ProVise Management Group LLC Increases Stake in Novartis AG (NYSE:NVS)

Key Points

• ProVise Management Group LLC increased its holdings in Novartis AG by 2.7%, owning 132,823 shares valued at approximately $14.8 million, making it the firm's 22nd largest investment.
• Novartis recently reported earnings of $2.42 EPS, exceeding expectations, and generated $14.05 billion in revenue, reflecting a 12.3% year-over-year increase.
• The stock price of Novartis has decreased by 2.6%, with a market cap of $240.02 billion and a consensus rating of "Hold" with a target price of $123.67.

ProVise Management Group LLC boosted its stake in Novartis AG (NYSE:NVS - Free Report) by 2.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 132,823 shares of the company's stock after purchasing an additional 3,464 shares during the period. Novartis comprises approximately 1.3% of ProVise Management Group LLC's investment portfolio, making the stock its 22nd biggest position. ProVise Management Group LLC's holdings in Novartis were worth $14,807,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Castlekeep Investment Advisors LLC bought a new position in shares of Novartis during the 4th quarter worth about $109,739,000. GAMMA Investing LLC lifted its position in Novartis by 14,376.4% in the 1st quarter. GAMMA Investing LLC now owns 727,296 shares of the company's stock valued at $81,079,000 after acquiring an additional 722,272 shares in the last quarter. Northern Trust Corp lifted its position in Novartis by 23.1% in the 4th quarter. Northern Trust Corp now owns 2,132,591 shares of the company's stock valued at $207,522,000 after acquiring an additional 399,862 shares in the last quarter. Renaissance Technologies LLC lifted its position in Novartis by 16.0% in the 4th quarter. Renaissance Technologies LLC now owns 2,668,849 shares of the company's stock valued at $259,706,000 after acquiring an additional 368,171 shares in the last quarter. Finally, Coleford Investment Management Ltd. bought a new position in Novartis in the 4th quarter valued at about $13,824,000. 13.12% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, BNP Paribas raised shares of Novartis to a "strong-buy" rating in a research report on Tuesday, April 15th. Three analysts have rated the stock with a sell rating, six have given a hold rating, one has assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $123.67.

Novartis Price Performance

NYSE:NVS traded up $1.51 during trading hours on Friday, hitting $115.25. The stock had a trading volume of 1,927,789 shares, compared to its average volume of 1,958,642. The company has a 50 day simple moving average of $117.94 and a two-hundred day simple moving average of $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. Novartis AG has a one year low of $96.06 and a one year high of $124.83. The firm has a market capitalization of $243.46 billion, a price-to-earnings ratio of 16.78, a P/E/G ratio of 1.62 and a beta of 0.62.

Novartis (NYSE:NVS - Get Free Report) last announced its quarterly 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. Novartis had a net margin of 25.64% and a return on equity of 41.08%. The firm had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $13.94 billion. During the same period last year, the firm earned $1.97 EPS. The business's quarterly revenue was up 12.3% compared to the same quarter last year. Research analysts forecast that Novartis AG will post 8.45 earnings per share for the current fiscal 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.