Financial Gravity Asset Management Inc. Has $4.16 Million Stock Position in Novartis AG (NYSE:NVS)

Financial Gravity Asset Management Inc. raised its position in Novartis AG (NYSE:NVS) by 15.0% during the second quarter, HoldingsChannel.com reports. The firm owned 39,067 shares of the company’s stock after buying an additional 5,102 shares during the quarter. Novartis makes up approximately 1.0% of Financial Gravity Asset Management Inc.’s holdings, making the stock its 23rd largest holding. Financial Gravity Asset Management Inc.’s holdings in Novartis were worth $4,159,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Frazier Financial Advisors LLC acquired a new position in Novartis in the fourth quarter worth approximately $26,000. Private Ocean LLC acquired a new stake in Novartis in the first quarter valued at approximately $25,000. Richardson Financial Services Inc. bought a new stake in Novartis in the fourth quarter worth approximately $26,000. New Millennium Group LLC acquired a new position in shares of Novartis during the 2nd quarter worth $28,000. Finally, Clearstead Trust LLC raised its holdings in shares of Novartis by 73.5% during the 1st quarter. Clearstead Trust LLC now owns 269 shares of the company’s stock valued at $26,000 after purchasing an additional 114 shares in the last quarter. 13.12% of the stock is owned by institutional investors and hedge funds.

Novartis Trading Up 0.1 %

Novartis stock opened at $116.65 on Friday. The business’s 50-day simple moving average is $112.66 and its 200-day simple moving average is $104.52. Novartis AG has a 52 week low of $92.19 and a 52 week high of $120.92. The firm has a market capitalization of $238.43 billion, a PE ratio of 15.74, a PEG ratio of 1.74 and a beta of 0.57. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.72 and a current ratio of 0.93.

Novartis (NYSE:NVS) last issued its quarterly earnings results on Thursday, July 18th. The company reported $1.97 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $0.10. The company had revenue of $12.87 billion during the quarter, compared to analyst estimates of $12.24 billion. Novartis had a return on equity of 34.56% and a net margin of 33.76%. During the same period in the previous year, the company earned $1.83 earnings per share. Equities research analysts forecast that Novartis AG will post 7.5 earnings per share for the current year.

Analyst Ratings Changes

NVS has been the subject of a number of recent research reports. The Goldman Sachs Group reiterated a “neutral” rating and issued a $121.00 price objective (up from $119.00) on shares of Novartis in a report on Thursday. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of Novartis in a research note on Friday, July 19th. Jefferies Financial Group downgraded Novartis from a “buy” rating to a “hold” rating in a research note on Tuesday, September 3rd. Finally, Barclays upgraded Novartis to a “strong sell” rating in a report on Monday, June 24th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $118.38.

Novartis 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.