Novartis AG (NYSE:NVS) Shares Sold by Magnetar Financial LLC

Magnetar Financial LLC reduced its position in shares of Novartis AG (NYSE:NVS) by 31.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,305,446 shares of the company’s stock after selling 600,600 shares during the period. Novartis comprises approximately 2.9% of Magnetar Financial LLC’s holdings, making the stock its 2nd largest holding. Magnetar Financial LLC owned about 0.06% of Novartis worth $138,978,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in NVS. Founders Financial Securities LLC increased its position in Novartis by 3.4% in the second quarter. Founders Financial Securities LLC now owns 2,832 shares of the company’s stock worth $301,000 after buying an additional 94 shares during the period. NBC Securities Inc. boosted its stake in Novartis by 0.9% during the 2nd quarter. NBC Securities Inc. now owns 10,492 shares of the company’s stock valued at $1,116,000 after purchasing an additional 97 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Novartis by 5.1% in 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 during the period. Portside Wealth Group LLC increased its stake in shares of Novartis by 3.4% in the second quarter. Portside Wealth Group LLC now owns 3,000 shares of the company’s stock valued at $319,000 after purchasing an additional 99 shares during the period. Finally, Evermay Wealth Management LLC raised its holdings in shares of Novartis by 9.3% during the first quarter. Evermay Wealth Management LLC now owns 1,176 shares of the company’s stock valued at $114,000 after buying an additional 100 shares during the last quarter. Institutional investors and hedge funds own 13.12% of the company’s stock.

Novartis Price Performance

NYSE NVS opened at $115.94 on Monday. Novartis AG has a 1 year low of $92.19 and a 1 year high of $120.92. The business’s fifty day moving average is $114.22 and its two-hundred day moving average is $105.50. The stock has a market capitalization of $236.98 billion, a P/E ratio of 15.65, a P/E/G ratio of 1.75 and a beta of 0.57. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.72 and a current ratio of 0.93.

Novartis (NYSE:NVS) last posted its quarterly earnings data on Thursday, July 18th. The company reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.87 by $0.10. The firm had revenue of $12.87 billion for the quarter, compared to analysts’ expectations of $12.24 billion. Novartis had a net margin of 33.76% and a return on equity of 34.56%. During the same period in the previous year, the company posted $1.83 EPS. On average, research analysts forecast that Novartis AG will post 7.5 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Jefferies Financial Group cut 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. Barclays raised shares of Novartis to a “strong sell” rating in a report on Monday, June 24th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of Novartis in a research note on Friday, July 19th. Finally, Bank of America lowered shares of Novartis from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $135.00 to $130.00 in a research note on Wednesday, September 11th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Novartis presently has a consensus rating of “Hold” and an average target price of $120.70.

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.