Fox Run Management L.L.C. Increases Stake in Novartis AG $NVS

Key Points

• Fox Run Management L.L.C. increased its stake in Novartis AG by 23.1%, buying an additional 3,351 shares, bringing its total holdings to 17,840 shares valued at $1,989,000.
• Novartis reported earnings of $2.42 per share, exceeding analysts’ expectations, with a revenue of $14.05 billion for the most recent quarter, up 12.3% year-over-year.
• Morgan Stanley upgraded Novartis from an "underweight" to an "equal weight" rating, setting a target price of $123.00, while the overall consensus rating remains a "Hold" with a target of $123.50.

Fox Run Management L.L.C. lifted its holdings in Novartis AG (NYSE:NVS - Free Report) by 23.1% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 17,840 shares of the company's stock after acquiring an additional 3,351 shares during the quarter. Novartis accounts for about 0.3% of Fox Run Management L.L.C.'s holdings, making the stock its 29th biggest holding. Fox Run Management L.L.C.'s holdings in Novartis were worth $1,989,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in NVS. Kovitz Investment Group Partners LLC raised its holdings in Novartis by 10.6% during the 1st quarter. Kovitz Investment Group Partners LLC now owns 54,162 shares of the company's stock valued at $6,038,000 after buying an additional 5,175 shares during the last quarter. Cookson Peirce & Co. Inc. bought a new stake in Novartis during the 1st quarter valued at $24,763,000. Holderness Investments Co. raised its holdings in Novartis by 3.4% during the 1st quarter. Holderness Investments Co. now owns 11,382 shares of the company's stock valued at $1,269,000 after buying an additional 376 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Novartis during the 1st quarter valued at $165,000. Finally, Klingman & Associates LLC raised its holdings in Novartis by 12.0% during the 1st quarter. Klingman & Associates LLC now owns 3,033 shares of the company's stock valued at $338,000 after buying an additional 325 shares during the last quarter. 13.12% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley upgraded shares of Novartis from an "underweight" rating to an "equal weight" rating and set a $123.00 price target for the company in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $123.50.

Novartis Trading Up 1.1%

Shares of NYSE NVS traded up $1.4220 during midday trading on Tuesday, hitting $125.4320. 491,614 shares of the company traded hands, compared to its average volume of 1,977,830. The stock has a 50-day moving average price of $118.79 and a 200 day moving average price of $113.23. The firm has a market cap of $264.97 billion, a P/E ratio of 18.26, a P/E/G ratio of 1.74 and a beta of 0.62. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.62 and a current ratio of 0.82. Novartis AG has a 12-month low of $96.06 and a 12-month high of $125.62.

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

About Novartis

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.