Providence Capital Advisors LLC Reduces Its Stake in Novartis AG

Providence Capital Advisors LLC has decreased its investment in Novartis AG (NYSE:NVS - Free Report) by 18.6% during the third quarter, as revealed in the company’s latest filing with the Securities & Exchange Commission. Following this sale of 6,620 shares, the institutional investor now holds 28,913 shares of Novartis, which are valued at approximately $3,326,000 based on the recent filing.

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Additionally, several other hedge funds and institutional investors have also adjusted their positions in Novartis. For example, New Millennium Group LLC bought a new stake worth $28,000 in the second quarter, while Lynx Investment Advisory and Industrial Alliance Investment Management Inc. made similar purchases worth $29,000 and $30,000 respectively. Richardson Financial Services Inc. also acquired a stake valued at $30,000. Furthermore, Beacon Capital Management LLC increased its position in Novartis by 149.3% during the first quarter, now owning 354 shares worth about $34,000 after adding 212 shares in that timeframe. Currently, institutional investors collectively own 13.12% of Novartis's shares.

Wall Street Analysts Provide Growth Forecasts

The stock of Novartis has been featured in several recent research reports. BMO Capital Markets raised their price target for Novartis from $118.00 to $120.00, maintaining a "market perform" rating. Jefferies Financial Group changed its rating from "buy" to "hold" on the stock. Meanwhile, Bank of America also downgraded Novartis from "buy" to "neutral," while adjusting their target price from $135.00 to $130.00. Erste Group Bank reiterated a "hold" rating for Novartis. Lastly, The Goldman Sachs Group reaffirmed a "neutral" rating with a target price increase to $121.00 from $119.00. Analyst ratings show one sell rating, eight hold ratings, and one strong buy rating for Novartis. According to MarketBeat, the average rating for Novartis is "Hold," with an average target price set at $121.50.

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Get Our Latest Stock Report on Novartis

Novartis Stock Performance

The stock price of Novartis opened at $104.87 on Thursday. Over the last year, Novartis AG has experienced a fifty-two week low of $92.35 and a high of $120.92. The 50-day moving average stands at $111.14, while the 200-day moving average is at $110.20. The company has a market capitalization of $214.35 billion and key financial ratios that indicate its operational efficiency include a debt-to-equity ratio of 0.55, a quick ratio of 0.90, and a current ratio of 1.11. The price-to-earnings ratio (P/E) is 12.18, and the price-to-earnings/growth (P/E/G) ratio is 1.49.

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Novartis recently released its quarterly earnings, reporting an EPS of $2.06, exceeding the consensus estimate of $1.94 by $0.12. With a return on equity of 34.80% and a net profit margin of 35.96%, the company reported revenues of $12.82 billion for the quarter, surpassing the estimated $12.62 billion. Last year, during the same period, Novartis reported an EPS of $1.74. Looking ahead, analysts predict Novartis AG will achieve a total EPS of 7.66 for the current year.

Overview of Novartis

(Free Report)

Novartis AG specializes in the research, development, manufacturing, and marketing of healthcare products both in Switzerland and internationally. The company is renowned for offering prescription medicines aimed at improving patients' healthcare across various therapeutic areas including cardiovascular health, renal and metabolic conditions, immunology, neuroscience, oncology, and more.

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This report is generated using advanced technology and financial data to deliver timely and accurate information.

Investment Consideration for Novartis

Before investing in Novartis, it is essential to gather current insights.

Market analysts keep an eye on top-rated stocks and their recommended purchases daily. Some analysts indicate that Novartis is not among their preferred stocks at this time.

While Novartis holds a "Reduce" rating from some analysts, several others have identified alternative stocks as more opportune buys.

Explore the list of these favored stocks.

Providence, Investment, Novartis