NewEdge Wealth LLC Has $48.14 Million Stock Position in Novartis AG (NYSE:NVS)

Key Points

• NewEdge Wealth LLC has increased its position in Novartis AG by 1.7%, now owning 431,838 shares valued at approximately $48.14 million, making it the firm's 22nd largest holding.
• Novartis reported a quarterly EPS of $2.42, exceeding analysts' expectations, with revenue of $14.05 billion, a 12.3% increase year-over-year.
• The stock currently holds an average rating of "Hold" from analysts, with a consensus target price of $123.67.

NewEdge Wealth LLC grew its stake in Novartis AG (NYSE:NVS - Free Report) by 1.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 431,838 shares of the company's stock after purchasing an additional 7,190 shares during the period. Novartis makes up approximately 0.9% of NewEdge Wealth LLC's holdings, making the stock its 22nd largest holding. NewEdge Wealth LLC's holdings in Novartis were worth $48,141,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of NVS. JPMorgan Chase & Co. lifted its position in Novartis by 35.6% during the 4th quarter. JPMorgan Chase & Co. now owns 423,142 shares of the company's stock worth $41,176,000 after buying an additional 111,066 shares in the last quarter. Wealthcare Advisory Partners LLC lifted its holdings in Novartis by 9.0% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 3,041 shares of the company's stock worth $339,000 after buying an additional 252 shares in the last quarter. Legacy Financial Advisors Inc. boosted its position in Novartis by 23.8% in the 4th quarter. Legacy Financial Advisors Inc. now owns 13,721 shares of the company's stock valued at $1,335,000 after buying an additional 2,635 shares during the last quarter. Brighton Jones LLC increased its stake in shares of Novartis by 76.5% in the 4th quarter. Brighton Jones LLC now owns 6,153 shares of the company's stock valued at $599,000 after buying an additional 2,666 shares during the period. Finally, Rhumbline Advisers raised its position in shares of Novartis by 11.1% during the first quarter. Rhumbline Advisers now owns 38,600 shares of the company's stock worth $4,303,000 after acquiring an additional 3,846 shares during the last quarter. 13.12% of the stock is owned by institutional investors and hedge funds.

Novartis Stock Up 1.3%

Novartis stock opened at $115.25 on Friday. The company's 50 day simple moving average is $117.94 and its 200 day simple moving average is $111.73. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.82 and a quick ratio of 0.62. The firm has a market capitalization of $243.46 billion, a price-to-earnings ratio of 16.78, a PEG ratio of 1.62 and a beta of 0.62. Novartis AG has a fifty-two week low of $96.06 and a fifty-two week high of $124.83.

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

Analyst Ratings Changes

Separately, BNP Paribas raised Novartis to a "strong-buy" rating in a research note on Tuesday, April 15th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, one has issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently 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.

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