Novartis AG (NYSE:NVS) Shares Sold by Atria Wealth Solutions Inc.

Key Points

• Atria Wealth Solutions Inc. has reduced its stake in Novartis AG by 12.1%, holding 24,358 shares valued at approximately $2.75 million after selling 3,345 shares in the first quarter.
• Analysts have mixed views on Novartis, with BNP Paribas upgrading it to a "strong-buy" and an average target price of $123.50, though two analysts have rated it as a sell.
• Novartis reported a 12.3% increase in year-over-year revenue, totaling $14.05 billion for the latest quarter, along with earnings per share of $2.42, surpassing expectations.

Atria Wealth Solutions Inc. decreased its holdings in shares of Novartis AG (NYSE:NVS - Free Report) by 12.1% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 24,358 shares of the company's stock after selling 3,345 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in Novartis were worth $2,752,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Empower Advisory Group LLC acquired a new position in shares of Novartis during the first quarter worth $257,000. Costello Asset Management INC acquired a new stake in Novartis during the 1st quarter worth about $78,000. Commonwealth Retirement Investments LLC acquired a new stake in Novartis during the 1st quarter worth about $215,000. Clearstead Trust LLC grew its position in Novartis by 38.5% during the 1st quarter. Clearstead Trust LLC now owns 720 shares of the company's stock worth $80,000 after purchasing an additional 200 shares during the period. Finally, NewEdge Wealth LLC boosted its stake in shares of Novartis by 1.7% during the 1st quarter. NewEdge Wealth LLC now owns 431,838 shares of the company's stock worth $48,141,000 after acquiring an additional 7,190 shares in the last quarter. Institutional investors own 13.12% of the company's stock.

Novartis Stock Performance

NYSE NVS traded up $1.95 during trading on Wednesday, reaching $121.26. The company's stock had a trading volume of 495,531 shares, compared to its average volume of 1,999,299. Novartis AG has a twelve month low of $96.06 and a twelve month high of $124.83. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.62 and a current ratio of 0.82. The business's fifty day moving average price is $118.37 and its 200-day moving average price is $112.63. The firm has a market cap of $256.15 billion, a price-to-earnings ratio of 17.65, a P/E/G ratio of 1.66 and a beta of 0.62.

Novartis (NYSE:NVS - Get Free Report) last released its quarterly earnings data on Thursday, July 17th. The company reported $2.42 EPS for the quarter, topping 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 firm had revenue of $14.05 billion for the quarter, compared to the consensus estimate of $13.94 billion. During the same quarter in the previous year, the firm earned $1.97 earnings per share. The firm's revenue was up 12.3% on a year-over-year basis. As a group, analysts anticipate that Novartis AG will post 8.45 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently issued reports on NVS. BNP Paribas raised shares of Novartis to a "strong-buy" rating in a research note on Tuesday, April 15th. Morgan Stanley raised shares of Novartis from an "underweight" rating to an "equal weight" rating and set a $123.00 target price on the stock in a research note on Friday, August 8th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target 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.