Blume Capital Management Inc. Purchases 7,645 Shares of Novartis AG (NYSE:NVS)

Blume Capital Management Inc. lifted its position in shares of Novartis AG (NYSE:NVS) by 281.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,363 shares of the company’s stock after acquiring an additional 7,645 shares during the quarter. Blume Capital Management Inc.’s holdings in Novartis were worth $946,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. HighPoint Advisor Group LLC raised its position in shares of Novartis by 0.5% during the second quarter. HighPoint Advisor Group LLC now owns 25,472 shares of the company’s stock worth $2,324,000 after acquiring an additional 118 shares during the last quarter. Lester Murray Antman dba SimplyRich increased its holdings in Novartis by 0.7% in the first quarter. Lester Murray Antman dba SimplyRich now owns 16,603 shares of the company’s stock valued at $1,419,000 after purchasing an additional 119 shares during the last quarter. Cornerstone Wealth Management LLC increased its holdings in Novartis by 4.6% in the second quarter. Cornerstone Wealth Management LLC now owns 2,747 shares of the company’s stock valued at $251,000 after purchasing an additional 121 shares during the last quarter. Wealthsimple US Ltd. increased its holdings in Novartis by 5.0% in the first quarter. Wealthsimple US Ltd. now owns 2,606 shares of the company’s stock valued at $223,000 after purchasing an additional 123 shares during the last quarter. Finally, Arete Wealth Advisors LLC increased its holdings in Novartis by 3.7% in the second quarter. Arete Wealth Advisors LLC now owns 3,445 shares of the company’s stock valued at $207,000 after purchasing an additional 124 shares during the last quarter. Institutional investors own 9.90% of the company’s stock.

Shares of Novartis stock traded down $0.12 during trading hours on Wednesday, hitting $85.16. The company’s stock had a trading volume of 14,253 shares, compared to its average volume of 1,883,165. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.80 and a quick ratio of 0.56. The company has a market capitalization of $190.48 billion, a PE ratio of 21.59, a price-to-earnings-growth ratio of 2.07 and a beta of 0.54. The stock has a 50 day moving average of $91.52 and a 200 day moving average of $89.44. Novartis AG has a 12 month low of $77.04 and a 12 month high of $98.52.

Novartis (NYSE:NVS) last posted its quarterly earnings data on Tuesday, July 20th. The company reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.52 by $0.14. The company had revenue of $12.96 billion during the quarter, compared to analysts’ expectations of $12.41 billion. Novartis had a return on equity of 25.25% and a net margin of 17.83%. Novartis’s revenue for the quarter was up 14.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.36 earnings per share. Equities analysts expect that Novartis AG will post 6.28 EPS for the current year.

A number of equities research analysts recently commented on NVS shares. Zacks Investment Research downgraded Novartis from a “hold” rating to a “sell” rating and set a $96.00 price objective for the company. in a report on Monday, July 26th. Deutsche Bank Aktiengesellschaft downgraded Novartis from a “buy” rating to a “hold” rating in a report on Thursday, July 22nd. Finally, JPMorgan Chase & Co. restated an “underweight” rating on shares of Novartis in a report on Wednesday, July 28th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $104.33.

About Novartis

Novartis AG is a holding company, which engages in the development, manufacture, and marketing of healthcare products. It operates through the following segments: Innovative Medicines, Sandoz, and Corporate. The Innovative Medicines segment researches, develops, manufactures, distributes and sells patented pharmaceuticals, and is composed of two business units: Novartis Oncology and Novartis Pharmaceuticals.

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Institutional Ownership by Quarter for Novartis (NYSE:NVS)

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