Novartis AG (NYSE:NVS) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lessened its position in shares of Novartis AG (NYSE:NVS) by 1.8% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 312,076 shares of the company’s stock after selling 5,738 shares during the period. JPMorgan Chase & Co.’s holdings in Novartis were worth $35,895,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NVS. Legacy Investment Solutions LLC purchased a new position in shares of Novartis in the 3rd quarter valued at about $28,000. Richardson Financial Services Inc. purchased a new stake in shares of Novartis in the second quarter valued at approximately $30,000. Strategic Financial Concepts LLC purchased a new position in shares of Novartis during the 2nd quarter valued at approximately $35,000. Fortitude Family Office LLC grew its stake in Novartis by 503.8% in the 3rd quarter. Fortitude Family Office LLC now owns 320 shares of the company’s stock valued at $37,000 after acquiring an additional 267 shares during the period. Finally, Clean Yield Group purchased a new stake in Novartis in the 3rd quarter worth $43,000. Hedge funds and other institutional investors own 13.12% of the company’s stock.

Novartis Price Performance

NVS opened at $97.68 on Tuesday. The stock’s 50-day moving average price is $102.70 and its 200 day moving average price is $109.54. 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 $199.66 billion, a price-to-earnings ratio of 11.34, a PEG ratio of 1.49 and a beta of 0.57. The company has a current ratio of 1.11, a quick ratio of 0.90 and a debt-to-equity ratio of 0.55.

Novartis (NYSE:NVS) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $2.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.94 by $0.12. The firm had revenue of $12.82 billion during 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 in the previous year, the business posted $1.74 earnings per share. As a group, sell-side analysts expect that Novartis AG will post 7.65 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. 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. Erste Group Bank reiterated a “hold” rating on shares of Novartis in a research report on Tuesday, November 19th. HSBC downgraded Novartis from a “hold” rating to a “reduce” rating in a research note on Wednesday, December 4th. Finally, Bank of America lowered shares of Novartis from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $135.00 to $130.00 in a report on Wednesday, September 11th. Two research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. Based on data from MarketBeat.com, Novartis currently has a consensus rating of “Hold” and a consensus price target 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.