Today, PNC Financial Services Group Inc. Reduces stake in Novartis AG (NVS)

Today, PNC Financial Services Group Inc. Reduces stake in Novartis AG (NVS)

PNC Financial Services Group Inc. cut its stake in Novartis AG (NYSE:NVS) by 0.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 568,411 shares of the company’s stock after selling 3,413 shares during the period. PNC Financial Services Group Inc.’s holdings in Novartis AG were worth $44,882,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Fisher Asset Management LLC increased its stake in shares of Novartis AG by 1.2% in the second quarter. Fisher Asset Management LLC now owns 6,363,641 shares of the company’s stock valued at $523,791,000 after buying an additional 76,542 shares in the last quarter. Loomis Sayles & Co. L P increased its stake in shares of Novartis AG by 6.8% in the second quarter. Loomis Sayles & Co. L P now owns 5,601,211 shares of the company’s stock valued at $462,156,000 after buying an additional 358,263 shares in the last quarter. Manning & Napier Advisors LLC increased its stake in shares of Novartis AG by 5.3% in the third quarter. Manning & Napier Advisors LLC now owns 3,752,105 shares of the company’s stock valued at $296,265,000 after buying an additional 187,448 shares in the last quarter. Mawer Investment Management Ltd. increased its stake in shares of Novartis AG by 10.4% in the second quarter. Mawer Investment Management Ltd. now owns 3,743,858 shares of the company’s stock valued at $308,906,000 after buying an additional 351,773 shares in the last quarter. Finally, Parnassus Investments CA increased its stake in shares of Novartis AG by 61.3% in the second quarter. Parnassus Investments CA now owns 3,481,896 shares of the company’s stock valued at $287,291,000 after buying an additional 1,323,724 shares in the last quarter. 9.86% of the stock is owned by institutional investors and hedge funds.

Shares of Novartis AG (NYSE:NVS) traded down 0.424% on Monday, reaching $69.285. The company had a trading volume of 1,639,500 shares. The firm has a market capitalization of $164.59 billion, a P/E ratio of 24.431 and a beta of 0.71. Novartis AG has a 52 week low of $67.28 and a 52 week high of $88.49. The company’s 50-day moving average price is $73.05 and its 200 day moving average price is $78.41.

Novartis AG (NYSE:NVS) last released its quarterly earnings data on Tuesday, October 25th. The company reported $1.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.04. The business earned $12.13 billion during the quarter, compared to analysts’ expectations of $12.24 billion. Novartis AG had a return on equity of 15.25% and a net margin of 13.98%. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.27 EPS. On average, analysts expect that Novartis AG will post $4.72 EPS for the current year.

Several equities research analysts have weighed in on NVS shares. Argus reissued a “hold” rating on shares of Novartis AG in a report on Thursday, August 25th. Jefferies Group restated a “buy” rating on shares of Novartis AG in a research note on Sunday, October 16th. TheStreet cut Novartis AG from a “buy” rating to a “hold” rating in a research note on Wednesday, September 28th. Chardan Capital began coverage on Novartis AG in a research note on Tuesday, September 20th. They issued a “buy” rating and a $95.00 price objective for the company. Finally, JPMorgan Chase & Co. restated a “buy” rating on shares of Novartis AG in a research note on Friday, November 18th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Novartis AG presently has an average rating of “Hold” and a consensus target price of $88.50.

About Novartis AG

Novartis AG is a holding company. The Company specializes in the research, development, manufacturing and marketing of a range of healthcare products led by pharmaceuticals, including eye care products. Its portfolio includes medicines, eye care and generic pharmaceuticals. The Company’s segments include Pharmaceuticals, Alcon and Sandoz.

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