Spectrum Asset Management Inc. NB CA Acquires New Position in Novartis AG $NVS

Key Points

• Spectrum Asset Management Inc. has acquired a new position in Novartis AG, purchasing 24,655 shares valued at approximately $2.98 million during the second quarter.
• Several institutional investors are increasing their stakes in Novartis, with notable acquisitions reflecting a growing interest in the company.
• Analyst ratings for Novartis are mixed, with a consensus rating of Hold and a price target of $120.33, indicating cautious optimism among market analysts.

Spectrum Asset Management Inc. NB CA bought a new position in shares of Novartis AG (NYSE:NVS - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 24,655 shares of the company's stock, valued at approximately $2,984,000.

Several other institutional investors also recently bought and sold shares of the business. WPG Advisers LLC acquired a new position in Novartis in the first quarter valued at $25,000. Tsfg LLC grew its holdings in Novartis by 366.0% in the 1st quarter. Tsfg LLC now owns 233 shares of the company's stock valued at $26,000 after buying an additional 183 shares during the period. Barrett & Company Inc. acquired a new position in shares of Novartis during the 2nd quarter valued at about $31,000. MCF Advisors LLC increased its stake in shares of Novartis by 66.0% during the 2nd quarter. MCF Advisors LLC now owns 264 shares of the company's stock valued at $32,000 after acquiring an additional 105 shares during the last quarter. Finally, Highline Wealth Partners LLC lifted its holdings in shares of Novartis by 82.4% during the 2nd quarter. Highline Wealth Partners LLC now owns 290 shares of the company's stock worth $35,000 after acquiring an additional 131 shares during the period. 13.12% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Weiss Ratings restated a "buy (b)" rating on shares of Novartis in a report on Saturday, September 27th. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of Novartis in a research note on Thursday, August 21st. The Goldman Sachs Group reaffirmed a "sell" rating and issued a $118.00 target price (down from $119.00) on shares of Novartis in a research report on Friday, September 12th. Wall Street Zen downgraded Novartis from a "strong-buy" rating to a "buy" rating in a research report on Friday, August 22nd. Finally, Morgan Stanley upgraded Novartis from an "underweight" rating to an "equal weight" rating and set a $123.00 price objective on the stock in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, Novartis currently has an average rating of "Hold" and a consensus price target of $120.33.

Novartis Trading Down 0.5%

NYSE:NVS opened at $131.57 on Wednesday. The business's 50-day moving average is $124.18 and its two-hundred day moving average is $117.48. The firm has a market capitalization of $277.93 billion, a PE ratio of 19.15, a price-to-earnings-growth ratio of 1.83 and a beta of 0.64. Novartis AG has a 12 month low of $96.06 and a 12 month high of $133.55. 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 (NYSE:NVS - Get Free Report) last issued its earnings results on Thursday, July 17th. The company reported $2.42 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.04. The company had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $13.94 billion. Novartis had a return on equity of 41.08% and a net margin of 25.64%.The company's revenue was up 12.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.97 earnings per share. Research analysts predict that Novartis AG will post 8.45 earnings per share for the current fiscal 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.

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