SouthState Corp Has $1.01 Million Position in Novartis AG (NYSE:NVS)

SouthState Corp reduced its position in shares of Novartis AG (NYSE:NVS) by 9.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,018 shares of the company’s stock after selling 948 shares during the period. SouthState Corp’s holdings in Novartis were worth $1,005,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP lifted its holdings in shares of Novartis by 1.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,183,855 shares of the company’s stock worth $796,372,000 after acquiring an additional 90,823 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Novartis by 60.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,660,485 shares of the company’s stock worth $408,071,000 after purchasing an additional 1,377,252 shares in the last quarter. Northern Trust Corp grew its position in shares of Novartis by 23.1% in the 4th quarter. Northern Trust Corp now owns 2,132,591 shares of the company’s stock valued at $207,522,000 after buying an additional 399,862 shares during the last quarter. Scharf Investments LLC grew its position in shares of Novartis by 4.6% in the 1st quarter. Scharf Investments LLC now owns 1,258,639 shares of the company’s stock valued at $140,313,000 after buying an additional 55,316 shares during the last quarter. Finally, Castlekeep Investment Advisors LLC bought a new stake in shares of Novartis in the 4th quarter valued at about $109,739,000. 13.12% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Morgan Stanley upgraded Novartis from an “underweight” rating to an “equal weight” rating and set a $123.00 target price on the stock in a research report on Friday. BNP Paribas raised Novartis to a “strong-buy” rating in a research note on Tuesday, April 15th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, one has assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $123.50.

Novartis Trading Up 0.8%

Shares of NVS stock opened at $116.80 on Monday. The company has a quick ratio of 0.62, a current ratio of 0.82 and a debt-to-equity ratio of 0.53. The business has a 50-day moving average price of $118.26 and a two-hundred day moving average price of $112.45. Novartis AG has a 12-month low of $96.06 and a 12-month high of $124.83. The firm has a market cap of $246.73 billion, a P/E ratio of 17.00, a price-to-earnings-growth ratio of 1.64 and a beta of 0.62.

Novartis (NYSE:NVS) last issued its earnings results on Thursday, July 17th. The company reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.04. The company had revenue of $14.05 billion during the quarter, compared to analysts’ expectations of $13.94 billion. Novartis had a return on equity of 41.08% and a net margin of 25.64%. Novartis’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.97 EPS. Equities analysts anticipate that Novartis AG will post 8.45 EPS for the current fiscal year.

Novartis Company Profile

Novartis AG engages in the research, development, manufacture, and marketing of healthcare products in Switzerland and internationally. The company offers prescription medicines for patients and physicians. It focuses on therapeutic areas, such as cardiovascular, renal and metabolic, immunology, neuroscience, and oncology, as well as ophthalmology and hematology.