Synergy Asset Management LLC Sells 4,274 Shares of Novartis AG (NYSE:NVS)

Synergy Asset Management LLC cut its stake in Novartis AG (NYSE:NVS) by 13.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 26,555 shares of the company’s stock after selling 4,274 shares during the period. Synergy Asset Management LLC’s holdings in Novartis were worth $2,569,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Private Ocean LLC bought a new position in Novartis in the 1st quarter worth approximately $25,000. Frazier Financial Advisors LLC acquired a new position in shares of Novartis during the 4th quarter worth about $26,000. Richardson Financial Services Inc. bought a new stake in shares of Novartis in the 4th quarter valued at about $26,000. Planned Solutions Inc. acquired a new stake in shares of Novartis in the 4th quarter valued at approximately $31,000. Finally, AdvisorNet Financial Inc boosted its stake in Novartis by 480.0% during the 4th quarter. AdvisorNet Financial Inc now owns 348 shares of the company’s stock worth $35,000 after acquiring an additional 288 shares during the last quarter. 13.12% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Barclays upgraded shares of Novartis to a “strong sell” rating in a report on Monday, June 24th. The Goldman Sachs Group initiated coverage on Novartis in a research note on Thursday, May 30th. They issued a “buy” rating and a $120.00 target price for the company. Jefferies Financial Group lifted their price objective on Novartis from $121.00 to $122.50 and gave the company a “buy” rating in a report on Tuesday. Finally, BMO Capital Markets increased their target price on Novartis from $114.00 to $116.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $118.13.

Novartis Stock Down 0.0 %

NVS traded down $0.04 during trading hours on Tuesday, hitting $106.50. 599,098 shares of the company’s stock were exchanged, compared to its average volume of 1,466,325. The company has a quick ratio of 0.71, a current ratio of 0.90 and a debt-to-equity ratio of 0.43. Novartis AG has a 1-year low of $92.19 and a 1-year high of $108.78. The stock’s 50-day moving average is $102.22 and its two-hundred day moving average is $101.22. The stock has a market cap of $217.69 billion, a price-to-earnings ratio of 14.36, a PEG ratio of 1.64 and a beta of 0.57.

Novartis (NYSE:NVS) last announced its quarterly earnings data on Tuesday, April 23rd. The company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.07. Novartis had a return on equity of 32.15% and a net margin of 31.33%. The company had revenue of $11.83 billion during the quarter, compared to analysts’ expectations of $11.50 billion. Sell-side analysts predict that Novartis AG will post 7.27 earnings per share for the current fiscal year.

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.