Novartis AG (NYSE:NVS) Shares Sold by Prentiss Smith & Co. Inc.

Prentiss Smith & Co. Inc. lessened its holdings in shares of Novartis AG (NYSE:NVS) by 0.9% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 48,357 shares of the company’s stock after selling 456 shares during the period. Novartis accounts for approximately 3.6% of Prentiss Smith & Co. Inc.’s investment portfolio, making the stock its 7th biggest holding. Prentiss Smith & Co. Inc.’s holdings in Novartis were worth $5,562,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Private Ocean LLC purchased a new position in shares of Novartis during the first quarter worth about $25,000. New Millennium Group LLC acquired a new stake in shares of Novartis during the second quarter worth $28,000. Clearstead Trust LLC grew its position in Novartis by 73.5% in the 1st quarter. Clearstead Trust LLC now owns 269 shares of the company’s stock valued at $26,000 after buying an additional 114 shares during the last quarter. Lynx Investment Advisory acquired a new position in Novartis in the 2nd quarter valued at $29,000. Finally, Industrial Alliance Investment Management Inc. purchased a new position in Novartis during the 2nd quarter worth $30,000. 13.12% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $121.00 target price (up previously from $119.00) on shares of Novartis in a report on Thursday, September 5th. Barclays raised Novartis to a “strong sell” rating in a report on Monday, June 24th. Jefferies Financial Group downgraded Novartis from a “buy” rating to a “hold” rating in a research note on Tuesday, September 3rd. Bank of America downgraded Novartis from a “buy” rating to a “neutral” rating and decreased their price target for the company from $135.00 to $130.00 in a research note on Wednesday, September 11th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of Novartis in a report on Friday, July 19th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $120.70.

Novartis Price Performance

Shares of NYSE:NVS traded down $1.21 during midday trading on Monday, hitting $115.97. 224,879 shares of the stock were exchanged, compared to its average volume of 1,339,102. The company has a current ratio of 0.93, a quick ratio of 0.72 and a debt-to-equity ratio of 0.47. The company has a 50 day moving average price of $116.31 and a 200-day moving average price of $108.09. Novartis AG has a twelve month low of $92.19 and a twelve month high of $120.92. The stock has a market cap of $237.04 billion, a P/E ratio of 15.74, a PEG ratio of 1.73 and a beta of 0.57.

Novartis (NYSE:NVS) last announced its quarterly earnings results on Thursday, July 18th. The company reported $1.97 earnings per share for the quarter, beating analysts’ consensus estimates of $1.87 by $0.10. The company had revenue of $12.87 billion for the quarter, compared to analyst estimates of $12.24 billion. Novartis had a net margin of 33.76% and a return on equity of 34.56%. During the same quarter last year, the business earned $1.83 EPS. On average, research analysts forecast that Novartis AG will post 7.52 earnings per share for the current year.

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.