Indiana Trust & Investment Management CO lessened its stake in Novartis AG (NYSE:NVS) by 32.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,028 shares of the company’s stock after selling 1,950 shares during the period. Indiana Trust & Investment Management CO’s holdings in Novartis were worth $387,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the business. Naples Global Advisors LLC raised its holdings in Novartis by 0.6% in the fourth quarter. Naples Global Advisors LLC now owns 20,599 shares of the company’s stock worth $1,815,000 after purchasing an additional 115 shares in the last quarter. Camelot Portfolios LLC grew its stake in shares of Novartis by 1.2% during the 4th quarter. Camelot Portfolios LLC now owns 10,063 shares of the company’s stock valued at $863,000 after purchasing an additional 123 shares during the period. Financial Architects Inc grew its stake in shares of Novartis by 0.8% during the 4th quarter. Financial Architects Inc now owns 15,015 shares of the company’s stock valued at $1,288,000 after purchasing an additional 125 shares during the period. Proficio Capital Partners LLC increased its position in shares of Novartis by 3.8% during the 4th quarter. Proficio Capital Partners LLC now owns 3,511 shares of the company’s stock valued at $301,000 after purchasing an additional 129 shares during the last quarter. Finally, Cox Capital Mgt LLC increased its position in shares of Novartis by 0.7% during the 1st quarter. Cox Capital Mgt LLC now owns 19,645 shares of the company’s stock valued at $1,889,000 after purchasing an additional 134 shares during the last quarter. 11.68% of the stock is owned by institutional investors and hedge funds.
Novartis stock traded up $0.82 during trading hours on Monday, hitting $94.81. The company had a trading volume of 192,924 shares, compared to its average volume of 2,323,877. The stock has a market cap of $217.12 billion, a price-to-earnings ratio of 18.62, a price-to-earnings-growth ratio of 2.15 and a beta of 0.68. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.20 and a quick ratio of 0.97. Novartis AG has a 1 year low of $72.30 and a 1 year high of $96.31.
The company also recently announced an annual dividend, which was paid on Wednesday, March 13th. Stockholders of record on Tuesday, March 5th were given a dividend of $2.8646 per share. This represents a dividend yield of 3.27%. This is a positive change from Novartis’s previous annual dividend of $2.33. The ex-dividend date of this dividend was Monday, March 4th. Novartis’s dividend payout ratio is presently 36.15%.
NVS has been the topic of several recent research reports. JPMorgan Chase & Co. downgraded Novartis from a “neutral” rating to an “underweight” rating in a research note on Wednesday, January 2nd. Jefferies Financial Group reissued a “buy” rating and issued a $105.00 target price on shares of Novartis in a report on Tuesday, December 11th. Credit Suisse Group cut Novartis to a “sell” rating in a research note on Thursday, December 20th. Finally, Zacks Investment Research upgraded shares of Novartis from a “hold” rating to a “buy” rating and set a $96.00 price objective on the stock in a research report on Tuesday, December 18th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $90.94.
In related news, major shareholder Bioventures Ltd Novartis sold 88,835 shares of the stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $0.94, for a total value of $83,504.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold 642,738 shares of company stock worth $820,475 over the last ninety days. 0.01% of the stock is owned by insiders.
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.
Featured Article: Trading Ex-Dividend
Want to see what other hedge funds are holding NVS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Novartis AG (NYSE:NVS).
Receive News & Ratings for Novartis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Novartis and related companies with MarketBeat.com's FREE daily email newsletter.