Cornerstone Wealth Group LLC Raises Holdings in The Goldman Sachs Group, Inc. $GS

Cornerstone Wealth Group LLC grew its position in The Goldman Sachs Group, Inc. (NYSE:GS) by 4.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,550 shares of the investment management company’s stock after buying an additional 334 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in The Goldman Sachs Group were worth $6,051,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Dogwood Wealth Management LLC lifted its holdings in shares of The Goldman Sachs Group by 1,800.0% in the 2nd quarter. Dogwood Wealth Management LLC now owns 38 shares of the investment management company’s stock worth $26,000 after buying an additional 36 shares during the period. Clal Insurance Enterprises Holdings Ltd purchased a new stake in shares of The Goldman Sachs Group in the 1st quarter worth $25,000. American Capital Advisory LLC purchased a new stake in shares of The Goldman Sachs Group in the 1st quarter worth $29,000. Ridgewood Investments LLC lifted its holdings in shares of The Goldman Sachs Group by 45.9% in the 2nd quarter. Ridgewood Investments LLC now owns 54 shares of the investment management company’s stock worth $38,000 after buying an additional 17 shares during the period. Finally, Cornerstone Planning Group LLC lifted its holdings in shares of The Goldman Sachs Group by 46.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 72 shares of the investment management company’s stock worth $38,000 after buying an additional 23 shares during the period. 71.21% of the stock is currently owned by hedge funds and other institutional investors.

The Goldman Sachs Group Trading Up 3.2%

Shares of NYSE:GS opened at $788.52 on Tuesday. The business’s 50-day moving average is $762.04 and its 200 day moving average is $665.38. The Goldman Sachs Group, Inc. has a 1 year low of $439.38 and a 1 year high of $825.25. The firm has a market capitalization of $238.70 billion, a P/E ratio of 17.38, a P/E/G ratio of 1.44 and a beta of 1.42. The company has a debt-to-equity ratio of 2.57, a current ratio of 0.67 and a quick ratio of 0.67.

The Goldman Sachs Group (NYSE:GS) last announced its earnings results on Wednesday, July 16th. The investment management company reported $10.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.82 by $1.09. The Goldman Sachs Group had a return on equity of 14.32% and a net margin of 12.37%.The company had revenue of $14.58 billion for the quarter, compared to analyst estimates of $13.53 billion. During the same period in the prior year, the company posted $8.62 EPS. The firm’s quarterly revenue was up 14.5% compared to the same quarter last year. On average, research analysts predict that The Goldman Sachs Group, Inc. will post 47.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently commented on GS. Hsbc Global Res lowered The Goldman Sachs Group from a “hold” rating to a “moderate sell” rating in a research report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft boosted their price target on The Goldman Sachs Group from $725.00 to $790.00 and gave the stock a “hold” rating in a research report on Tuesday, September 30th. Citigroup boosted their price target on The Goldman Sachs Group from $550.00 to $700.00 and gave the stock a “neutral” rating in a research report on Monday, July 21st. Keefe, Bruyette & Woods boosted their price target on The Goldman Sachs Group from $790.00 to $850.00 and gave the stock a “market perform” rating in a research report on Friday. Finally, JMP Securities reissued a “market perform” rating and issued a $600.00 price target on shares of The Goldman Sachs Group in a research report on Monday, July 14th. Five research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, The Goldman Sachs Group presently has a consensus rating of “Hold” and an average price target of $746.69.

Insiders Place Their Bets

In other news, COO John E. Waldron sold 9,244 shares of the stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $750.11, for a total value of $6,934,016.84. Following the transaction, the chief operating officer directly owned 115,268 shares of the company’s stock, valued at approximately $86,463,679.48. This represents a 7.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David M. Solomon sold 6,608 shares of the stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $712.31, for a total value of $4,706,944.48. Following the completion of the transaction, the chief executive officer directly owned 126,176 shares in the company, valued at $89,876,426.56. This represents a 4.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,323 shares of company stock valued at $28,111,828. 0.55% of the stock is currently owned by corporate insiders.

About The Goldman Sachs Group

The Goldman Sachs Group, Inc, a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals worldwide. It operates through Global Banking & Markets, Asset & Wealth Management, and Platform Solutions segments. The Global Banking & Markets segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; and relationship lending, and acquisition financing, as well as secured lending, through structured credit and asset-backed lending and involved in financing under securities to resale agreements.