Envestnet Portfolio Solutions Inc. reduced its position in Novartis AG (NYSE:NVS - Free Report) by 37.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,283 shares of the company's stock after selling 13,780 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Novartis were worth $2,596,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC raised its position in Novartis by 76.5% during the fourth quarter. Brighton Jones LLC now owns 6,153 shares of the company's stock valued at $599,000 after purchasing an additional 2,666 shares in the last quarter. New York State Common Retirement Fund raised its holdings in shares of Novartis by 1.2% during the 4th quarter. New York State Common Retirement Fund now owns 107,678 shares of the company's stock valued at $10,478,000 after buying an additional 1,301 shares in the last quarter. Global Retirement Partners LLC raised its holdings in shares of Novartis by 12.4% during the 4th quarter. Global Retirement Partners LLC now owns 7,713 shares of the company's stock valued at $751,000 after buying an additional 849 shares in the last quarter. Private Advisor Group LLC lifted its position in Novartis by 3.8% in the 4th quarter. Private Advisor Group LLC now owns 40,522 shares of the company's stock worth $3,943,000 after buying an additional 1,466 shares during the last quarter. Finally, Concurrent Investment Advisors LLC boosted its stake in Novartis by 11.0% in the fourth quarter. Concurrent Investment Advisors LLC now owns 4,143 shares of the company's stock worth $403,000 after buying an additional 409 shares in the last quarter. Hedge funds and other institutional investors own 13.12% of the company's stock.
Novartis Trading Down 0.3%
Shares of Novartis stock opened at $115.62 on Monday. The firm's 50 day simple moving average is $113.06 and its two-hundred day simple moving average is $107.55. The firm has a market capitalization of $244.23 billion, a price-to-earnings ratio of 18.07, a PEG ratio of 1.67 and a beta of 0.59. Novartis AG has a 12-month low of $96.06 and a 12-month high of $120.92. The company has a current ratio of 0.79, a quick ratio of 0.61 and a debt-to-equity ratio of 0.56.
Novartis (NYSE:NVS - Get Free Report) last issued its earnings results on Tuesday, April 29th. The company reported $2.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.16. Novartis had a net margin of 24.70% and a return on equity of 39.44%. The firm had revenue of $13.23 billion during the quarter, compared to analysts' expectations of $12.92 billion. During the same quarter last year, the company posted $1.80 earnings per share. The firm's revenue was up 11.9% compared to the same quarter last year. Analysts predict that Novartis AG will post 8.45 EPS for the current year.
Analyst Ratings Changes
Separately, BNP Paribas raised Novartis to a "strong-buy" rating in a research note on Tuesday, April 15th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, one has given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $123.38.
Get Our Latest Stock Analysis on Novartis
About Novartis
(
Free Report)
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.
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