Mengis Capital Management Inc. Has $6.30 Million Stock Position in Novartis AG (NYSE:NVS)
Mengis Capital Management Inc. lifted its holdings in Novartis AG (NYSE:NVS) by 163.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 69,013 shares of the company’s stock after purchasing an additional 42,773 shares during the quarter. Novartis accounts for approximately 1.9% of Mengis Capital Management Inc.’s holdings, making the stock its 9th largest position. Mengis Capital Management Inc.’s holdings in Novartis were worth $6,301,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Truvestments Capital LLC bought a new position in Novartis during the first quarter valued at about $25,000. Canton Hathaway LLC bought a new position in Novartis during the first quarter valued at about $26,000. Harvest Group Wealth Management LLC bought a new position in Novartis during the first quarter valued at about $27,000. Financial Gravity Wealth Inc. bought a new position in Novartis during the first quarter valued at about $33,000. Finally, Camarda Financial Advisors LLC bought a new position in Novartis during the first quarter valued at about $36,000. 11.85% of the stock is owned by institutional investors.
Several research analysts recently weighed in on NVS shares. JPMorgan Chase & Co. raised their target price on from GBX 2,300 ($30.05) to GBX 2,900 ($37.89) and gave the company a “neutral” rating in a research note on Friday, July 5th. Argus increased their price target on Novartis to $105.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. They noted that the move was a valuation call. Liberum Capital upgraded Novartis from a “hold” rating to a “buy” rating in a research report on Thursday, April 25th. Zacks Investment Research upgraded Hallmark Financial Services from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a research report on Friday, July 19th. Finally, Morgan Stanley set a $165.00 price target on Caterpillar and gave the company a “buy” rating in a research report on Wednesday, April 10th. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $90.63.
Novartis (NYSE:NVS) last announced its quarterly earnings data on Thursday, July 18th. The company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.14. The firm had revenue of $11.76 billion during the quarter, compared to the consensus estimate of $11.45 billion. Novartis had a return on equity of 18.55% and a net margin of 23.27%. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.29 EPS. On average, analysts anticipate that Novartis AG will post 5.03 EPS for the current year.
Novartis Company Profile
Novartis AG researches, develops, manufactures, and markets healthcare products worldwide. The company's Innovative Medicines segment offers patented prescription medicines for patients and healthcare providers. It also provides ophthalmology, neuroscience, immunology, hepatology and dermatology, respiratory, cardio-metabolic, and established medicine products.
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