Patten & Patten Inc. TN Has $2.95 Million Stake in Novartis AG $NVS

Key Points

• Patten & Patten Inc. has reduced its stake in Novartis AG by 10.5%, now holding 24,385 shares valued at approximately $2.95 million.
• Novartis reported earnings of $2.42 per share for the last quarter, exceeding analysts' expectations of $2.38 and reflecting a 12.3% increase in revenue year-over-year.
• Wall Street analysts have mixed ratings on Novartis, with the stock receiving a consensus rating of "Hold" and an average price target of $120.33.

Patten & Patten Inc. TN trimmed its holdings in Novartis AG (NYSE:NVS - Free Report) by 10.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,385 shares of the company's stock after selling 2,852 shares during the period. Patten & Patten Inc. TN's holdings in Novartis were worth $2,951,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NVS. Essex Savings Bank lifted its holdings in Novartis by 1.9% in the second quarter. Essex Savings Bank now owns 4,611 shares of the company's stock valued at $558,000 after buying an additional 85 shares during the period. Physician Wealth Advisors Inc. lifted its holdings in Novartis by 5.8% in the second quarter. Physician Wealth Advisors Inc. now owns 1,541 shares of the company's stock valued at $186,000 after buying an additional 85 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. lifted its holdings in Novartis by 4.4% in the second quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 2,062 shares of the company's stock valued at $250,000 after buying an additional 87 shares during the period. Gallacher Capital Management LLC lifted its holdings in Novartis by 1.7% in the second quarter. Gallacher Capital Management LLC now owns 5,371 shares of the company's stock valued at $650,000 after buying an additional 92 shares during the period. Finally, Ascent Group LLC lifted its holdings in Novartis by 0.7% in the second quarter. Ascent Group LLC now owns 14,121 shares of the company's stock valued at $1,709,000 after buying an additional 97 shares during the period. 13.12% of the stock is currently owned by institutional investors and hedge funds.

Novartis Price Performance

Shares of NYSE NVS opened at $129.98 on Thursday. 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 AG has a 1-year low of $96.06 and a 1-year high of $133.55. The firm has a market capitalization of $274.56 billion, a P/E ratio of 18.92, a P/E/G ratio of 1.80 and a beta of 0.64. The firm's 50-day moving average price is $125.95 and its 200-day moving average price is $118.24.

Novartis (NYSE:NVS - Get Free Report) last posted its earnings results on Thursday, July 17th. The company reported $2.42 earnings per share 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 company had revenue of $14.05 billion for the quarter, compared to analyst estimates of $13.94 billion. During the same quarter in the prior year, the business posted $1.97 EPS. The firm's revenue was up 12.3% compared to the same quarter last year. Equities research analysts anticipate that Novartis AG will post 8.45 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Novartis from a "buy" rating to a "strong-buy" rating in a report on Saturday, October 11th. Weiss Ratings restated a "buy (b)" rating on shares of Novartis in a report on Wednesday, October 8th. The Goldman Sachs Group reiterated a "sell" rating and set a $118.00 price objective (down previously from $119.00) on shares of Novartis in a report on Friday, September 12th. Morgan Stanley upgraded shares of Novartis from an "underweight" rating to an "equal weight" rating and set a $123.00 price objective on the stock in a report on Friday, August 8th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating on shares of Novartis in a report on Thursday, August 21st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $120.33.

About Novartis

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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