Boston Common Asset Management LLC Sells 11,877 Shares of Novartis AG $NVS

Key Points

• Boston Common Asset Management LLC reduced its position in Novartis AG by 7.9%, selling 11,877 shares, and held 138,583 shares worth $16.77 million at the end of the quarter.
• Several research analysts have issued mixed ratings on Novartis, with a consensus average rating of "Hold" and a price target of $120.33.
• Novartis reported a quarterly revenue of $14.05 billion, exceeding analyst estimates and marking a 12.3% year-over-year revenue increase.

Boston Common Asset Management LLC reduced its position in shares of Novartis AG (NYSE:NVS - Free Report) by 7.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 138,583 shares of the company's stock after selling 11,877 shares during the period. Boston Common Asset Management LLC's holdings in Novartis were worth $16,770,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in NVS. WPG Advisers LLC purchased a new position in Novartis during the first quarter valued at approximately $25,000. Tsfg LLC boosted its position in Novartis by 366.0% during the 1st quarter. Tsfg LLC now owns 233 shares of the company's stock valued at $26,000 after buying an additional 183 shares during the period. Barrett & Company Inc. purchased a new stake in Novartis during the 2nd quarter valued at $31,000. MCF Advisors LLC raised its holdings in Novartis by 66.0% in the 2nd quarter. MCF Advisors LLC now owns 264 shares of the company's stock worth $32,000 after purchasing an additional 105 shares in the last quarter. Finally, Alpine Bank Wealth Management bought a new position in Novartis in the 1st quarter worth $33,000. Institutional investors own 13.12% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on NVS shares. Wall Street Zen lowered shares of Novartis from a "strong-buy" rating to a "buy" rating in a research note on Friday, August 22nd. Morgan Stanley upgraded shares of Novartis from an "underweight" rating to an "equal weight" rating and set a $123.00 price target for the company in a research note on Friday, August 8th. Weiss Ratings reissued a "buy (b)" rating on shares of Novartis in a report on Saturday, September 27th. The Goldman Sachs Group reissued a "sell" rating and issued a $118.00 price objective (down previously from $119.00) on shares of Novartis in a report on Friday, September 12th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating on shares of Novartis in a report on Thursday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $120.33.

Novartis Trading Up 1.1%

NYSE NVS opened at $132.41 on Friday. Novartis AG has a 12 month low of $96.06 and a 12 month high of $133.37. The company's 50-day moving average price is $123.57 and its 200-day moving average price is $117.22. The stock has a market cap of $279.70 billion, a PE ratio of 19.27, a PEG ratio of 1.85 and a beta of 0.64. The company has a current ratio of 0.82, a quick ratio of 0.62 and a debt-to-equity ratio of 0.53.

Novartis (NYSE:NVS - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The company reported $2.42 EPS for the quarter, beating the consensus estimate of $2.38 by $0.04. The business had revenue of $14.05 billion during the quarter, compared to analyst estimates of $13.94 billion. Novartis had a net margin of 25.64% and a return on equity of 41.08%. The company's quarterly revenue was up 12.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.97 earnings per share. Equities research analysts forecast that Novartis AG will post 8.45 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.

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 - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.