Mediolanum International Funds Ltd Takes $24.10 Million Position in Novartis AG (NYSE:NVS)

Mediolanum International Funds Ltd purchased a new stake in Novartis AG (NYSE:NVS) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 207,506 shares of the company’s stock, valued at approximately $24,096,000.

Other hedge funds have also made changes to their positions in the company. Private Ocean LLC purchased a new position in shares of Novartis in the first quarter valued at $25,000. Clearstead Trust LLC lifted its stake in shares of Novartis by 73.5% in the 1st quarter. Clearstead Trust LLC now owns 269 shares of the company’s stock valued at $26,000 after purchasing an additional 114 shares in the last quarter. New Millennium Group LLC purchased a new stake in Novartis during the 2nd quarter worth approximately $28,000. Lynx Investment Advisory bought a new stake in shares of Novartis in the 2nd quarter valued at approximately $29,000. Finally, Industrial Alliance Investment Management Inc. acquired a new position in Novartis during the 2nd quarter valued at approximately $30,000. Hedge funds and other institutional investors own 13.12% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Jefferies Financial Group downgraded shares of Novartis from a “buy” rating to a “hold” rating in a research note on Tuesday, September 3rd. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of Novartis in a research report on Friday, July 19th. Bank of America lowered Novartis from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $135.00 to $130.00 in a research report on Wednesday, September 11th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $121.00 target price (up previously from $119.00) on shares of Novartis in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $120.70.

Novartis Stock Performance

Novartis stock traded up $0.80 during mid-day trading on Friday, reaching $113.93. 156,760 shares of the company’s stock were exchanged, compared to its average volume of 1,328,768. The business’s fifty day simple moving average is $116.44 and its 200 day simple moving average is $108.39. The firm has a market capitalization of $232.87 billion, a PE ratio of 15.37, a P/E/G ratio of 1.66 and a beta of 0.57. Novartis AG has a one year low of $92.19 and a one year high of $120.92. The company has a quick ratio of 0.72, a current ratio of 0.93 and a debt-to-equity ratio of 0.47.

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.