Hemenway Trust Co LLC Sells 8,791 Shares of Novartis AG (NYSE:NVS)

Hemenway Trust Co LLC cut its position in Novartis AG (NYSE:NVS - Free Report) by 44.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,189 shares of the company's stock after selling 8,791 shares during the quarter. Hemenway Trust Co LLC's holdings in Novartis were worth $1,287,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Clearstead Trust LLC boosted its stake in Novartis by 73.5% during the first quarter. Clearstead Trust LLC now owns 269 shares of the company's stock worth $26,000 after buying an additional 114 shares in the last quarter. New Millennium Group LLC acquired a new position in shares of Novartis in the 2nd quarter valued at approximately $28,000. Lynx Investment Advisory bought a new stake in Novartis in the 2nd quarter valued at approximately $29,000. Industrial Alliance Investment Management Inc. bought a new stake in shares of Novartis during the 2nd quarter worth approximately $30,000. Finally, Richardson Financial Services Inc. bought a new stake in Novartis in the 2nd quarter valued at $30,000. 13.12% of the stock is currently owned by hedge funds and other institutional investors.

Novartis Trading Down 0.7 %

Shares of NVS stock traded down $0.75 during trading on Tuesday, hitting $104.92. 1,090,015 shares of the stock traded hands, compared to its average volume of 1,341,230. The firm has a market capitalization of $214.46 billion, a P/E ratio of 12.27, a price-to-earnings-growth ratio of 1.55 and a beta of 0.58. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.11 and a quick ratio of 0.90. The firm's fifty day moving average price is $114.25 and its 200-day moving average price is $109.83. Novartis AG has a 52-week low of $92.35 and a 52-week high of $120.92.

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

Analyst Ratings Changes

Several analysts have recently issued reports on NVS shares. Deutsche Bank Aktiengesellschaft reissued a "hold" rating on shares of Novartis in a report on Friday, July 19th. Jefferies Financial Group downgraded Novartis from a "buy" rating to a "hold" rating in a report on Tuesday, September 3rd. Bank of America downgraded Novartis from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $135.00 to $130.00 in a research note on Wednesday, September 11th. BMO Capital Markets increased their price objective on Novartis from $118.00 to $120.00 and gave the stock a "market perform" rating in a report on Wednesday, October 30th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $121.00 price target (up previously from $119.00) on shares of Novartis in a report on Thursday, September 5th. One equities research 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 stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $121.50.

Novartis Company 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.