Allen Wealth Management LLC Has $666,000 Holdings in Novartis AG (NYSE:NVS)

Allen Wealth Management LLC increased its holdings in shares of Novartis AG (NYSE:NVS) by 1.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,788 shares of the company’s stock after acquiring an additional 100 shares during the period. Allen Wealth Management LLC’s holdings in Novartis were worth $666,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Allspring Global Investments Holdings LLC raised its holdings in shares of Novartis by 1,029.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 4,754 shares of the company’s stock valued at $460,000 after buying an additional 4,333 shares during the last quarter. Norden Group LLC bought a new position in shares of Novartis in the first quarter worth about $207,000. Diversify Advisory Services LLC acquired a new position in shares of Novartis during the first quarter worth approximately $208,000. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Novartis by 47.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 82,727 shares of the company’s stock valued at $8,002,000 after purchasing an additional 26,632 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in shares of Novartis by 30.6% in the first quarter. BNP Paribas Financial Markets now owns 10,499 shares of the company’s stock valued at $1,016,000 after purchasing an additional 2,463 shares in the last quarter. 13.12% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Bank of America downgraded Novartis from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $135.00 to $130.00 in a report on Wednesday, September 11th. BMO Capital Markets raised their price target on Novartis from $118.00 to $120.00 and gave the company a “market perform” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of Novartis in a report on Friday, July 19th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $121.00 target price (up previously from $119.00) on shares of Novartis in a research note on Thursday, September 5th. Finally, Jefferies Financial Group downgraded shares of Novartis from a “buy” rating to a “hold” rating in a research note on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $121.50.

Novartis Stock Up 0.9 %

Novartis stock opened at $109.35 on Friday. Novartis AG has a fifty-two week low of $92.35 and a fifty-two week high of $120.92. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.11 and a quick ratio of 0.72. The firm has a market capitalization of $223.51 billion, a price-to-earnings ratio of 12.70, a PEG ratio of 1.58 and a beta of 0.58. The company’s 50 day simple moving average is $115.76 and its 200 day simple moving average is $109.23.

Novartis (NYSE:NVS) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $2.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.94 by $0.12. Novartis had a net margin of 35.96% and a return on equity of 34.80%. The company had revenue of $12.82 billion for the quarter, compared to analysts’ expectations of $12.62 billion. During the same period last year, the firm posted $1.74 earnings per share. As a group, sell-side analysts anticipate that Novartis AG will post 7.56 EPS for the current year.

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.