Penobscot Investment Management Company Inc. lowered its holdings in shares of Novartis AG (NYSE:NVS) by 2.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,541 shares of the company’s stock after selling 270 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Novartis were worth $916,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Buckingham Capital Management Inc. purchased a new stake in shares of Novartis during the first quarter worth about $227,000. Cox Capital Mgt LLC increased its stake in Novartis by 4.1% during the second quarter. Cox Capital Mgt LLC now owns 20,451 shares of the company’s stock valued at $1,867,000 after purchasing an additional 806 shares during the last quarter. Private Trust Co. NA increased its stake in Novartis by 9.1% during the second quarter. Private Trust Co. NA now owns 3,496 shares of the company’s stock valued at $319,000 after purchasing an additional 293 shares during the last quarter. Montecito Bank & Trust increased its stake in Novartis by 18.2% during the second quarter. Montecito Bank & Trust now owns 4,722 shares of the company’s stock valued at $431,000 after purchasing an additional 726 shares during the last quarter. Finally, Rockland Trust Co. bought a new stake in Novartis during the second quarter valued at $248,000. Institutional investors own 11.19% of the company’s stock.
Several analysts have weighed in on NVS shares. Zacks Investment Research lowered shares of Novartis from a “buy” rating to a “hold” rating and set a $100.00 target price for the company. in a research note on Friday, July 19th. ValuEngine upgraded shares of Novartis from a “sell” rating to a “hold” rating in a research note on Saturday, October 19th. Jefferies Financial Group reiterated a “buy” rating on shares of Novartis in a research note on Thursday, August 29th. Argus upped their price target on shares of Novartis to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. They noted that the move was a valuation call. Finally, Kepler Capital Markets lowered shares of Novartis from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Four investment analysts have rated the stock with a sell rating, three have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Novartis has a consensus rating of “Hold” and a consensus target price of $95.28.
Shares of Novartis stock traded up $0.24 during trading on Monday, hitting $88.61. 51,249 shares of the stock were exchanged, compared to its average volume of 2,204,612. The stock’s fifty day moving average is $86.81 and its 200 day moving average is $87.75. The stock has a market cap of $199.13 billion, a PE ratio of 17.41, a P/E/G ratio of 1.94 and a beta of 0.59. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.73 and a current ratio of 0.95. Novartis AG has a 12 month low of $72.19 and a 12 month high of $95.00.
Novartis (NYSE:NVS) last released its quarterly earnings results on Tuesday, October 22nd. The company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.31 by $0.10. The business had revenue of $12.17 billion during the quarter, compared to analyst estimates of $11.67 billion. Novartis had a net margin of 24.43% and a return on equity of 20.86%. The company’s quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.32 earnings per share. Sell-side analysts anticipate that Novartis AG will post 5.16 EPS for the current fiscal year.
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.
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