CIBC Asset Management Inc Makes New $2.59 Million Investment in Novartis AG (NYSE:NVS)

CIBC Asset Management Inc purchased a new stake in shares of Novartis AG (NYSE:NVS) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 24,283 shares of the company’s stock, valued at approximately $2,585,000.

Other hedge funds also recently modified their holdings of the company. NBC Securities Inc. grew its position in shares of Novartis by 0.9% in the 2nd quarter. NBC Securities Inc. now owns 10,492 shares of the company’s stock valued at $1,116,000 after buying an additional 97 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in Novartis by 5.1% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,013 shares of the company’s stock worth $196,000 after acquiring an additional 98 shares during the period. Portside Wealth Group LLC grew its holdings in Novartis by 3.4% during the 2nd quarter. Portside Wealth Group LLC now owns 3,000 shares of the company’s stock worth $319,000 after acquiring an additional 99 shares during the period. Evermay Wealth Management LLC lifted its stake in shares of Novartis by 9.3% in the 1st quarter. Evermay Wealth Management LLC now owns 1,176 shares of the company’s stock valued at $114,000 after purchasing an additional 100 shares during the period. Finally, Essex LLC boosted its position in shares of Novartis by 4.3% during the 2nd quarter. Essex LLC now owns 2,450 shares of the company’s stock valued at $261,000 after purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds own 13.12% of the company’s stock.

Novartis Price Performance

Shares of NYSE NVS opened at $116.50 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.72 and a current ratio of 0.93. The firm’s 50-day simple moving average is $112.45 and its 200 day simple moving average is $104.40. The stock has a market cap of $238.13 billion, a price-to-earnings ratio of 15.72, a PEG ratio of 1.77 and a beta of 0.57. Novartis AG has a fifty-two week low of $92.19 and a fifty-two week high of $120.92.

Novartis (NYSE:NVS) last announced its earnings results on Thursday, July 18th. The company reported $1.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.87 by $0.10. The company had revenue of $12.87 billion for the quarter, compared to analysts’ expectations of $12.24 billion. Novartis had a return on equity of 34.56% and a net margin of 33.76%. During the same quarter in the previous year, the firm earned $1.83 earnings per share. As a group, research analysts anticipate that Novartis AG will post 7.48 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on NVS shares. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of Novartis in a report on Friday, July 19th. Barclays upgraded shares of Novartis to a “strong sell” rating in a research note on Monday, June 24th. The Goldman Sachs Group reissued a “neutral” rating and set a $121.00 target price (up from $119.00) on shares of Novartis in a research note on Thursday. Finally, Jefferies Financial Group downgraded shares of Novartis from a “buy” rating to a “hold” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $118.38.

About Novartis

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.