Salem Investment Counselors Inc. Buys 6,666 Shares of Novartis AG $NVS

Salem Investment Counselors Inc. raised its stake in Novartis AG (NYSE:NVS) by 9.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 77,768 shares of the company’s stock after buying an additional 6,666 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Novartis were worth $11,087,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Bank of America Corp DE raised its stake in shares of Novartis by 9.1% in the 1st quarter. Bank of America Corp DE now owns 4,962,794 shares of the company’s stock valued at $758,067,000 after acquiring an additional 413,778 shares during the period. Auto Owners Insurance Co boosted its position in shares of Novartis by 13,687.0% during the 4th quarter. Auto Owners Insurance Co now owns 4,628,296 shares of the company’s stock worth $638,103,000 after purchasing an additional 4,594,726 shares during the period. Envestnet Asset Management Inc. increased its holdings in Novartis by 0.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 2,330,979 shares of the company’s stock valued at $365,308,000 after purchasing an additional 19,595 shares during the last quarter. Janus Henderson Group PLC increased its holdings in Novartis by 1.9% in the 1st quarter. Janus Henderson Group PLC now owns 2,275,938 shares of the company’s stock valued at $347,649,000 after purchasing an additional 41,520 shares during the last quarter. Finally, WCM Investment Management LLC acquired a new stake in Novartis in the 1st quarter valued at approximately $220,004,000. Hedge funds and other institutional investors own 13.12% of the company’s stock.

Novartis Stock Performance

Shares of NVS stock opened at $142.43 on Wednesday. The company has a quick ratio of 0.67, a current ratio of 0.86 and a debt-to-equity ratio of 0.89. Novartis AG has a 52 week low of $121.57 and a 52 week high of $170.46. The stock has a market capitalization of $271.78 billion, a PE ratio of 16.57, a P/E/G ratio of 2.74 and a beta of 0.41. The firm has a 50 day moving average of $148.69 and a two-hundred day moving average of $150.47.

Novartis (NYSE:NVS) last posted its quarterly earnings data on Tuesday, June 30th. The company reported $2.41 earnings per share for the quarter. The business had revenue of $14.95 billion for the quarter. Novartis had a return on equity of 38.56% and a net margin of 23.29%. On average, research analysts predict that Novartis AG will post 8.91 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on NVS. UBS Group restated a “neutral” rating on shares of Novartis in a research note on Thursday, September 17th. Jefferies Financial Group reaffirmed a “neutral” rating on shares of Novartis in a research note on Thursday, July 23rd. The Goldman Sachs Group reaffirmed a “sell” rating on shares of Novartis in a research note on Monday, September 21st. Berenberg Bank cut their price objective on Novartis from $147.00 to $130.00 and set a “hold” rating on the stock in a report on Friday, September 11th. Finally, Morgan Stanley reissued an “overweight” rating and set a $156.00 target price on shares of Novartis in a research note on Tuesday, October 6th. Six analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $145.60.

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 center on cardiovascular, renal and metabolic diseases, immunology, neuroscience, oncology and hematology. Its portfolio includes prescription medicines such as Entresto, Cosentyx, Kesimpta, Kisqali, Pluvicto, Leqvio and Jakavi, as well as other therapies for serious and chronic conditions.

Novartis serves patients and healthcare providers in markets worldwide, with operations spanning North America, Europe, Asia and other international regions.