Quantbot Technologies LP Purchases 22,998 Shares of Novartis AG (NYSE:NVS)

Quantbot Technologies LP boosted its position in Novartis AG (NYSE:NVS) by 135.5% in the 3rd quarter, Holdings Channel reports. The firm owned 39,976 shares of the company’s stock after buying an additional 22,998 shares during the quarter. Quantbot Technologies LP’s holdings in Novartis were worth $4,598,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. New Millennium Group LLC bought a new stake in shares of Novartis during the 2nd quarter worth approximately $28,000. Lynx Investment Advisory bought a new stake in shares of Novartis during the second quarter worth $29,000. Industrial Alliance Investment Management Inc. bought a new position in shares of Novartis in the second quarter worth about $30,000. Richardson Financial Services Inc. purchased a new position in Novartis in the 2nd quarter worth about $30,000. Finally, Fortitude Family Office LLC lifted its holdings in Novartis by 503.8% during the 3rd quarter. Fortitude Family Office LLC now owns 320 shares of the company’s stock valued at $37,000 after buying an additional 267 shares in the last quarter. Institutional investors own 13.12% of the company’s stock.

Novartis Trading Up 0.3 %

Shares of NYSE:NVS opened at $103.80 on Wednesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.11 and a quick ratio of 0.90. The firm has a market capitalization of $212.17 billion, a P/E ratio of 12.06, a P/E/G ratio of 1.49 and a beta of 0.58. The business’s 50-day moving average is $111.36 and its 200 day moving average is $110.23. Novartis AG has a 1 year low of $92.35 and a 1 year high of $120.92.

Novartis (NYSE:NVS) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $2.06 earnings per share for the quarter, beating the consensus estimate of $1.94 by $0.12. Novartis had a return on equity of 34.80% and a net margin of 35.96%. The business had revenue of $12.82 billion for the quarter, compared to the consensus estimate of $12.62 billion. During the same quarter in the previous year, the business earned $1.74 EPS. On average, research analysts predict that Novartis AG will post 7.66 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. BMO Capital Markets lifted their price target on shares of Novartis from $118.00 to $120.00 and gave the company a “market perform” rating in a research note on Wednesday, October 30th. Jefferies Financial Group cut Novartis from a “buy” rating to a “hold” rating in a research report on Tuesday, September 3rd. The Goldman Sachs Group reissued a “neutral” rating and issued a $121.00 price target (up from $119.00) on shares of Novartis in a research report on Thursday, September 5th. Erste Group Bank restated a “hold” rating on shares of Novartis in a research note on Tuesday, November 19th. Finally, Bank of America lowered Novartis from a “buy” rating to a “neutral” rating and cut their target price for the company from $135.00 to $130.00 in a research note on Wednesday, September 11th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Novartis has a consensus rating of “Hold” and an average price target of $121.50.

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.