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People S United Financial Inc. Cuts Position in Novartis AG (NYSE:NVS)

Financial News Live ·  Aug 16, 2022 23:52

People s United Financial Inc. lessened its holdings in Novartis AG (NYSE:NVS – Get Rating) by 3.7% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 35,064 shares of the company's stock after selling 1,341 shares during the quarter. People s United Financial Inc.'s holdings in Novartis were worth $3,077,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Atwood & Palmer Inc. lifted its stake in shares of Novartis by 400.0% in the first quarter. Atwood & Palmer Inc. now owns 375 shares of the company's stock worth $33,000 after buying an additional 300 shares in the last quarter. Allegheny Financial Group LTD purchased a new stake in Novartis during the fourth quarter valued at approximately $34,000. DeDora Capital Inc. purchased a new stake in Novartis during the first quarter valued at approximately $34,000. Tyler Stone Wealth Management purchased a new stake in shares of Novartis in the fourth quarter worth $39,000. Finally, Crewe Advisors LLC increased its stake in shares of Novartis by 678.0% in the fourth quarter. Crewe Advisors LLC now owns 459 shares of the company's stock worth $40,000 after purchasing an additional 400 shares in the last quarter. Hedge funds and other institutional investors own 9.40% of the company's stock.

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Wall Street Analyst Weigh In

Several research firms recently weighed in on NVS. UBS Group raised their target price on shares of Novartis from CHF 85 to CHF 88 and gave the company a "neutral" rating in a research note on Wednesday, April 27th. Oppenheimer lowered shares of Novartis from an "outperform" rating to a "market perform" rating in a report on Friday, June 3rd. JPMorgan Chase & Co. raised their target price on shares of Novartis from CHF 80 to CHF 81 and gave the company an "underweight" rating in a research report on Wednesday, July 20th. Credit Suisse Group lifted their price objective on shares of Novartis from CHF 85 to CHF 88 in a research report on Thursday, April 28th. Finally, Wolfe Research cut shares of Novartis from an "outperform" rating to a "market perform" rating in a research note on Monday, May 9th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $87.33.

Novartis Stock Down 0.4 %

Shares of NYSE:NVS opened at $85.38 on Tuesday. The firm's 50 day moving average price is $84.59 and its 200 day moving average price is $86.62. The stock has a market cap of $188.91 billion, a price-to-earnings ratio of 8.35, a price-to-earnings-growth ratio of 2.42 and a beta of 0.51. Novartis AG has a fifty-two week low of $79.09 and a fifty-two week high of $95.17. The company has a quick ratio of 1.13, a current ratio of 1.38 and a debt-to-equity ratio of 0.35.

Novartis (NYSE:NVS – Get Rating) last announced its quarterly earnings results on Monday, July 18th. The company reported $1.56 EPS for the quarter, beating the consensus estimate of $1.52 by $0.04. The company had revenue of $12.78 billion for the quarter, compared to analyst estimates of $12.78 billion. Novartis had a net margin of 44.31% and a return on equity of 21.88%. The firm's revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.64 earnings per share. As a group, equities research analysts predict that Novartis AG will post 6.06 earnings per share for the current fiscal year.

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.

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