Mirae Asset Global Investments Co. Ltd. Purchases 50,225 Shares of Novartis AG $NVS

Mirae Asset Global Investments Co. Ltd. purchased a new position in Novartis AG (NYSE:NVS) during the third quarter, Holdings Channel.com reports. The firm purchased 50,225 shares of the company’s stock, valued at approximately $7,161,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Bank of America Corp DE boosted its position in Novartis by 9.1% during the first quarter. Bank of America Corp DE now owns 4,962,794 shares of the company’s stock valued at $758,067,000 after purchasing an additional 413,778 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in Novartis by 0.8% in the second 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 in the last quarter. Janus Henderson Group PLC increased its position in Novartis by 1.9% in the 1st quarter. Janus Henderson Group PLC now owns 2,275,938 shares of the company’s stock worth $347,649,000 after purchasing an additional 41,520 shares during the last quarter. WCM Investment Management LLC acquired a new position in Novartis in the 1st quarter worth about $220,004,000. Finally, Sei Investments Co. increased its position in Novartis by 9.6% in the 1st quarter. Sei Investments Co. now owns 619,274 shares of the company’s stock worth $94,594,000 after purchasing an additional 54,262 shares during the last quarter. 13.12% of the stock is currently owned by hedge funds and other institutional investors.

Novartis Trading Up 3.6%

Shares of NYSE:NVS opened at $164.98 on Thursday. The company has a current ratio of 0.88, a quick ratio of 0.70 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $314.81 billion, a PE ratio of 31.49, a P/E/G ratio of 2.93 and a beta of 0.40. Novartis AG has a 1 year low of $123.24 and a 1 year high of $170.46. The firm has a fifty day moving average price of $148.58 and a 200 day moving average price of $152.07.

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

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on NVS shares. Citigroup reaffirmed a “buy” rating on shares of Novartis in a research note on Wednesday, July 22nd. Bank of America reissued a “buy” rating on shares of Novartis in a research note on Tuesday, September 8th. Deutsche Bank Aktiengesellschaft downgraded Novartis from a “hold” rating to a “sell” rating in a report on Friday, October 30th. Jefferies Financial Group reaffirmed a “neutral” rating on shares of Novartis in a research report on Thursday, July 23rd. Finally, UBS Group reiterated a “neutral” rating on shares of Novartis in a research note on Wednesday, October 28th. Six equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target 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.