NorthCrest Asset Manangement LLC Raises Stake in Novartis AG (NYSE:NVS)

NorthCrest Asset Manangement LLC raised its stake in shares of Novartis AG (NYSE:NVS) by 0.7% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 57,534 shares of the company’s stock after buying an additional 381 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in Novartis were worth $6,618,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Founders Financial Securities LLC lifted its stake in shares of Novartis by 3.4% in the 2nd quarter. Founders Financial Securities LLC now owns 2,832 shares of the company’s stock valued at $301,000 after purchasing an additional 94 shares during the period. Steigerwald Gordon & Koch Inc. lifted its position in Novartis by 4.8% during the third quarter. Steigerwald Gordon & Koch Inc. now owns 2,091 shares of the company’s stock valued at $241,000 after buying an additional 95 shares during the period. NBC Securities Inc. boosted its holdings in shares of Novartis by 0.9% during the 2nd quarter. NBC Securities Inc. now owns 10,492 shares of the company’s stock valued at $1,116,000 after buying an additional 97 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Novartis by 5.1% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,013 shares of the company’s stock worth $196,000 after buying an additional 98 shares during the period. Finally, Portside Wealth Group LLC increased its stake in shares of Novartis by 3.4% in the 2nd quarter. Portside Wealth Group LLC now owns 3,000 shares of the company’s stock worth $319,000 after acquiring an additional 99 shares in the last quarter. 13.12% of the stock is currently owned by institutional investors.

Novartis Stock Performance

Shares of NYSE NVS opened at $113.79 on Friday. The firm’s 50-day moving average price is $116.42 and its 200-day moving average price is $108.55. Novartis AG has a 52-week low of $92.19 and a 52-week high of $120.92. The company has a market cap of $232.59 billion, a PE ratio of 15.36, a PEG ratio of 1.66 and a beta of 0.57. The company has a quick ratio of 0.72, a current ratio of 0.93 and a debt-to-equity ratio of 0.47.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Bank of America cut shares of Novartis from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $135.00 to $130.00 in a 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 reissued a “hold” rating on shares of Novartis in a research note on Friday, July 19th. Finally, Jefferies Financial Group downgraded shares of Novartis from a “buy” rating to a “hold” rating in a research report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $120.70.

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.