Harvest Portfolios Group Inc. Has $59.61 Million Position in Novartis AG $NVS

Harvest Portfolios Group Inc. lessened its stake in Novartis AG (NYSE:NVS) by 2.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 492,568 shares of the company’s stock after selling 11,070 shares during the period. Novartis accounts for 1.4% of Harvest Portfolios Group Inc.’s portfolio, making the stock its 17th largest holding. Harvest Portfolios Group Inc.’s holdings in Novartis were worth $59,606,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the company. Essex Savings Bank raised its position in shares of Novartis by 1.9% during the second quarter. Essex Savings Bank now owns 4,611 shares of the company’s stock worth $558,000 after acquiring an additional 85 shares during the last quarter. Physician Wealth Advisors Inc. boosted its holdings in Novartis by 5.8% in the second quarter. Physician Wealth Advisors Inc. now owns 1,541 shares of the company’s stock valued at $186,000 after acquiring an additional 85 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. increased its position in Novartis by 4.4% in the second quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 2,062 shares of the company’s stock worth $250,000 after purchasing an additional 87 shares during the period. Forum Financial Management LP raised its holdings in Novartis by 0.4% during the 2nd quarter. Forum Financial Management LP now owns 24,607 shares of the company’s stock worth $2,978,000 after purchasing an additional 88 shares during the last quarter. Finally, Avidian Wealth Enterprises LLC lifted its position in Novartis by 1.2% during the 2nd quarter. Avidian Wealth Enterprises LLC now owns 7,749 shares of the company’s stock valued at $938,000 after purchasing an additional 90 shares during the period. 13.12% of the stock is currently owned by institutional investors.

Novartis Stock Up 1.0%

NYSE:NVS opened at $126.71 on Friday. Novartis AG has a 1 year low of $96.06 and a 1 year high of $133.55. The stock has a 50-day moving average price of $127.30 and a two-hundred day moving average price of $120.55. The stock has a market cap of $267.65 billion, a price-to-earnings ratio of 17.31, a PEG ratio of 1.93 and a beta of 0.60. The company has a current ratio of 0.88, a quick ratio of 0.62 and a debt-to-equity ratio of 0.50.

Novartis (NYSE:NVS) last released its quarterly earnings data on Tuesday, October 28th. The company reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.26 by ($0.01). Novartis had a net margin of 26.49% and a return on equity of 41.21%. The business had revenue of $13.91 billion for the quarter, compared to the consensus estimate of $13.70 billion. During the same quarter last year, the firm earned $2.06 EPS. The company’s revenue for the quarter was up 8.5% on a year-over-year basis. As a group, equities analysts expect that Novartis AG will post 8.45 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. HC Wainwright cut shares of Novartis to a “neutral” rating in a research report on Monday, October 27th. Cfra Research upgraded Novartis to a “hold” rating in a research report on Wednesday, October 29th. Jefferies Financial Group reiterated a “hold” rating on shares of Novartis in a report on Monday, October 27th. Morgan Stanley upgraded Novartis from an “equal weight” rating to an “overweight” rating in a report on Friday, October 31st. Finally, The Goldman Sachs Group restated a “sell” rating and set a $118.00 target price (down from $119.00) on shares of Novartis in a research report on Friday, September 12th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $122.33.

Novartis 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.