Cyndeo Wealth Partners LLC Lowers Holdings in Novartis AG (NYSE:NVS)

Cyndeo Wealth Partners LLC cut its holdings in Novartis AG (NYSE:NVS) by 2.2% during the first quarter, Holdings Channel reports. The firm owned 4,620 shares of the company’s stock after selling 105 shares during the quarter. Cyndeo Wealth Partners LLC’s holdings in Novartis were worth $515,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in NVS. Castlekeep Investment Advisors LLC bought a new stake in Novartis in the 4th quarter worth approximately $109,739,000. Raymond James Financial Inc. bought a new stake in Novartis in the 4th quarter worth approximately $88,339,000. GAMMA Investing LLC increased its stake in Novartis by 14,376.4% in the 1st quarter. GAMMA Investing LLC now owns 727,296 shares of the company’s stock worth $81,079,000 after acquiring an additional 722,272 shares during the last quarter. Northern Trust Corp increased its stake in Novartis by 23.1% in the 4th quarter. Northern Trust Corp now owns 2,132,591 shares of the company’s stock worth $207,522,000 after acquiring an additional 399,862 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in Novartis by 16.0% in the 4th quarter. Renaissance Technologies LLC now owns 2,668,849 shares of the company’s stock worth $259,706,000 after acquiring an additional 368,171 shares during the last quarter. 13.12% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, BNP Paribas raised Novartis to a “strong-buy” rating in a research note on Tuesday, April 15th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $123.38.

Novartis Stock Performance

NYSE NVS opened at $116.37 on Wednesday. The company has a market cap of $245.82 billion, a P/E ratio of 18.18, a P/E/G ratio of 1.70 and a beta of 0.59. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.61 and a current ratio of 0.79. The business’s 50 day moving average price is $112.42 and its 200-day moving average price is $107.27. Novartis AG has a fifty-two week low of $96.06 and a fifty-two week high of $120.92.

Novartis (NYSE:NVS) last released its earnings results on Tuesday, April 29th. The company reported $2.28 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.16. The firm had revenue of $13.23 billion for the quarter, compared to the consensus estimate of $12.92 billion. Novartis had a return on equity of 39.44% and a net margin of 24.70%. The company’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.80 EPS. Sell-side analysts predict that Novartis AG will post 8.45 earnings per share for the current year.

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.