Bar Harbor Wealth Management Sells 350 Shares of Novartis AG (NYSE:NVS)

Bar Harbor Wealth Management cut its position in Novartis AG (NYSE:NVS) by 8.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,669 shares of the company’s stock after selling 350 shares during the quarter. Bar Harbor Wealth Management’s holdings in Novartis were worth $422,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in NVS. Raymond James & Associates boosted its position in Novartis by 1.3% during the 2nd quarter. Raymond James & Associates now owns 536,607 shares of the company’s stock worth $57,127,000 after buying an additional 6,767 shares during the period. Manning & Napier Advisors LLC bought a new stake in shares of Novartis in the second quarter worth $15,044,000. O Shaughnessy Asset Management LLC increased its holdings in Novartis by 6.5% in the first quarter. O Shaughnessy Asset Management LLC now owns 180,764 shares of the company’s stock valued at $17,485,000 after purchasing an additional 11,080 shares during the period. Integral Health Asset Management LLC raised its position in Novartis by 33.3% during the 2nd quarter. Integral Health Asset Management LLC now owns 300,000 shares of the company’s stock worth $31,938,000 after purchasing an additional 75,000 shares during the last quarter. Finally, FORA Capital LLC acquired a new position in Novartis during the 1st quarter worth about $2,968,000. 13.12% of the stock is owned by institutional investors and hedge funds.

Novartis Price Performance

Shares of NYSE NVS opened at $117.18 on Friday. The firm has a market capitalization of $239.52 billion, a P/E ratio of 14.85, a P/E/G ratio of 1.73 and a beta of 0.57. The firm’s 50-day moving average price is $116.31 and its 200-day moving average price is $107.90. The company has a current ratio of 0.93, a quick ratio of 0.72 and a debt-to-equity ratio of 0.47. Novartis AG has a 1-year low of $92.19 and a 1-year high of $120.92.

Novartis (NYSE:NVS) last posted its quarterly earnings results on Thursday, July 18th. The company reported $1.97 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $0.10. Novartis had a return on equity of 34.56% and a net margin of 33.76%. The business had revenue of $12.87 billion for the quarter, compared to the consensus estimate of $12.24 billion. During the same period in the prior year, the business earned $1.83 EPS. Equities research analysts anticipate that Novartis AG will post 7.52 earnings per share for the current fiscal year.

Analysts Set New Price Targets

NVS has been the subject of several recent research reports. The Goldman Sachs Group reissued a “neutral” rating and issued a $121.00 price target (up previously from $119.00) on shares of Novartis in a research note on Thursday, September 5th. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of Novartis in a research report on Friday, July 19th. Jefferies Financial Group cut shares of Novartis from a “buy” rating to a “hold” rating in a research report on Tuesday, September 3rd. Barclays upgraded shares of Novartis to a “strong sell” rating in a report on Monday, June 24th. Finally, Bank of America downgraded Novartis from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $135.00 to $130.00 in a report on Wednesday, September 11th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Novartis currently has an average rating of “Hold” and an average price target of $120.70.

About Novartis

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.