Tri Ri Asset Management Corp Invests $3.82 Million in Novartis AG (NYSE:NVS)

Tri Ri Asset Management Corp purchased a new position in Novartis AG (NYSE:NVS) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 33,202 shares of the company’s stock, valued at approximately $3,819,000. Novartis comprises 4.3% of Tri Ri Asset Management Corp’s holdings, making the stock its 10th largest position.

A number of other institutional investors and hedge funds have also recently modified their holdings of NVS. Dimensional Fund Advisors LP raised its holdings in Novartis by 23.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,407,692 shares of the company’s stock worth $788,626,000 after purchasing an additional 1,389,610 shares during the period. Bank of New York Mellon Corp raised its holdings in Novartis by 191.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,904,664 shares of the company’s stock worth $202,771,000 after purchasing an additional 1,250,318 shares during the period. Canada Pension Plan Investment Board bought a new position in Novartis in the 2nd quarter worth $64,610,000. Bank of Montreal Can raised its holdings in Novartis by 343.5% in the 2nd quarter. Bank of Montreal Can now owns 657,903 shares of the company’s stock worth $70,652,000 after purchasing an additional 509,567 shares during the period. Finally, Wulff Hansen & CO. raised its holdings in Novartis by 10,528.6% in the 2nd quarter. Wulff Hansen & CO. now owns 324,171 shares of the company’s stock worth $34,511,000 after purchasing an additional 321,121 shares during the period. 13.12% of the stock is currently owned by hedge funds and other institutional investors.

Novartis Price Performance

NYSE:NVS opened at $102.53 on Friday. The company has a current ratio of 1.11, a quick ratio of 0.90 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $209.57 billion, a P/E ratio of 11.91, a P/E/G ratio of 1.51 and a beta of 0.56. Novartis AG has a 12 month low of $92.35 and a 12 month high of $120.92. The business’s 50-day moving average is $109.69 and its 200 day moving average is $110.20.

Novartis (NYSE:NVS) last posted its earnings results on Tuesday, October 29th. The company reported $2.06 EPS for the quarter, topping analysts’ consensus estimates of $1.94 by $0.12. The company had revenue of $12.82 billion for the quarter, compared to the consensus estimate of $12.62 billion. Novartis had a return on equity of 34.80% and a net margin of 35.96%. During the same period in the previous year, the business earned $1.74 earnings per share. On average, equities research analysts forecast that Novartis AG will post 7.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Bank of America cut Novartis from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $135.00 to $130.00 in a report on Wednesday, September 11th. The Goldman Sachs Group reissued a “neutral” rating and set a $121.00 price target (up from $119.00) on shares of Novartis in a report on Thursday, September 5th. HSBC cut Novartis from a “hold” rating to a “reduce” rating in a report on Wednesday. Jefferies Financial Group cut Novartis from a “buy” rating to a “hold” rating in a report on Tuesday, September 3rd. Finally, Erste Group Bank reissued a “hold” rating on shares of Novartis in a report on Tuesday, November 19th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus 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.