8,505 Shares in Novartis AG (NYSE:NVS) Acquired by Granite Bay Wealth Management LLC (2024)

Posted by Tech Dows on Aug 12th, 2024

Granite Bay Wealth Management LLC bought a new stake in shares of Novartis AG (NYSE:NVS – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 8,505 shares of the company’s stock, valued at approximately $854,000.

A number of other institutional investors also recently modified their holdings of the stock. InTrack Investment Management Inc boosted its stake in shares of Novartis by 14.7% during the 2nd quarter. InTrack Investment Management Inc now owns 3,900 shares of the company’s stock valued at $415,000 after buying an additional 500 shares during the period. IAM Advisory LLC boosted its stake in shares of Novartis by 6.1% during the 2nd quarter. IAM Advisory LLC now owns 14,550 shares of the company’s stock valued at $1,549,000 after buying an additional 840 shares during the period. Hummer Financial Advisory Services Inc acquired a new stake in shares of Novartis during the 2nd quarter valued at $205,000. Ignite Planners LLC boosted its stake in shares of Novartis by 4.8% during the 2nd quarter. Ignite Planners LLC now owns 5,582 shares of the company’s stock valued at $604,000 after buying an additional 256 shares during the period. Finally, Diversify Advisory Services LLC raised its holdings in shares of Novartis by 21.7% during the 2nd quarter. Diversify Advisory Services LLC now owns 2,640 shares of the company’s stock valued at $286,000 after purchasing an additional 470 shares in the last quarter. Institutional investors and hedge funds own 13.12% of the company’s stock.

Novartis Stock Performance

NVS traded down $0.47 during trading on Monday, hitting $111.42. The stock had a trading volume of 925,384 shares, compared to its average volume of 1,460,063. The firm has a market cap of $227.74 billion, a PE ratio of 15.04, a P/E/G ratio of 1.62 and a beta of 0.57. Novartis AG has a 12 month low of $92.19 and a 12 month high of $113.00. The company has a current ratio of 0.93, a quick ratio of 0.72 and a debt-to-equity ratio of 0.47. The company has a 50 day simple moving average of $108.00 and a 200-day simple moving average of $102.53.

Novartis (NYSE:NVS – Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $12.24 billion. During the same quarter in the previous year, the firm posted $1.83 EPS. Analysts expect that Novartis AG will post 7.41 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on NVS shares. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of Novartis in a report on Friday, July 19th. Barclays upgraded shares of Novartis to a “strong sell” rating in a report on Monday, June 24th. Jefferies Financial Group raised their price target on shares of Novartis from $121.00 to $122.50 and gave the company a “buy” rating in a report on Tuesday, July 2nd. The Goldman Sachs Group started coverage on shares of Novartis in a report on Thursday, May 30th. They set a “buy” rating and a $120.00 price target on the stock. Finally, BMO Capital Markets raised their price target 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. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $118.13.

Get Our Latest Stock Report on Novartis