Deroy & Devereaux Private Investment Counsel Inc. Reduces Position in Novartis AG (NYSE:NVS)

Deroy & Devereaux Private Investment Counsel Inc. trimmed its holdings in Novartis AG (NYSE:NVS) by 4.6% during the third quarter, HoldingsChannel reports. The firm owned 2,075 shares of the company’s stock after selling 100 shares during the period. Deroy & Devereaux Private Investment Counsel Inc.’s holdings in Novartis were worth $239,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Hennion & Walsh Asset Management Inc. grew its holdings in Novartis by 3.0% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 3,993 shares of the company’s stock valued at $386,000 after buying an additional 118 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in Novartis by 1,029.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 4,754 shares of the company’s stock worth $460,000 after purchasing an additional 4,333 shares during the last quarter. Norden Group LLC purchased a new position in Novartis during the first quarter worth about $207,000. J.W. Cole Advisors Inc. boosted its holdings in Novartis by 7.9% in the 1st quarter. J.W. Cole Advisors Inc. now owns 6,314 shares of the company’s stock valued at $611,000 after purchasing an additional 464 shares during the last quarter. Finally, Diversify Advisory Services LLC purchased a new stake in shares of Novartis in the 1st quarter valued at approximately $208,000. 13.12% of the stock is currently owned by institutional investors and hedge funds.

Novartis Price Performance

NVS opened at $108.38 on Friday. The stock’s 50-day moving average price is $115.94 and its 200 day moving average price is $109.01. Novartis AG has a 12-month low of $92.35 and a 12-month high of $120.92. The firm has a market cap of $221.53 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 1.59 and a beta of 0.57. The company has a current ratio of 1.11, a quick ratio of 0.72 and a debt-to-equity ratio of 0.55.

Novartis (NYSE:NVS) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $2.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.12. Novartis had a net margin of 35.96% and a return on equity of 34.80%. The business had revenue of $12.82 billion for the quarter, compared to analysts’ expectations of $12.62 billion. During the same quarter in the prior year, the company earned $1.74 earnings per share. As a group, sell-side analysts expect that Novartis AG will post 7.56 earnings per share for the current year.

Wall Street Analyst Weigh In

NVS has been the topic of several analyst reports. BMO Capital Markets lifted their price target on shares of Novartis from $118.00 to $120.00 and gave the company a “market perform” rating in a research report on Wednesday. Jefferies Financial Group downgraded Novartis from a “buy” rating to a “hold” rating in a research report on Tuesday, September 3rd. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of Novartis in a report on Friday, July 19th. The Goldman Sachs Group restated a “neutral” rating and issued a $121.00 price objective (up from $119.00) on shares of Novartis in a report on Thursday, September 5th. Finally, Bank of America lowered shares of Novartis from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $135.00 to $130.00 in a research note on Wednesday, September 11th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $121.50.

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.