Huntington National Bank reduced its position in shares of Novartis AG (NYSE:NVS) by 5.1% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 18,738 shares of the company’s stock after selling 1,004 shares during the quarter. Huntington National Bank’s holdings in Novartis were worth $1,629,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Winslow Evans & Crocker Inc. boosted its stake in shares of Novartis by 11.8% during the 2nd quarter. Winslow Evans & Crocker Inc. now owns 1,084 shares of the company’s stock worth $102,000 after acquiring an additional 114 shares in the last quarter. PagnatoKarp Partners LLC boosted its stake in shares of Novartis by 0.6% during the 2nd quarter. PagnatoKarp Partners LLC now owns 18,887 shares of the company’s stock worth $1,725,000 after acquiring an additional 115 shares in the last quarter. Baystate Wealth Management LLC boosted its stake in shares of Novartis by 22.5% during the 3rd quarter. Baystate Wealth Management LLC now owns 625 shares of the company’s stock worth $54,000 after acquiring an additional 115 shares in the last quarter. Old Port Advisors boosted its stake in shares of Novartis by 4.5% during the 2nd quarter. Old Port Advisors now owns 2,722 shares of the company’s stock worth $252,000 after acquiring an additional 116 shares in the last quarter. Finally, Leavell Investment Management Inc. boosted its stake in shares of Novartis by 3.9% during the 3rd quarter. Leavell Investment Management Inc. now owns 3,134 shares of the company’s stock worth $272,000 after acquiring an additional 119 shares in the last quarter. 11.19% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on NVS. Argus raised their price objective on Novartis to $105.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. They noted that the move was a valuation call. Zacks Investment Research lowered Novartis from a “buy” rating to a “hold” rating and set a $100.00 price objective for the company. in a research note on Friday, July 19th. ValuEngine raised Novartis from a “sell” rating to a “hold” rating in a research note on Saturday, October 19th. Kepler Capital Markets lowered Novartis from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Finally, Cowen reissued a “buy” rating and set a $100.00 price objective on shares of Novartis in a research note on Friday, October 25th. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $95.28.
Shares of NVS traded up $1.02 during mid-day trading on Friday, reaching $88.01. The company’s stock had a trading volume of 774,513 shares, compared to its average volume of 1,752,134. The business has a fifty day moving average of $86.77 and a 200 day moving average of $87.69. The company has a market cap of $199.13 billion, a price-to-earnings ratio of 17.29, a price-to-earnings-growth ratio of 1.94 and a beta of 0.59. Novartis AG has a 1 year low of $72.19 and a 1 year high of $95.00. The company has a quick ratio of 0.73, a current ratio of 0.95 and a debt-to-equity ratio of 0.42.
Novartis (NYSE:NVS) last released its earnings results on Tuesday, October 22nd. The company reported $1.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.31 by $0.10. The company had revenue of $12.17 billion during the quarter, compared to analyst estimates of $11.67 billion. Novartis had a return on equity of 20.86% and a net margin of 24.43%. The company’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.32 earnings per share. On average, analysts predict that Novartis AG will post 5.16 earnings per share for the current year.
Novartis Company Profile
Novartis AG researches, develops, manufactures, and markets healthcare products worldwide. The company's Innovative Medicines segment offers patented prescription medicines for patients and healthcare providers. It also provides ophthalmology, neuroscience, immunology, hepatology and dermatology, respiratory, cardio-metabolic, and established medicine products.
Further Reading: What are the benefits of investing in REITs?
Want to see what other hedge funds are holding NVS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Novartis AG (NYSE:NVS).
Receive News & Ratings for Novartis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Novartis and related companies with MarketBeat.com's FREE daily email newsletter.