Providence Capital Advisors LLC Cuts Stake in Novartis AG (NYSE:NVS)

Providence Capital Advisors LLC cut its position in shares of Novartis AG (NYSE:NVS - Free Report) by 18.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 28,913 shares of the company's stock after selling 6,620 shares during the quarter. Providence Capital Advisors LLC's holdings in Novartis were worth $3,326,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. New Millennium Group LLC acquired a new stake in Novartis during the second quarter worth about $28,000. Lynx Investment Advisory purchased a new position in shares of Novartis in the second quarter worth approximately $29,000. Industrial Alliance Investment Management Inc. acquired a new stake in Novartis during the 2nd quarter valued at $30,000. Richardson Financial Services Inc. acquired a new position in Novartis during the second quarter valued at $30,000. Finally, Beacon Capital Management LLC lifted its position in shares of Novartis by 149.3% in the first quarter. Beacon Capital Management LLC now owns 354 shares of the company's stock worth $34,000 after purchasing an additional 212 shares in the last quarter. Hedge funds and other institutional investors own 13.12% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on NVS shares. Erste Group Bank reiterated a "hold" rating on shares of Novartis in a research note on Tuesday, November 19th. The Goldman Sachs Group reiterated a "neutral" rating and set a $121.00 target price (up from $119.00) on shares of Novartis in a research note on Thursday, September 5th. Bank of America downgraded Novartis from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $135.00 to $130.00 in a research report on Wednesday, September 11th. Jefferies Financial Group cut shares of Novartis from a "buy" rating to a "hold" rating in a research note on Tuesday, September 3rd. Finally, 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 research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $121.50.

Novartis Stock Performance

Shares of Novartis stock traded up $1.06 during trading on Thursday, reaching $104.87. The company's stock had a trading volume of 830,467 shares, compared to its average volume of 1,340,429. The firm has a market cap of $214.35 billion, a PE ratio of 12.18, a P/E/G ratio of 1.49 and a beta of 0.58. Novartis AG has a 52 week low of $92.35 and a 52 week high of $120.92. 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 business's 50-day moving average price is $111.14 and its 200-day moving average price is $110.20.

Novartis (NYSE:NVS - Get Free Report) last posted its earnings results on Tuesday, October 29th. The company reported $2.06 EPS for the quarter, topping 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 analysts' expectations of $12.62 billion. During the same quarter in the prior year, the business earned $1.74 earnings per share. Equities analysts forecast that Novartis AG will post 7.66 earnings per share for the current year.

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.