Douglas Lane & Associates LLC Reduces Holdings in Novartis AG $NVS

Key Points

• Douglas Lane & Associates LLC reduced its Novartis stake by 5.6% in the third quarter, selling 7,897 shares and retaining 132,255 shares valued at approximately $18.9 million.
• Analyst sentiment remains mixed, with six Buy, twelve Hold, and two Sell ratings. Novartis has a consensus rating of Hold and an average price target of $145.60.
• Novartis shares recently traded at $143.22, below their 50-day and 200-day moving averages, while the company reported quarterly revenue of $14.95 billion and earnings of $2.41 per share.

Douglas Lane & Associates LLC cut its stake in Novartis AG (NYSE:NVS - Free Report) by 5.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 132,255 shares of the company's stock after selling 7,897 shares during the period. Douglas Lane & Associates LLC's holdings in Novartis were worth $18,856,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of NVS. O Keefe Stevens Advisory Inc. raised its position in Novartis by 6.3% during the third quarter. O Keefe Stevens Advisory Inc. now owns 1,460 shares of the company's stock valued at $208,000 after acquiring an additional 87 shares in the last quarter. Diversified Management Inc. bought a new position in shares of Novartis during the 3rd quarter valued at $258,000. First Heartland Consultants Inc. acquired a new stake in shares of Novartis in the 3rd quarter valued at $205,000. Farther Finance Advisors LLC boosted its holdings in Novartis by 10.4% in the third quarter. Farther Finance Advisors LLC now owns 41,229 shares of the company's stock worth $5,878,000 after purchasing an additional 3,889 shares in the last quarter. Finally, Sapient Capital LLC boosted its holdings in Novartis by 12.7% in the third quarter. Sapient Capital LLC now owns 2,663 shares of the company's stock worth $380,000 after purchasing an additional 300 shares in the last quarter. 13.12% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. HSBC raised Novartis from a "reduce" rating to a "hold" rating and boosted their price target for the stock from $123.00 to $136.00 in a research report on Thursday, September 10th. Weiss Ratings reissued a "buy (b)" rating on shares of Novartis in a research note on Friday, July 24th. The Goldman Sachs Group restated a "sell" rating on shares of Novartis in a report on Monday, September 21st. Citigroup reaffirmed a "buy" rating on shares of Novartis in a research report on Wednesday, July 22nd. Finally, Royal Bank Of Canada began coverage on shares of Novartis in a research note on Tuesday, September 8th. They issued a "sector perform" rating for the company. Six equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $145.60.

Novartis Price Performance

Shares of NYSE:NVS traded up $0.11 during midday trading on Friday, reaching $143.22. The company's stock had a trading volume of 874,514 shares, compared to its average volume of 1,990,905. The business's fifty day simple moving average is $149.36 and its 200-day simple moving average is $150.59. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.86 and a quick ratio of 0.67. Novartis AG has a fifty-two week low of $121.57 and a fifty-two week high of $170.46. The company has a market capitalization of $273.28 billion, a P/E ratio of 21.60, a P/E/G ratio of 2.73 and a beta of 0.41.

Novartis (NYSE:NVS - Get Free Report) last issued its quarterly earnings results on Tuesday, June 30th. The company reported $2.41 earnings per share (EPS) for the quarter. Novartis had a net margin of 23.29% and a return on equity of 38.56%. The business had revenue of $14.95 billion for the quarter. As a group, equities research analysts expect that Novartis AG will post 8.89 EPS for the current fiscal year.

Novartis Profile

Novartis AG is a Switzerland-based pharmaceutical company focused on the discovery, development and commercialization of innovative medicines. The company's research and commercial activities center on cardiovascular, renal and metabolic diseases, immunology, neuroscience, oncology and hematology. Its portfolio includes prescription medicines such as Entresto, Cosentyx, Kesimpta, Kisqali, Pluvicto, Leqvio and Jakavi, as well as other therapies for serious and chronic conditions.

Novartis serves patients and healthcare providers in markets worldwide, with operations spanning North America, Europe, Asia and other international regions.

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