SteelPeak Wealth LLC Acquires New Stake in Novartis AG (NYSE:NVS)

SteelPeak Wealth LLC bought a new position in Novartis AG (NYSE:NVS) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 2,127 shares of the company’s stock, valued at approximately $226,000.

Several other hedge funds have also recently made changes to their positions in NVS. Frazier Financial Advisors LLC bought a new stake in Novartis in the 4th quarter valued at about $26,000. Private Ocean LLC purchased a new stake in shares of Novartis during the 1st quarter valued at approximately $25,000. Richardson Financial Services Inc. bought a new position in Novartis in the 4th quarter worth approximately $26,000. Clearstead Trust LLC grew its stake in Novartis by 73.5% in the 1st quarter. Clearstead Trust LLC now owns 269 shares of the company’s stock valued at $26,000 after buying an additional 114 shares in the last quarter. Finally, Lynx Investment Advisory bought a new stake in Novartis during the 2nd quarter valued at $29,000. 13.12% of the stock is currently owned by institutional investors.

Novartis Price Performance

NVS stock traded down $0.20 during midday trading on Thursday, reaching $113.33. The company had a trading volume of 779,885 shares, compared to its average volume of 1,449,864. The firm has a 50-day moving average price of $108.49 and a 200-day moving average price of $102.68. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.93 and a quick ratio of 0.72. The company has a market capitalization of $231.65 billion, a P/E ratio of 15.29, a P/E/G ratio of 1.64 and a beta of 0.57. Novartis AG has a 1 year low of $92.19 and a 1 year high of $113.92.

Novartis (NYSE:NVS) last announced its earnings results on Thursday, July 18th. The company reported $1.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.87 by $0.10. Novartis had a net margin of 33.76% and a return on equity of 34.56%. The company had revenue of $12.87 billion during the quarter, compared to analyst estimates of $12.24 billion. During the same period in the previous year, the business earned $1.83 earnings per share. On average, research analysts anticipate that Novartis AG will post 7.44 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

NVS has been the subject of several recent research reports. Jefferies Financial Group lifted their price target on Novartis from $121.00 to $122.50 and gave the company a “buy” rating in a research report on Tuesday, July 2nd. Barclays upgraded Novartis to a “strong sell” rating in a research report on Monday, June 24th. The Goldman Sachs Group started coverage on shares of Novartis in a research report on Thursday, May 30th. They issued a “buy” rating and a $120.00 price objective for the company. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating on shares of Novartis in a research note on Friday, July 19th. Finally, BMO Capital Markets upped their price target on shares of Novartis from $114.00 to $116.00 and gave the stock a “market perform” rating in a report on Wednesday, April 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Novartis currently has an average rating of “Hold” and an average price target of $118.13.

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.