Novartis AG (NYSE:NVS) Shares Sold by Patten & Patten Inc. TN

Patten & Patten Inc. TN cut its position in Novartis AG (NYSE:NVS) by 3.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 69,651 shares of the company’s stock after selling 2,438 shares during the quarter. Patten & Patten Inc. TN’s holdings in Novartis were worth $6,053,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Asset Dedication LLC lifted its position in Novartis by 98.7% during the 2nd quarter. Asset Dedication LLC now owns 304 shares of the company’s stock worth $27,000 after acquiring an additional 151 shares during the period. Vigilant Capital Management LLC acquired a new stake in Novartis during the 2nd quarter worth approximately $37,000. Anderson Fisher LLC acquired a new stake in Novartis during the 2nd quarter worth approximately $39,000. Manchester Financial Inc. acquired a new stake in Novartis during the 2nd quarter worth approximately $45,000. Finally, Prime Capital Investment Advisors LLC acquired a new stake in Novartis during the 2nd quarter worth approximately $49,000. 11.18% of the stock is owned by hedge funds and other institutional investors.

Shares of NVS traded up $0.75 during mid-day trading on Tuesday, hitting $86.68. The company’s stock had a trading volume of 77,914 shares, compared to its average volume of 1,745,441. The company has a current ratio of 0.94, a quick ratio of 0.74 and a debt-to-equity ratio of 0.43. The firm has a 50-day simple moving average of $87.51 and a 200 day simple moving average of $87.80. The firm has a market capitalization of $198.47 billion, a P/E ratio of 17.04, a P/E/G ratio of 1.95 and a beta of 0.59. Novartis AG has a 1-year low of $72.19 and a 1-year high of $95.00.

Novartis (NYSE:NVS) last posted its quarterly earnings results on Thursday, July 18th. The company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.20 by $0.14. The business had revenue of $11.76 billion during the quarter, compared to analysts’ expectations of $11.45 billion. Novartis had a return on equity of 18.55% and a net margin of 23.27%. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period last year, the firm earned $1.29 EPS. As a group, sell-side analysts predict that Novartis AG will post 5.15 EPS for the current fiscal year.

NVS has been the subject of a number of recent research reports. Zacks Investment Research cut Novartis from a “buy” rating to a “hold” rating and set a $100.00 price objective for the company. in a research report on Friday, July 19th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Novartis in a research report on Thursday, August 29th. Argus increased their price objective on Novartis to $105.00 and gave the stock a “buy” rating in a research report on Tuesday, July 23rd. They noted that the move was a valuation call. ValuEngine cut Novartis from a “hold” rating to a “sell” rating in a research report on Thursday, September 12th. Finally, Kepler Capital Markets cut Novartis from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Five investment analysts have rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Novartis has an average rating of “Hold” and an average price target of $93.29.

Novartis Company Profile

Novartis AG researches, develops, manufactures, and markets healthcare products worldwide. The company's Innovative Medicines segment offers patented prescription medicines for patients and healthcare providers. It also provides ophthalmology, neuroscience, immunology, hepatology and dermatology, respiratory, cardio-metabolic, and established medicine products.

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Institutional Ownership by Quarter for Novartis (NYSE:NVS)

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