Cornerstone Wealth Group LLC Trims Stock Position in Novartis AG (NYSE:NVS)

Cornerstone Wealth Group LLC lowered its holdings in Novartis AG (NYSE:NVS) by 2.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,443 shares of the company’s stock after selling 608 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Novartis were worth $2,655,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Frazier Financial Advisors LLC purchased a new stake in shares of Novartis in the 4th quarter valued at approximately $26,000. Private Ocean LLC acquired a new position in Novartis during the first quarter worth $25,000. Richardson Financial Services Inc. purchased a new position in Novartis during the 4th quarter valued at about $26,000. Operose Advisors LLC acquired a new position in Novartis in the 3rd quarter valued at about $28,000. Finally, Planned Solutions Inc. purchased a new stake in Novartis during the fourth quarter worth about $31,000. Institutional investors and hedge funds own 13.12% of the company’s stock.

Novartis Stock Performance

Shares of NYSE:NVS traded down $0.09 during midday trading on Friday, hitting $106.46. The stock had a trading volume of 1,516,862 shares, compared to its average volume of 1,321,776. The company has a current ratio of 0.90, a quick ratio of 0.71 and a debt-to-equity ratio of 0.43. The stock has a 50 day moving average price of $102.22 and a two-hundred day moving average price of $101.21. Novartis AG has a 1 year low of $92.19 and a 1 year high of $108.78. The company has a market capitalization of $217.60 billion, a PE ratio of 14.37, a P/E/G ratio of 1.64 and a beta of 0.58.

Novartis (NYSE:NVS) last released its quarterly earnings data on Tuesday, April 23rd. The company reported $1.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.07. Novartis had a return on equity of 32.15% and a net margin of 31.33%. The firm had revenue of $11.83 billion during the quarter, compared to analysts’ expectations of $11.50 billion. As a group, equities analysts predict that Novartis AG will post 7.27 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on NVS. BMO Capital Markets lifted their price objective on shares of Novartis from $114.00 to $116.00 and gave the company a “market perform” rating in a report on Wednesday, April 24th. Barclays upgraded Novartis to a “strong sell” rating in a report on Monday, June 24th. Finally, The Goldman Sachs Group began coverage on Novartis in a report on Thursday, May 30th. They set a “buy” rating and a $120.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $116.67.

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.