HighTower Advisors LLC reduced its holdings in shares of Novartis AG (NYSE:NVS - Free Report) by 1.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 290,860 shares of the company's stock after selling 4,988 shares during the quarter. HighTower Advisors LLC's holdings in Novartis were worth $33,463,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently bought and sold shares of NVS. New Millennium Group LLC bought a new stake in shares of Novartis during the second quarter valued at about $28,000. Industrial Alliance Investment Management Inc. purchased a new stake in Novartis in the 2nd quarter worth approximately $30,000. Richardson Financial Services Inc. bought a new position in Novartis in the 2nd quarter valued at $30,000. Strategic Financial Concepts LLC bought a new position in shares of Novartis in the second quarter worth $35,000. Finally, Fortitude Family Office LLC boosted its stake in Novartis by 503.8% during the third quarter. Fortitude Family Office LLC now owns 320 shares of the company's stock valued at $37,000 after buying an additional 267 shares during the period. 13.12% of the stock is owned by institutional investors.
Novartis Trading Down 0.5 %
Novartis stock traded down $0.53 during mid-day trading on Friday, reaching $101.99. 802,310 shares of the company traded hands, compared to its average volume of 1,332,282. The firm's 50 day moving average price is $109.69 and its 200 day moving average price is $110.20. Novartis AG has a 52-week low of $92.35 and a 52-week high of $120.92. 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 has a market capitalization of $208.47 billion, a price-to-earnings ratio of 11.92, a P/E/G ratio of 1.51 and a beta of 0.56.
Novartis (NYSE:NVS - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $2.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.12. The company had revenue of $12.82 billion for the quarter, compared to analysts' expectations of $12.62 billion. Novartis had a net margin of 35.96% and a return on equity of 34.80%. During the same quarter in the previous year, the company earned $1.74 earnings per share. On average, analysts anticipate that Novartis AG will post 7.65 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
NVS has been the topic of a number of recent analyst reports. Jefferies Financial Group downgraded shares of Novartis from a "buy" rating to a "hold" rating in a research note on Tuesday, September 3rd. Erste Group Bank reiterated a "hold" rating on shares of Novartis in a research report on Tuesday, November 19th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $121.00 price objective (up from $119.00) on shares of Novartis in a report on Thursday, September 5th. HSBC lowered Novartis from a "hold" rating to a "reduce" rating in a research note on Wednesday. Finally, Bank of America cut shares of Novartis from a "buy" rating to a "neutral" rating and cut their price objective for the company from $135.00 to $130.00 in a research note on Wednesday, September 11th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Novartis has an average rating of "Hold" and a consensus price target of $121.50.
Get Our Latest Stock Analysis on Novartis
Novartis Profile
(
Free Report)
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.
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