Cresset Asset Management LLC Increases Holdings in Novartis AG (NYSE:NVS)

Cresset Asset Management LLC increased its stake in Novartis AG (NYSE:NVSGet Rating) by 3.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 24,670 shares of the company’s stock after purchasing an additional 712 shares during the quarter. Cresset Asset Management LLC’s holdings in Novartis were worth $2,165,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Mount Yale Investment Advisors LLC grew its position in shares of Novartis by 30.2% in the first quarter. Mount Yale Investment Advisors LLC now owns 15,538 shares of the company’s stock valued at $1,363,000 after purchasing an additional 3,606 shares in the last quarter. Kensington Investment Counsel LLC boosted its stake in Novartis by 5.0% during the first quarter. Kensington Investment Counsel LLC now owns 13,820 shares of the company’s stock valued at $1,213,000 after buying an additional 656 shares during the period. CIBC Asset Management Inc bought a new stake in Novartis during the first quarter valued at $501,000. National Asset Management Inc. boosted its stake in Novartis by 3.5% during the first quarter. National Asset Management Inc. now owns 21,166 shares of the company’s stock valued at $1,859,000 after buying an additional 717 shares during the period. Finally, Resources Investment Advisors LLC. boosted its stake in Novartis by 3.2% during the first quarter. Resources Investment Advisors LLC. now owns 4,367 shares of the company’s stock valued at $383,000 after buying an additional 137 shares during the period. 9.14% of the stock is currently owned by hedge funds and other institutional investors.

Novartis Stock Up 1.6 %

NVS stock opened at $82.60 on Monday. Novartis AG has a fifty-two week low of $79.09 and a fifty-two week high of $94.26. The business’s 50 day moving average price is $84.16 and its two-hundred day moving average price is $86.08. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.13 and a current ratio of 1.38. The company has a market capitalization of $182.76 billion, a price-to-earnings ratio of 8.07, a price-to-earnings-growth ratio of 2.34 and a beta of 0.53.

Novartis (NYSE:NVSGet Rating) last posted its quarterly earnings results on Monday, July 18th. The company reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.52 by $0.04. The company had revenue of $12.78 billion for the quarter, compared to the consensus estimate of $12.78 billion. Novartis had a return on equity of 21.88% and a net margin of 44.31%. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.64 EPS. As a group, analysts forecast that Novartis AG will post 6.06 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently issued reports on NVS. Oppenheimer lowered Novartis from an “outperform” rating to a “market perform” rating in a research note on Friday, June 3rd. JPMorgan Chase & Co. lifted their price target on Novartis from CHF 80 to CHF 81 and gave the stock an “underweight” rating in a research note on Wednesday, July 20th. Morgan Stanley dropped their price target on Novartis from CHF 97 to CHF 88 in a research note on Thursday. Deutsche Bank Aktiengesellschaft lowered their target price on Novartis from CHF 80 to CHF 75 in a research note on Wednesday, June 29th. Finally, Kepler Capital Markets raised Novartis from a “hold” rating to a “buy” rating and set a CHF 90 target price for the company in a research note on Wednesday, September 7th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $87.00.

About Novartis

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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, dermatology, respiratory, cardiovascular, renal, and metabolism medicine products.

Further Reading

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Institutional Ownership by Quarter for Novartis (NYSE:NVS)

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