Franklin Resources Inc. Has $509.05 Million Stake in Novartis AG (NYSE:NVS)

Franklin Resources Inc. reduced its position in shares of Novartis AG (NYSE:NVS - Free Report) by 18.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,377,042 shares of the company's stock after selling 962,448 shares during the period. Franklin Resources Inc. owned about 0.21% of Novartis worth $509,050,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NVS. New Millennium Group LLC acquired a new position in shares of Novartis in the 2nd quarter worth approximately $28,000. Legacy Investment Solutions LLC bought a new stake in shares of Novartis during the third quarter worth $28,000. Industrial Alliance Investment Management Inc. bought a new stake in shares of Novartis during the second quarter worth $30,000. Richardson Financial Services Inc. acquired a new stake in shares of Novartis in the second quarter valued at $30,000. Finally, Strategic Financial Concepts LLC bought a new position in shares of Novartis in the second quarter valued at about $35,000. 13.12% of the stock is currently owned by institutional investors and hedge funds.

Novartis Trading Down 0.2 %

Shares of Novartis stock traded down $0.23 during trading on Friday, reaching $98.36. 1,234,001 shares of the company were exchanged, compared to its average volume of 1,327,205. Novartis AG has a twelve month low of $92.35 and a twelve month high of $120.92. The business has a 50-day moving average price of $107.95 and a 200-day moving average price of $110.13. 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 firm has a market capitalization of $201.05 billion, a price-to-earnings ratio of 11.43, a P/E/G ratio of 1.50 and a beta of 0.56.

Novartis (NYSE:NVS - Get Free Report) last posted its earnings results on Tuesday, October 29th. The company reported $2.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.12. Novartis had a return on equity of 34.80% and a net margin of 35.96%. The company had revenue of $12.82 billion during the quarter, compared to analyst estimates of $12.62 billion. During the same period in the previous year, the company earned $1.74 EPS. Sell-side analysts anticipate that Novartis AG will post 7.66 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on NVS. Jefferies Financial Group cut shares of Novartis from a "buy" rating to a "hold" rating in a research report on Tuesday, September 3rd. HSBC downgraded Novartis from a "hold" rating to a "reduce" rating in a report on Wednesday, December 4th. Erste Group Bank restated a "hold" rating on shares of Novartis in a research report on Tuesday, November 19th. Bank of America cut Novartis from a "buy" rating to a "neutral" rating and decreased their price target for the company from $135.00 to $130.00 in a report on Wednesday, September 11th. Finally, The Goldman Sachs Group reissued a "neutral" rating and set a $121.00 price objective (up from $119.00) on shares of Novartis in a report on Thursday, September 5th. Two research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $121.50.

About Novartis

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.