First Horizon Advisors Inc. has increased its holdings in Novartis AG by 21.0% during the second quarter, resulting in the firm owning 14,066 shares of Novartis valued at approximately $1.5 million.
Institutional investors collectively hold 13.12% of Novartis' stock.
Novartis specializes in prescription medicines across various therapeutic areas and is a key player in the healthcare market. Recent reports from Zacks Research have led to an upward revision of Novartis' earnings per share (EPS) estimates for the fiscal year 2024. The consensus estimate for the current full-year earnings stands at $7.65 per share. In its latest earnings report, Novartis exceeded expectations by reporting $2.06 EPS for the quarter, with revenue reaching $12.82 billion.
Despite the positive earnings report, Novartis has received a "Reduce" rating from analysts, with several brokerages adjusting their price targets. The consensus rating for Novartis is "Hold," with a target price of $121.50. Novartis shares opened at $98.36 in the latest trading session.
The company maintains a debt-to-equity ratio of 0.55 and has a market capitalization of approximately $201.05 billion. The stock's P/E ratio is reported at 11.42, with a PEG ratio of 1.49.
Recent activity among hedge funds indicates a growing interest in Novartis shares.