Novartis AG $NVS Position Lifted by Provenance Wealth Advisors LLC

Provenance Wealth Advisors LLC raised its holdings in Novartis AG (NYSE:NVS) by 1,616.8% in the third quarter, Holdings Channel.com reports. The fund owned 10,936 shares of the company’s stock after buying an additional 10,299 shares during the quarter. Provenance Wealth Advisors LLC’s holdings in Novartis were worth $1,559,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Associated Banc Corp acquired a new stake in shares of Novartis in the third quarter valued at about $1,001,000. Watershed Private Wealth LLC grew its position in Novartis by 6.2% during the third quarter. Watershed Private Wealth LLC now owns 2,665 shares of the company’s stock worth $380,000 after buying an additional 156 shares during the period. Integrity Alliance LLC. acquired a new position in Novartis during the third quarter worth about $311,000. First Nebraska Trust Co acquired a new position in Novartis during the third quarter worth about $258,000. Finally, Next Level Wealth Planning LLC purchased a new position in Novartis in the third quarter valued at about $114,000. 13.12% of the stock is currently owned by hedge funds and other institutional investors.

Novartis Price Performance

NYSE:NVS opened at $159.19 on Wednesday. Novartis AG has a 12-month low of $123.24 and a 12-month high of $170.46. The firm has a market cap of $303.77 billion, a price-to-earnings ratio of 18.17, a price-to-earnings-growth ratio of 2.97 and a beta of 0.40. The company’s 50-day moving average is $148.48 and its two-hundred day moving average is $151.96. The company has a current ratio of 0.88, a quick ratio of 0.70 and a debt-to-equity ratio of 0.98.

Novartis (NYSE:NVS) last issued its quarterly earnings results on Tuesday, October 27th. The company reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.25 by $0.21. The company had revenue of $15.03 billion during the quarter, compared to the consensus estimate of $14.53 billion. Novartis had a return on equity of 41.04% and a net margin of 18.11%. Novartis’s revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.25 EPS. Research analysts expect that Novartis AG will post 9.04 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley reiterated an “overweight” rating and set a $163.00 price target on shares of Novartis in a research report on Wednesday, October 28th. DZ Bank initiated coverage on Novartis in a report on Wednesday, October 28th. They issued a “hold” rating on the stock. Wall Street Zen upgraded Novartis from a “hold” rating to a “buy” rating in a report on Saturday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Novartis in a research note on Thursday, October 22nd. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Novartis in a report on Sunday, August 9th. Six equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Novartis has a consensus rating of “Hold” and an average target price of $152.25.

About Novartis

Novartis AG is a Switzerland-based pharmaceutical company focused on the discovery, development and commercialization of innovative medicines. The company’s research and commercial activities span areas including cardiovascular, renal and metabolic diseases, immunology, neuroscience, oncology and hematology. Its portfolio includes prescription medicines such as Entresto, Cosentyx, Kisqali, Kesimpta, Leqvio, Pluvicto and Scemblix.

Novartis serves patients and healthcare providers in markets around the world.