Legal & General Group Plc has significantly increased its investment in Novartis AG by acquiring an additional 14,073 shares, raising its total holdings by 27.5% during the second quarter of 2023. According to the company’s latest filing with the Securities and Exchange Commission, Legal & General now owns 65,156 shares of Novartis, valued at approximately $7,884,000.
Several other institutional investors have also made adjustments to their positions in Novartis. For instance, Keybank National Association increased its stake by 13.2% in the same quarter, now holding 49,377 shares worth about $5,975,000 after purchasing an additional 5,742 shares. Meanwhile, Sonora Investment Management Group LLC entered the market, acquiring a new stake valued at around $266,000.
Cypress Capital Group reported an impressive growth of 84.1% in its holdings, now owning 5,776 shares valued at $699,000 after adding 2,638 shares. Additionally, Focus Partners Wealth increased its stake by 16.8% in the first quarter, bringing its total to 47,548 shares worth approximately $5,311,000. DAVENPORT & Co LLC also raised its holdings by 8.9%, now owning 33,683 shares valued at $4,076,000. Institutional investors and hedge funds collectively own 13.12% of Novartis stock.
Stock Performance and Analyst Ratings
As of Wednesday, Novartis shares opened at $132.32, reflecting a 2.6% increase. The stock has demonstrated stability with a 50-day moving average of $128.61 and a 200-day moving average of $123.05. Over the past year, Novartis has seen a low of $96.06 and a high of $134.00. The company maintains a market capitalization of $279.51 billion, a price-to-earnings (P/E) ratio of 18.08, and a debt-to-equity ratio of 0.50.
Recent analyst reports have provided a mixed sentiment regarding Novartis. Weiss Ratings reaffirmed a “buy” rating on the stock, while Bank of America upgraded its rating from “neutral” to “buy.” Conversely, Goldman Sachs Group maintained a “sell” rating with a price target of $118.00, slightly down from a previous target of $119.00. In total, one analyst has rated the stock as a Strong Buy, four as Buy, six as Hold, and three as Sell, leading to a consensus rating of “Hold” with a price target of $122.33 according to MarketBeat.
About Novartis AG
Novartis AG is a leading global healthcare company dedicated to researching, developing, manufacturing, and marketing a range of healthcare products. It operates both in Switzerland and internationally, offering prescription medicines across various therapeutic areas, including cardiovascular, renal, metabolic, immunology, neuroscience, oncology, ophthalmology, and hematology. The company’s commitment to innovation positions it as a significant player in the global pharmaceutical market.
As more institutional investors shift their strategies regarding Novartis, the company continues to attract attention for its robust portfolio and market performance.
