Sonora Investment Management Group LLC Makes New Investment in Novartis AG $NVS

Key Points

• Sonora Investment Management Group LLC has made a new investment in Novartis AG, purchasing 2,196 shares worth approximately $266,000.
• Novartis reported a 12.3% increase in revenue year-over-year, reaching $14.05 billion, and an EPS of $2.42, beating analysts' expectations.
• Institutional investors and hedge funds collectively own 13.12% of Novartis stock, with various firms altering their positions in the second quarter.

Sonora Investment Management Group LLC bought a new position in Novartis AG (NYSE:NVS - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm bought 2,196 shares of the company's stock, valued at approximately $266,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Essex Savings Bank increased its stake in shares of Novartis by 1.9% in the 2nd quarter. Essex Savings Bank now owns 4,611 shares of the company's stock worth $558,000 after acquiring an additional 85 shares during the last quarter. Physician Wealth Advisors Inc. increased its stake in shares of Novartis by 5.8% in the 2nd quarter. Physician Wealth Advisors Inc. now owns 1,541 shares of the company's stock worth $186,000 after acquiring an additional 85 shares during the last quarter. Gallacher Capital Management LLC increased its stake in shares of Novartis by 1.7% in the 2nd quarter. Gallacher Capital Management LLC now owns 5,371 shares of the company's stock worth $650,000 after acquiring an additional 92 shares during the last quarter. Sage Rhino Capital LLC grew its holdings in shares of Novartis by 1.2% during the 2nd quarter. Sage Rhino Capital LLC now owns 8,120 shares of the company's stock worth $983,000 after purchasing an additional 99 shares during the period. Finally, Osprey Private Wealth LLC grew its holdings in shares of Novartis by 1.5% during the 2nd quarter. Osprey Private Wealth LLC now owns 6,675 shares of the company's stock worth $814,000 after purchasing an additional 100 shares during the period. 13.12% of the stock is owned by institutional investors and hedge funds.

Novartis Stock Performance

Shares of Novartis stock opened at $123.75 on Monday. The business has a 50-day moving average of $122.31 and a 200 day moving average of $116.62. Novartis AG has a 12 month low of $96.06 and a 12 month high of $130.46. The stock has a market capitalization of $261.41 billion, a price-to-earnings ratio of 18.01, a price-to-earnings-growth ratio of 1.73 and a beta of 0.63. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.82 and a quick ratio of 0.62.

Novartis (NYSE:NVS - Get Free Report) last announced its earnings results on Thursday, July 17th. The company reported $2.42 EPS for the quarter, beating analysts' consensus estimates of $2.38 by $0.04. Novartis had a return on equity of 41.08% and a net margin of 25.64%.The company had revenue of $14.05 billion during the quarter, compared to analysts' expectations of $13.94 billion. During the same period last year, the business posted $1.97 EPS. Novartis's revenue for the quarter was up 12.3% on a year-over-year basis. As a group, sell-side analysts forecast that Novartis AG will post 8.45 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on NVS. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating on shares of Novartis in a report on Thursday, August 21st. Morgan Stanley upgraded Novartis from an "underweight" rating to an "equal weight" rating and set a $123.00 price target for the company in a report on Friday, August 8th. Wall Street Zen cut Novartis from a "strong-buy" rating to a "buy" rating in a report on Friday, August 22nd. Finally, The Goldman Sachs Group reiterated a "sell" rating and set a $118.00 price target (down from $119.00) on shares of Novartis in a report on Friday, September 12th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price 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.

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