Cornerstone Wealth Group LLC Acquires 204 Shares of Novartis AG (NYSE:NVS)

Cornerstone Wealth Group LLC raised its holdings in shares of Novartis AG (NYSE:NVS) by 0.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,122 shares of the company’s stock after purchasing an additional 204 shares during the period. Cornerstone Wealth Group LLC’s holdings in Novartis were worth $3,235,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. New Millennium Group LLC bought a new position in shares of Novartis in the 2nd quarter worth approximately $28,000. Clearstead Trust LLC raised its position in shares of Novartis by 73.5% in the 1st quarter. Clearstead Trust LLC now owns 269 shares of the company’s stock worth $26,000 after acquiring an additional 114 shares in the last quarter. Lynx Investment Advisory bought a new position in shares of Novartis in the 2nd quarter worth approximately $29,000. Industrial Alliance Investment Management Inc. bought a new position in shares of Novartis in the 2nd quarter worth approximately $30,000. Finally, Richardson Financial Services Inc. bought a new position in shares of Novartis in the 2nd quarter worth approximately $30,000. Institutional investors own 13.12% of the company’s stock.

Analyst Upgrades and Downgrades

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

Novartis Stock Performance

Shares of NVS opened at $109.89 on Thursday. The business’s fifty day simple moving average is $116.13 and its two-hundred day simple moving average is $109.02. The company has a current ratio of 0.93, a quick ratio of 0.72 and a debt-to-equity ratio of 0.47. Novartis AG has a 12 month low of $92.35 and a 12 month high of $120.92. The company has a market cap of $224.62 billion, a price-to-earnings ratio of 14.83, a P/E/G ratio of 1.65 and a beta of 0.57.

Novartis (NYSE:NVS) last released its quarterly earnings results on Tuesday, October 29th. The company reported $2.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.94 by $0.12. The firm had revenue of $12.82 billion for the quarter, compared to the consensus estimate of $12.62 billion. Novartis had a return on equity of 34.56% and a net margin of 33.76%. During the same period last year, the business posted $1.74 EPS. Research analysts anticipate that Novartis AG will post 7.53 earnings per share for the current fiscal year.

Novartis Company 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.