Tri Ri Asset Management Corp Purchases Shares of 33,202 Novartis AG (NYSE:NVS)

Tri Ri Asset Management Corp purchased a new position in shares of Novartis AG (NYSE:NVS - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 33,202 shares of the company's stock, valued at approximately $3,819,000. Novartis accounts for approximately 1.9% of Tri Ri Asset Management Corp's investment portfolio, making the stock its 19th biggest holding.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NVS. Legacy Investment Solutions LLC acquired a new stake in shares of Novartis during the 3rd quarter valued at about $28,000. New Millennium Group LLC bought a new position in Novartis during the second quarter valued at approximately $28,000. Industrial Alliance Investment Management Inc. acquired a new stake in Novartis in the second quarter valued at approximately $30,000. Richardson Financial Services Inc. bought a new stake in Novartis in the second quarter worth approximately $30,000. Finally, Fortitude Family Office LLC increased its stake in shares of Novartis by 503.8% during the 3rd quarter. Fortitude Family Office LLC now owns 320 shares of the company's stock worth $37,000 after purchasing an additional 267 shares during the last quarter. 13.12% of the stock is owned by hedge funds and other institutional investors.

Novartis Stock Performance

Shares of Novartis stock traded down $0.23 during midday trading on Friday, hitting $98.36. The company had a trading volume of 1,233,996 shares, compared to its average volume of 1,327,205. Novartis AG has a 1-year low of $92.35 and a 1-year high of $120.92. The business's 50 day simple moving average is $108.26 and its two-hundred day simple moving average is $110.14. The stock has a market cap of $201.05 billion, a PE ratio of 11.45, a P/E/G ratio of 1.50 and a beta of 0.56. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.11 and a quick ratio of 0.90.

Novartis (NYSE:NVS - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $2.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.12. Novartis had a net margin of 35.96% and a return on equity of 34.80%. The company 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 firm posted $1.74 EPS. As a group, equities analysts predict that Novartis AG will post 7.66 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

NVS has been the subject of several analyst reports. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $121.00 price objective (up previously from $119.00) on shares of Novartis in a research note on Thursday, September 5th. Bank of America downgraded Novartis from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $135.00 to $130.00 in a research note on Wednesday, September 11th. BMO Capital Markets raised their price objective on Novartis from $118.00 to $120.00 and gave the company a "market perform" rating in a research note on Wednesday, October 30th. HSBC cut Novartis from a "hold" rating to a "reduce" rating in a research report on Wednesday, December 4th. Finally, Jefferies Financial Group cut shares of Novartis from a "buy" rating to a "hold" rating in a research note on Tuesday, September 3rd. Two research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $121.50.

Novartis 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.