Harvest Portfolios Group Inc. Cuts Stock Position in Novartis AG (NYSE:NVS)

Harvest Portfolios Group Inc. trimmed its position in shares of Novartis AG (NYSE:NVS) by 3.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 498,263 shares of the company’s stock after selling 19,676 shares during the period. Novartis comprises 1.9% of Harvest Portfolios Group Inc.’s investment portfolio, making the stock its 13th largest position. Harvest Portfolios Group Inc.’s holdings in Novartis were worth $57,310,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of NVS. Founders Financial Securities LLC increased its position in shares of Novartis by 3.4% during the second quarter. Founders Financial Securities LLC now owns 2,832 shares of the company’s stock valued at $301,000 after acquiring an additional 94 shares in the last quarter. Steigerwald Gordon & Koch Inc. increased its holdings in shares of Novartis by 4.8% in the 3rd quarter. Steigerwald Gordon & Koch Inc. now owns 2,091 shares of the company’s stock worth $241,000 after purchasing an additional 95 shares in the last quarter. NBC Securities Inc. raised its stake in shares of Novartis by 0.9% in the second quarter. NBC Securities Inc. now owns 10,492 shares of the company’s stock worth $1,116,000 after purchasing an additional 97 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Novartis by 5.1% during the first quarter. EverSource Wealth Advisors LLC now owns 2,013 shares of the company’s stock valued at $196,000 after purchasing an additional 98 shares in the last quarter. Finally, Portside Wealth Group LLC boosted its position in shares of Novartis by 3.4% during the second quarter. Portside Wealth Group LLC now owns 3,000 shares of the company’s stock valued at $319,000 after buying an additional 99 shares during the last quarter. Institutional investors own 13.12% of the company’s stock.

Novartis Stock Down 1.3 %

NYSE NVS opened at $108.00 on Wednesday. Novartis AG has a 52 week low of $92.35 and a 52 week high of $120.92. The company has a quick ratio of 0.90, a current ratio of 1.11 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $220.75 billion, a P/E ratio of 12.71, a price-to-earnings-growth ratio of 1.61 and a beta of 0.58. The stock’s 50-day moving average price is $115.37 and its 200-day moving average price is $109.57.

Novartis (NYSE:NVS) last released its earnings results on Tuesday, October 29th. The company reported $2.06 EPS for the quarter, topping analysts’ consensus estimates of $1.94 by $0.12. The company had revenue of $12.82 billion for the quarter, compared to analysts’ expectations of $12.62 billion. Novartis had a net margin of 35.96% and a return on equity of 34.80%. During the same quarter last year, the business earned $1.74 EPS. On average, equities research analysts predict that Novartis AG will post 7.56 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on NVS shares. Bank of America cut shares of Novartis from a “buy” rating to a “neutral” rating and lowered their target price for the company from $135.00 to $130.00 in a research note on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of Novartis in a research report on Friday, July 19th. Jefferies Financial Group downgraded shares of Novartis from a “buy” rating to a “hold” rating in a research report on Tuesday, September 3rd. The Goldman Sachs Group reissued a “neutral” rating and set a $121.00 price target (up from $119.00) on shares of Novartis in a report on Thursday, September 5th. Finally, BMO Capital Markets lifted their price objective on Novartis from $118.00 to $120.00 and gave the stock a “market perform” rating in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Novartis has an average rating of “Hold” and a consensus target price of $121.50.

Novartis Company 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.