Tower Bridge Advisors Trims Stock Holdings in Novartis AG (NYSE:NVS)

Tower Bridge Advisors trimmed its holdings in Novartis AG (NYSE:NVS) by 2.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 142,185 shares of the company’s stock after selling 3,283 shares during the quarter. Tower Bridge Advisors’ holdings in Novartis were worth $12,154,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Phoenix Wealth Advisors purchased a new stake in shares of Novartis in the fourth quarter worth approximately $27,000. Regent Peak Wealth Advisors LLC purchased a new stake in shares of Novartis in the fourth quarter worth approximately $34,000. Meeder Asset Management Inc. raised its holdings in shares of Novartis by 309.7% in the first quarter. Meeder Asset Management Inc. now owns 422 shares of the company’s stock worth $36,000 after buying an additional 319 shares during the period. Better Money Decisions LLC purchased a new stake in shares of Novartis in the first quarter worth approximately $39,000. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Novartis in the first quarter worth approximately $41,000. Hedge funds and other institutional investors own 10.11% of the company’s stock.

Shares of NYSE:NVS traded down $0.96 on Friday, reaching $92.54. The company had a trading volume of 84,263 shares, compared to its average volume of 1,980,951. Novartis AG has a 52-week low of $77.04 and a 52-week high of $98.52. The business has a 50 day moving average of $87.96. The firm has a market capitalization of $211.80 billion, a price-to-earnings ratio of 26.60, a PEG ratio of 2.18 and a beta of 0.54. The company has a quick ratio of 0.50, a current ratio of 0.74 and a debt-to-equity ratio of 0.51.

Novartis (NYSE:NVS) last posted its quarterly earnings data on Monday, April 26th. The company reported $1.52 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.54 by ($0.02). The business had revenue of $12.41 billion during the quarter, compared to analyst estimates of $12.63 billion. Novartis had a return on equity of 24.15% and a net margin of 16.31%. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.56 EPS. As a group, equities analysts expect that Novartis AG will post 6.33 EPS for the current year.

Several research firms have commented on NVS. Oddo Bhf upgraded Novartis from a “neutral” rating to an “outperform” rating in a report on Wednesday, April 28th. Sanford C. Bernstein began coverage on Novartis in a report on Monday, March 22nd. They set a “market perform” rating on the stock. JPMorgan Chase & Co. restated an “underweight” rating on shares of Novartis in a report on Wednesday, April 28th. Argus restated a “hold” rating on shares of Novartis in a report on Tuesday, March 16th. Finally, Societe Generale restated a “buy” rating on shares of Novartis in a report on Tuesday, March 23rd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. Novartis presently has an average rating of “Hold” and an average price target of $108.50.

About Novartis

Novartis AG researches, develops, manufactures, and markets healthcare products worldwide. The company operates through two segments, Innovative Medicines and Sandoz. The Innovative Medicines segment offers prescription medicines for patients and healthcare providers. It also provides ophthalmology, neuroscience, immunology, hepatology and dermatology, respiratory, established, and cardiovascular, renal and metabolism medicine products.

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Institutional Ownership by Quarter for Novartis (NYSE:NVS)

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