funds and institutional investors collectively own 13.12% of Novartis stock, with several firms, including Continuum Advisory LLC and Tranquilli Financial Advisor LLC, increasing their stakes in the company.
• Analysts have mixed ratings for Novartis, with Morgan Stanley upgrading the stock from "underweight" to "equal weight" and setting a price target of $123.00, while the average rating remains a "Hold".

Cookson Peirce & Co. Inc. acquired a new stake in Novartis AG (NYSE:NVS - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 222,127 shares of the company's stock, valued at approximately $24,763,000. Novartis accounts for 1.2% of Cookson Peirce & Co. Inc.'s investment portfolio, making the stock its 29th largest position.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Continuum Advisory LLC boosted its position in shares of Novartis by 10.3% in the fourth quarter. Continuum Advisory LLC now owns 1,021 shares of the company's stock worth $99,000 after buying an additional 95 shares during the period. Tranquilli Financial Advisor LLC boosted its position in shares of Novartis by 2.4% in the first quarter. Tranquilli Financial Advisor LLC now owns 4,438 shares of the company's stock worth $495,000 after buying an additional 103 shares during the period. Intergy Private Wealth LLC lifted its stake in shares of Novartis by 3.9% in the first quarter. Intergy Private Wealth LLC now owns 2,757 shares of the company's stock worth $307,000 after acquiring an additional 104 shares in the last quarter. Keudell Morrison Wealth Management lifted its stake in shares of Novartis by 3.8% in the first quarter. Keudell Morrison Wealth Management now owns 2,828 shares of the company's stock worth $315,000 after acquiring an additional 104 shares in the last quarter. Finally, Chicago Partners Investment Group LLC lifted its stake in shares of Novartis by 4.5% in the first quarter. Chicago Partners Investment Group LLC now owns 2,495 shares of the company's stock worth $279,000 after acquiring an additional 107 shares in the last quarter. Hedge funds and other institutional investors own 13.12% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Morgan Stanley upgraded Novartis from an "underweight" rating to an "equal weight" rating and set a $123.00 price target on the stock in a research note on Friday, August 8th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, one has given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $123.50.

Novartis Stock Up 1.6%

NYSE:NVS opened at $121.27 on Thursday. The firm has a market capitalization of $256.17 billion, a PE ratio of 17.65, a price-to-earnings-growth ratio of 1.67 and a beta of 0.62. The stock has a 50 day moving average of $118.45 and a 200-day moving average of $112.69. Novartis AG has a 52 week low of $96.06 and a 52 week high of $124.83. The company has a current ratio of 0.82, a quick ratio of 0.62 and a debt-to-equity ratio of 0.53.

Novartis (NYSE:NVS - Get Free Report) last posted its earnings results on Thursday, July 17th. The company reported $2.42 EPS for the quarter, beating the consensus estimate of $2.38 by $0.04. The company had revenue of $14.05 billion during the quarter, compared to analyst estimates of $13.94 billion. Novartis had a return on equity of 41.08% and a net margin of 25.64%. The business's revenue was up 12.3% compared to the same quarter last year. During the same period in the prior year, the company earned $1.97 earnings per share. Analysts predict that Novartis AG will post 8.45 EPS for the current year.

Novartis Company 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.

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