Atlantic Edge Private Wealth Management LLC Has $261,000 Stake in Novartis AG $NVS

Atlantic Edge Private Wealth Management LLC reduced its position in shares of Novartis AG (NYSE:NVS) by 15.7% in the 2nd quarter, Holdings Channel reports. The firm owned 2,155 shares of the company’s stock after selling 400 shares during the period. Atlantic Edge Private Wealth Management LLC’s holdings in Novartis were worth $261,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Sonora Investment Management Group LLC acquired a new position in Novartis during the second quarter valued at approximately $266,000. Cypress Capital Group raised its position in Novartis by 84.1% during the second quarter. Cypress Capital Group now owns 5,776 shares of the company’s stock valued at $699,000 after purchasing an additional 2,638 shares in the last quarter. Focus Partners Wealth raised its position in Novartis by 16.8% during the first quarter. Focus Partners Wealth now owns 47,548 shares of the company’s stock valued at $5,311,000 after purchasing an additional 6,849 shares in the last quarter. Marshall Financial Group LLC acquired a new position in Novartis during the second quarter valued at approximately $1,909,000. Finally, DAVENPORT & Co LLC raised its position in Novartis by 8.9% during the second quarter. DAVENPORT & Co LLC now owns 33,683 shares of the company’s stock valued at $4,076,000 after purchasing an additional 2,758 shares in the last quarter. 13.12% of the stock is currently owned by institutional investors and hedge funds.

Novartis Stock Performance

Shares of NVS opened at $131.78 on Tuesday. The company has a current ratio of 0.82, a quick ratio of 0.62 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $278.38 billion, a P/E ratio of 19.18, a price-to-earnings-growth ratio of 1.82 and a beta of 0.64. The firm’s fifty day simple moving average is $126.80 and its two-hundred day simple moving average is $118.80. Novartis AG has a 12 month low of $96.06 and a 12 month high of $133.55.

Wall Street Analysts Forecast Growth

NVS has been the subject of several research analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Novartis in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Novartis from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 11th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $118.00 target price (down previously from $119.00) on shares of Novartis in a research note on Friday, September 12th. Morgan Stanley raised shares of Novartis from an “underweight” rating to an “equal weight” rating and set a $123.00 target price on the stock in a research note on Friday, August 8th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Novartis in a research note on Thursday, August 21st. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $120.33.

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.