Providence Capital Advisors LLC Reduces Stake in Novartis AG

Providence Capital Advisors LLC has reduced its stake in Novartis AG (NYSE:NVS) by 18.6% during the third quarter, according to a recent filing with the Securities and Exchange Commission (SEC). After selling 6,620 shares, the institutional investor now holds a total of 28,913 shares of Novartis. As of the latest disclosure, the value of Providence Capital Advisors LLC's holdings in Novartis was estimated to be approximately $3,326,000.

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Several other hedge funds and institutional investors have also made adjustments to their positions in Novartis. New Millennium Group LLC acquired a new stake worth $28,000 in the second quarter, while Lynx Investment Advisory invested $29,000 in the same period. Other institutional investors such as Industrial Alliance Investment Management and Richardson Financial Services each bought stakes valued at $30,000. Additionally, Beacon Capital Management LLC increased its position in Novartis by 149.3% during the first quarter, acquiring an additional 212 shares to reach a total of 354 shares, valued at around $34,000. Overall, institutional investors collectively own 13.12% of Novartis's stock.

Wall Street Analysts Predict Growth

Novartis has been featured in various recent research analyses. BMO Capital Markets raised their price target for Novartis from $118.00 to $120.00, assigning the stock a "market perform" rating in a report on October 30. Conversely, Jefferies Financial Group downgraded Novartis from a "buy" to a "hold" rating on September 3. Additionally, Bank of America lowered its rating from "buy" to "neutral" and revised its price target from $135.00 to $130.00 on September 11. Erste Group Bank reaffirmed a "hold" rating on November 19, while The Goldman Sachs Group issued a "neutral" rating and raised its target price to $121.00 from $119.00 on September 5. Overall, MarketBeat data shows that one analyst has given Novartis a sell rating, eight analysts recommend holding the stock, and one has rated it as a strong buy, resulting in an average rating of "Hold" and a target price of $121.50.

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Stay Updated with Our Latest Report on Novartis

Performance of Novartis Stock

As of Thursday, Novartis stock opened at $104.87. The company's stock has seen a 52-week low of $92.35 and a high of $120.92. Its 50-day moving average stands at $111.14, while the 200-day moving average is $110.20. Novartis has a debt-to-equity ratio of 0.55, a quick ratio of 0.90, and a current ratio of 1.11. The total market capitalization of the company is approximately $214.35 billion, with a price-to-earnings ratio of 12.18 and a P/E/G ratio of 1.49, indicating a beta of 0.58.

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Recently, Novartis released its quarterly earnings data on October 29, reporting an earnings per share (EPS) of $2.06, which surpassed the consensus estimate of $1.94 by $0.12. The company achieved a return on equity of 34.80% with a net margin of 35.96%. The revenue for the quarter was $12.82 billion, exceeding the consensus estimate of $12.62 billion. In the same quarter last year, Novartis had reported earnings of $1.74 per share. Analysts forecast that Novartis AG will post an EPS of 7.66 for the current year.

Overview of Novartis

Novartis AG is engaged in the research, development, manufacturing, and marketing of healthcare products, both in Switzerland and globally. The company provides prescription medications for patients and healthcare professionals, focusing on therapeutic areas, including cardiovascular, renal, metabolic, immunology, neuroscience, oncology, ophthalmology, and hematology.

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Is it Time to Invest in Novartis?

Before deciding to invest in Novartis, it is essential to gather all relevant information. Analysts are continuously analyzing top stocks for investment opportunities. Despite Novartis receiving a "Reduce" rating, analysts suggest looking into other stocks with higher potential.Providence, Novartis, Investment