Convergence Financial LLC Decreases Holdings in Novartis AG (NYSE:NVS)

Convergence Financial LLC decreased its position in shares of Novartis AG (NYSE:NVS) by 28.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,794 shares of the company’s stock after selling 1,489 shares during the quarter. Convergence Financial LLC’s holdings in Novartis were worth $436,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Brookstone Capital Management raised its holdings in Novartis by 1.3% in the 1st quarter. Brookstone Capital Management now owns 12,833 shares of the company’s stock valued at $1,241,000 after acquiring an additional 162 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Novartis by 5.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 111,453 shares of the company’s stock valued at $10,781,000 after buying an additional 5,491 shares during the period. Register Financial Advisors LLC purchased a new stake in shares of Novartis during the 1st quarter valued at $56,000. Independence Bank of Kentucky grew its stake in shares of Novartis by 21.4% during the 1st quarter. Independence Bank of Kentucky now owns 1,963 shares of the company’s stock valued at $190,000 after buying an additional 346 shares during the period. Finally, Hennion & Walsh Asset Management Inc. grew its stake in shares of Novartis by 3.0% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 3,993 shares of the company’s stock valued at $386,000 after buying an additional 118 shares during the period. Hedge funds and other institutional investors own 13.12% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on NVS shares. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $121.00 price target (up from $119.00) on shares of Novartis in a research report on Thursday, September 5th. Bank of America cut shares of Novartis from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $135.00 to $130.00 in a research report on Wednesday, September 11th. Jefferies Financial Group cut shares of Novartis from a “buy” rating to a “hold” rating in a research report on Tuesday, September 3rd. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating on shares of Novartis in a research report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a strong buy rating to the company. According to MarketBeat, Novartis presently has a consensus rating of “Hold” and an average price target of $120.70.

Novartis Stock Performance

Shares of Novartis stock opened at $113.80 on Friday. The firm has a market cap of $232.61 billion, a PE ratio of 15.36, a price-to-earnings-growth ratio of 1.66 and a beta of 0.57. The firm’s 50-day simple moving average is $116.44 and its 200-day simple moving average is $108.42. 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 AG has a 1 year low of $92.19 and a 1 year high of $120.92.

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.