Novartis AG (NYSE:NVS) Shares Sold by MAI Capital Management

MAI Capital Management lessened its stake in shares of Novartis AG (NYSE:NVS) by 52.1% in the 3rd quarter, Holdings Channel reports. The firm owned 17,589 shares of the company’s stock after selling 19,168 shares during the period. MAI Capital Management’s holdings in Novartis were worth $2,023,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. New Millennium Group LLC purchased a new stake in shares of Novartis during the second quarter worth approximately $28,000. Lynx Investment Advisory purchased a new stake in shares of Novartis during the second quarter worth $29,000. Industrial Alliance Investment Management Inc. acquired a new stake in shares of Novartis in the second quarter valued at about $30,000. Richardson Financial Services Inc. purchased a new position in shares of Novartis in the second quarter worth about $30,000. Finally, Fortitude Family Office LLC boosted its position in Novartis by 503.8% during the third quarter. Fortitude Family Office LLC now owns 320 shares of the company’s stock worth $37,000 after acquiring an additional 267 shares during the last quarter. 13.12% of the stock is owned by hedge funds and other institutional investors.

Novartis Trading Down 0.2 %

NYSE NVS opened at $103.09 on Thursday. Novartis AG has a one year low of $92.35 and a one year high of $120.92. The firm has a 50 day simple moving average of $112.34 and a 200-day simple moving average of $110.05. The firm has a market cap of $210.72 billion, a price-to-earnings ratio of 11.97, a PEG ratio of 1.49 and a beta of 0.58. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.90 and a current ratio of 1.11.

Novartis (NYSE:NVS) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $2.06 EPS for the quarter, topping the consensus estimate of $1.94 by $0.12. The business had revenue of $12.82 billion during the quarter, compared to the consensus estimate 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 firm posted $1.74 earnings per share. Equities research analysts anticipate that Novartis AG will post 7.63 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have commented on NVS shares. The Goldman Sachs Group reiterated a “neutral” rating and issued a $121.00 price objective (up previously from $119.00) on shares of Novartis in a report on Thursday, September 5th. Bank of America cut Novartis from a “buy” rating to a “neutral” rating and cut their price target for the company from $135.00 to $130.00 in a report on Wednesday, September 11th. Jefferies Financial Group lowered Novartis from a “buy” rating to a “hold” rating in a research note on Tuesday, September 3rd. Erste Group Bank reaffirmed a “hold” rating on shares of Novartis in a research note on Tuesday. Finally, BMO Capital Markets boosted their price target on shares of Novartis from $118.00 to $120.00 and gave the company a “market perform” rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Novartis has an average rating of “Hold” and an average target price 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.