Ledyard National Bank cut its position in shares of Novartis AG (NYSE:NVS) by 0.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 49,592 shares of the company’s stock after selling 196 shares during the quarter. Ledyard National Bank’s holdings in Novartis were worth $4,528,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Truvestments Capital LLC acquired a new stake in Novartis during the first quarter worth about $25,000. Canton Hathaway LLC acquired a new stake in shares of Novartis in the first quarter valued at about $26,000. Harvest Group Wealth Management LLC acquired a new stake in shares of Novartis in the first quarter valued at about $27,000. Asset Dedication LLC grew its stake in shares of Novartis by 98.7% in the second quarter. Asset Dedication LLC now owns 304 shares of the company’s stock valued at $27,000 after buying an additional 151 shares in the last quarter. Finally, Financial Gravity Wealth Inc. acquired a new stake in shares of Novartis in the first quarter valued at about $33,000. Institutional investors own 11.85% of the company’s stock.
Shares of NYSE NVS opened at $88.15 on Wednesday. Novartis AG has a fifty-two week low of $71.33 and a fifty-two week high of $95.00. The company’s 50 day simple moving average is $91.59. 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 market cap of $211.49 billion, a price-to-earnings ratio of 17.32, a PEG ratio of 2.10 and a beta of 0.58.
A number of equities research analysts have recently issued reports on NVS shares. Liberum Capital upgraded Novartis from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. Argus increased their target price on Novartis to $105.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. They noted that the move was a valuation call. Morgan Stanley lowered Novartis from an “equal weight” rating to an “underweight” rating and increased their target price for the company from $82.50 to $82.52 in a research note on Wednesday, April 10th. Guggenheim upgraded Novartis from a “neutral” rating to a “buy” rating and set a $79.16 target price for the company in a research note on Wednesday, April 24th. Finally, Zacks Investment Research lowered Novartis from a “buy” rating to a “hold” rating and set a $100.00 target price for the company. in a research note on Friday, July 19th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $90.63.
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.
Recommended Story: How to Invest in the Dividend Aristocrat Index
Want to see what other hedge funds are holding NVS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Novartis AG (NYSE:NVS).
Receive News & Ratings for Novartis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Novartis and related companies with MarketBeat.com's FREE daily email newsletter.