Procyon Advisors LLC Raises Holdings in Novartis AG (NYSE:NVS)

by · The Cerbat Gem

Procyon Advisors LLC grew its holdings in Novartis AG (NYSE:NVS – Free Report) by 4.1% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 20,873 shares of the company’s stock after acquiring an additional 823 shares during the quarter. Procyon Advisors LLC’s holdings in Novartis were worth $2,401,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in NVS. Dimensional Fund Advisors LP lifted its position in Novartis by 23.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,407,692 shares of the company’s stock worth $788,626,000 after acquiring an additional 1,389,610 shares during the period. Bank of New York Mellon Corp increased its stake in Novartis by 191.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,904,664 shares of the company’s stock valued at $202,771,000 after purchasing an additional 1,250,318 shares in the last quarter. Magnetar Financial LLC increased its stake in Novartis by 53.7% in the 1st quarter. Magnetar Financial LLC now owns 1,906,046 shares of the company’s stock valued at $184,372,000 after purchasing an additional 666,104 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in Novartis during the second quarter worth $64,610,000. Finally, Mondrian Investment Partners LTD increased its position in Novartis by 40.1% during the first quarter. Mondrian Investment Partners LTD now owns 2,065,739 shares of the company’s stock worth $199,819,000 after buying an additional 590,830 shares in the last quarter. Hedge funds and other institutional investors own 13.12% of the company’s stock.

Novartis Stock Performance

Shares of NYSE NVS opened at $116.33 on Tuesday. The company has a market cap of $237.78 billion, a PE ratio of 14.74, a P/E/G ratio of 1.71 and a beta of 0.57. The company has a current ratio of 0.93, a quick ratio of 0.72 and a debt-to-equity ratio of 0.47. The stock has a 50 day simple moving average of $115.86 and a 200-day simple moving average of $107.49. Novartis AG has a 12-month low of $92.19 and a 12-month high of $120.92.

Novartis (NYSE:NVS – Get Free Report) last released its earnings results on Thursday, July 18th. The company reported $1.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.87 by $0.10. The company had revenue of $12.87 billion during the quarter, compared to analyst estimates of $12.24 billion. Novartis had a return on equity of 34.56% and a net margin of 33.76%. During the same quarter in the prior year, the company earned $1.83 earnings per share. On average, equities research analysts forecast that Novartis AG will post 7.52 EPS for the current year.

Analyst Upgrades and Downgrades

NVS has been the subject of a number of recent analyst reports. Barclays raised Novartis to a “strong sell” rating in a research report on Monday, June 24th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $121.00 price objective (up previously from $119.00) on shares of Novartis in a research report on Thursday, September 5th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating on shares of Novartis in a research report on Friday, July 19th. Bank of America downgraded Novartis from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $135.00 to $130.00 in a research report on Wednesday, September 11th. Finally, Jefferies Financial Group cut Novartis from a “buy” rating to a “hold” rating in a report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $120.70.

Check Out Our Latest Research Report on NVS

Novartis Profile

(Free Report)

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.

Featured Articles