Gabelli Funds LLC Sells 4,600 Shares of Novartis AG $NVS

Key Points

• Gabelli Funds LLC reduced its holdings in Novartis AG by 5.4%, owning 79,900 shares worth approximately $8.9 million as of the latest filing.
• In contrast, several other institutional investors, including Wealthcare Advisory Partners LLC and Versant Capital Management Inc, increased their stakes significantly in Novartis during the same period.
• Novartis reported a quarterly earnings per share of $2.42, which exceeded analysts' expectations of $2.38, and its revenue increased by 12.3% compared to the previous year.

Gabelli Funds LLC lessened its position in Novartis AG (NYSE:NVS - Free Report) by 5.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 79,900 shares of the company's stock after selling 4,600 shares during the quarter. Gabelli Funds LLC's holdings in Novartis were worth $8,907,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the company. Continuum Advisory LLC increased its stake in Novartis by 10.3% in the 4th quarter. Continuum Advisory LLC now owns 1,021 shares of the company's stock valued at $99,000 after buying an additional 95 shares during the period. Tranquilli Financial Advisor LLC increased its stake in Novartis by 2.4% in the 1st quarter. Tranquilli Financial Advisor LLC now owns 4,438 shares of the company's stock valued at $495,000 after buying an additional 103 shares during the period. Intergy Private Wealth LLC increased its stake in Novartis by 3.9% in the 1st quarter. Intergy Private Wealth LLC now owns 2,757 shares of the company's stock valued at $307,000 after buying an additional 104 shares during the period. Keudell Morrison Wealth Management increased its stake in Novartis by 3.8% in the 1st quarter. Keudell Morrison Wealth Management now owns 2,828 shares of the company's stock valued at $315,000 after buying an additional 104 shares during the period. Finally, Chicago Partners Investment Group LLC increased its stake in Novartis by 4.5% in the 1st quarter. Chicago Partners Investment Group LLC now owns 2,495 shares of the company's stock valued at $279,000 after buying an additional 107 shares during the period. Hedge funds and other institutional investors own 13.12% of the company's stock.

Novartis Stock Down 0.1%

Shares of NVS traded down $0.07 during mid-day trading on Monday, hitting $126.41. 761,159 shares of the company's stock were exchanged, compared to its average volume of 1,290,617. The firm has a fifty day moving average of $120.36 and a two-hundred day moving average of $114.45. Novartis AG has a twelve month low of $96.06 and a twelve month high of $128.03. The stock has a market cap of $267.02 billion, a price-to-earnings ratio of 18.40, a P/E/G ratio of 1.77 and a beta of 0.63. The company has a quick ratio of 0.62, a current ratio of 0.82 and a debt-to-equity ratio of 0.53.

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

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating on shares of Novartis in a research note on Thursday, August 21st. Morgan Stanley upgraded shares of Novartis from an "underweight" rating to an "equal weight" rating and set a $123.00 price target on the stock in a research note on Friday, August 8th. Finally, Wall Street Zen lowered shares of Novartis from a "strong-buy" rating to a "buy" rating in a research note on Friday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $123.50.

Novartis Profile

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.