Harvest Portfolios Group Inc. Trims Position in Novartis AG (NYSE:NVS)

Harvest Portfolios Group Inc. lessened its holdings in shares of Novartis AG (NYSE:NVS - Free Report) by 3.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 498,263 shares of the company's stock after selling 19,676 shares during the period. Novartis accounts for 1.9% of Harvest Portfolios Group Inc.'s holdings, making the stock its 13th biggest holding. Harvest Portfolios Group Inc.'s holdings in Novartis were worth $57,310,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its holdings in shares of Novartis by 1,029.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 4,754 shares of the company's stock valued at $460,000 after buying an additional 4,333 shares during the last quarter. Norden Group LLC purchased a new position in Novartis during the first quarter worth about $207,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Novartis by 47.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 82,727 shares of the company's stock worth $8,002,000 after acquiring an additional 26,632 shares during the last quarter. BNP Paribas Financial Markets lifted its position in Novartis by 30.6% in the 1st quarter. BNP Paribas Financial Markets now owns 10,499 shares of the company's stock worth $1,016,000 after buying an additional 2,463 shares during the last quarter. Finally, Central Pacific Bank Trust Division bought a new stake in Novartis in the first quarter worth $403,000. Institutional investors own 13.12% of the company's stock.

Novartis Trading Down 2.3 %

NVS traded down $2.57 on Wednesday, reaching $106.81. 1,369,522 shares of the company traded hands, compared to its average volume of 1,344,521. The company has a quick ratio of 0.90, a current ratio of 1.11 and a debt-to-equity ratio of 0.55. The company has a market cap of $218.32 billion, a P/E ratio of 12.71, a price-to-earnings-growth ratio of 1.61 and a beta of 0.58. The firm has a fifty day simple moving average of $115.37 and a two-hundred day simple moving average of $109.57. Novartis AG has a one year low of $92.35 and a one year high of $120.92.

Novartis (NYSE:NVS - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $2.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.94 by $0.12. Novartis had a return on equity of 34.80% and a net margin of 35.96%. The business had revenue of $12.82 billion for the quarter, compared to the consensus estimate of $12.62 billion. During the same quarter in the prior year, the company earned $1.74 EPS. As a group, equities research analysts expect that Novartis AG will post 7.56 earnings per share for the current year.

Wall Street Analyst Weigh In

NVS has been the subject of a number of recent analyst reports. The Goldman Sachs Group reiterated 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. Jefferies Financial Group downgraded shares of Novartis from a "buy" rating to a "hold" rating in a research report on Tuesday, September 3rd. Bank of America lowered 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 research report on Wednesday, September 11th. BMO Capital Markets lifted their target price on shares of Novartis from $118.00 to $120.00 and gave the stock a "market perform" rating in a research report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "hold" rating on shares of Novartis in a research report on Friday, July 19th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Novartis currently has a consensus rating of "Hold" and an average price target of $121.50.

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.