Novartis AG $NVS Stock: Provenance Wealth Advisors LLC Grows Position

Key Points

• Provenance Wealth Advisors increased its Novartis stake by 1,616.8% in the third quarter, ending the period with 10,936 shares valued at about $1.56 million. Institutional investors collectively owned 13.12% of the stock.
• Analyst sentiment is mixed: six analysts rate Novartis a Buy, nine a Hold, and three a Sell. The consensus rating is Hold, with an average price target of $152.25.
• Novartis beat quarterly estimates, reporting EPS of $2.46 versus $2.25 expected and revenue of $15.03 billion versus $14.53 billion expected; revenue rose 4.4% year over year.

Provenance Wealth Advisors LLC increased its holdings in shares of Novartis AG (NYSE:NVS - Free Report) by 1,616.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,936 shares of the company's stock after purchasing an additional 10,299 shares during the period. Provenance Wealth Advisors LLC's holdings in Novartis were worth $1,559,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Archer Investment Corp increased its stake in Novartis by 93.0% in the first 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. Highland Investment Advisors LLC purchased a new stake in shares of Novartis in the second quarter valued at about $25,000. Evolution Wealth Management Inc. raised its holdings in shares of Novartis by 552.0% in the second quarter. Evolution Wealth Management Inc. now owns 163 shares of the company's stock valued at $26,000 after buying an additional 138 shares during the last quarter. Atlatl Advisers LLC purchased a new stake in shares of Novartis in the second quarter valued at about $26,000. Finally, Curry Webb Wealth Management LLC acquired a new stake in shares of Novartis during the third quarter worth about $28,000. 13.12% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NVS has been the topic of a number of research reports. Royal Bank Of Canada reissued a "sector perform" rating on shares of Novartis in a report on Wednesday, October 28th. Morgan Stanley restated an "overweight" rating and issued a $163.00 price target on shares of Novartis in a research report on Wednesday, October 28th. Berenberg Bank reduced their price objective on Novartis from $147.00 to $130.00 and set a "hold" rating for the company in a research note on Friday, September 11th. JPMorgan Chase & Co. reaffirmed a "buy" rating on shares of Novartis in a research report on Sunday, August 9th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Novartis in a research note on Thursday, October 22nd. Six research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $152.25.

Novartis Stock Down 1.4%

Shares of NYSE:NVS opened at $159.19 on Wednesday. Novartis AG has a fifty-two week low of $123.24 and a fifty-two week high of $170.46. The company has a quick ratio of 0.70, a current ratio of 0.88 and a debt-to-equity ratio of 0.98. The firm's 50-day simple moving average is $148.48 and its 200-day simple moving average is $151.96. The company has a market cap of $303.77 billion, a price-to-earnings ratio of 18.17, a PEG ratio of 2.97 and a beta of 0.40.

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

About Novartis

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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