Synovus Financial Corp Sells 3,211 Shares of Novartis AG (NYSE:NVS)

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Synovus Financial Corp reduced its position in Novartis AG (NYSE:NVS) by 7.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,035 shares of the company’s stock after selling 3,211 shares during the period. Synovus Financial Corp’s holdings in Novartis were worth $4,047,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NVS. Truvestments Capital LLC bought a new position in shares of Novartis during the first quarter worth approximately $25,000. Canton Hathaway LLC acquired a new stake in shares of Novartis during the 1st quarter valued at $26,000. Harvest Group Wealth Management LLC acquired a new stake in shares of Novartis during the 1st quarter valued at $27,000. Financial Gravity Wealth Inc. bought a new position in Novartis during the 1st quarter worth $33,000. Finally, AlphaMark Advisors LLC bought a new position in Novartis during the 4th quarter worth $30,000. 11.80% of the stock is owned by hedge funds and other institutional investors.

NVS has been the subject of several research analyst reports. Morgan Stanley lowered Novartis from an “equal weight” rating to an “underweight” rating and lifted their price objective for the stock from $82.50 to $82.52 in a research report on Wednesday, April 10th. Guggenheim upgraded Novartis from a “neutral” rating to a “buy” rating and set a $79.16 price target for the company in a research note on Wednesday, April 24th. Zacks Investment Research cut shares of Novartis from a “hold” rating to a “strong sell” rating in a report on Thursday, April 11th. Finally, Liberum Capital raised shares of Novartis from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. Five analysts have rated the stock with a sell rating, three have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $87.57.

Shares of Novartis stock traded up $1.54 on Tuesday, hitting $91.30. 2,300,100 shares of the company’s stock were exchanged, compared to its average volume of 2,489,950. The stock has a market capitalization of $210.83 billion, a PE ratio of 17.94, a P/E/G ratio of 2.14 and a beta of 0.56. Novartis AG has a 1 year low of $63.60 and a 1 year high of $91.63. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.93 and a quick ratio of 0.83.

Novartis (NYSE:NVS) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $1.21 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.11 by $0.10. The business had revenue of $11.11 billion for the quarter, compared to analysts’ expectations of $11.76 billion. Novartis had a net margin of 24.55% and a return on equity of 16.75%. The company’s revenue was up 1.7% compared to the same quarter last year. During the same quarter last year, the company posted $1.28 EPS. As a group, research analysts anticipate that Novartis AG will post 5.01 EPS for the current year.

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About Novartis

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.

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Institutional Ownership by Quarter for Novartis (NYSE:NVS)

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