Novartis AG (NYSE:NVS) Shares Sold by TCTC Holdings LLC

Key Points

• TCTC Holdings LLC reduced its stake in Novartis AG by 0.7%, owning 391,767 shares valued at approximately $43.67 million as of its latest SEC filing.
• Despite a successful earnings report with $2.42 EPS surpassing estimates, Novartis shares dropped by 1.3% on the following day.
• Analysts remain optimistic, with BNP Paribas upgrading Novartis to a "strong-buy" rating; however, the overall consensus rating for the stock is currently "Hold".

TCTC Holdings LLC cut its stake in shares of Novartis AG (NYSE:NVS - Free Report) by 0.7% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 391,767 shares of the company's stock after selling 2,923 shares during the period. Novartis comprises about 1.5% of TCTC Holdings LLC's holdings, making the stock its 16th biggest holding. TCTC Holdings LLC's holdings in Novartis were worth $43,674,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the stock. Continuum Advisory LLC raised its position in shares of Novartis by 10.3% in the fourth 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 last quarter. Intergy Private Wealth LLC raised its position in shares of Novartis by 3.9% in the first 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 last quarter. Keudell Morrison Wealth Management raised its position in shares of Novartis by 3.8% in the first 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 last quarter. D Orazio & Associates Inc. raised its position in shares of Novartis by 2.9% in the first quarter. D Orazio & Associates Inc. now owns 3,795 shares of the company's stock valued at $423,000 after buying an additional 108 shares during the last quarter. Finally, Opal Wealth Advisors LLC raised its position in shares of Novartis by 4.7% in the first quarter. Opal Wealth Advisors LLC now owns 2,515 shares of the company's stock valued at $280,000 after buying an additional 112 shares during the last quarter. 13.12% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, BNP Paribas upgraded shares of Novartis to a "strong-buy" rating in a research report on Tuesday, April 15th. Three investment 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. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $123.67.

Novartis Trading Up 1.1%

Novartis stock traded up $1.23 during midday trading on Friday, hitting $114.97. 1,261,486 shares of the stock were exchanged, compared to its average volume of 2,014,944. Novartis AG has a fifty-two week low of $96.06 and a fifty-two week high of $124.83. The stock has a market capitalization of $242.87 billion, a price-to-earnings ratio of 16.74, a PEG ratio of 1.64 and a beta of 0.59. The stock's 50-day simple moving average is $117.90 and its 200 day simple moving average is $111.54. 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 announced its quarterly earnings results on Thursday, July 17th. The company reported $2.42 earnings per share for the quarter, beating analysts' consensus estimates of $2.38 by $0.04. Novartis had a net margin of 25.64% and a return on equity of 41.08%. The business had revenue of $14.05 billion during the quarter, compared to analysts' expectations of $13.94 billion. During the same period last year, the business earned $1.97 earnings per share. The business's revenue for the quarter was up 12.3% on a year-over-year basis. On average, equities analysts anticipate that Novartis AG will post 8.45 EPS for the current year.

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.