Franklin Parlapiano Turner & Welch LLC Lowers Position in Novartis AG (NYSE:NVS)

Franklin Parlapiano Turner & Welch LLC lowered its holdings in Novartis AG (NYSE:NVS) by 0.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 75,244 shares of the company’s stock after selling 233 shares during the quarter. Novartis comprises approximately 2.2% of Franklin Parlapiano Turner & Welch LLC’s holdings, making the stock its 16th largest holding. Franklin Parlapiano Turner & Welch LLC’s holdings in Novartis were worth $8,655,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Gateway Investment Advisers LLC purchased a new stake in Novartis during the first quarter worth $230,000. Brookstone Capital Management boosted its position in Novartis by 1.3% during the first quarter. Brookstone Capital Management now owns 12,833 shares of the company’s stock valued at $1,241,000 after purchasing an additional 162 shares in the last quarter. Janiczek Wealth Management LLC grew its stake in Novartis by 13.2% in the first quarter. Janiczek Wealth Management LLC now owns 1,569 shares of the company’s stock valued at $154,000 after purchasing an additional 183 shares during the last quarter. Procyon Advisors LLC raised its holdings in Novartis by 5.8% in the first quarter. Procyon Advisors LLC now owns 18,373 shares of the company’s stock worth $1,777,000 after purchasing an additional 1,013 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Novartis by 5.2% during the first 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 last quarter. Hedge funds and other institutional investors own 13.12% of the company’s stock.

Wall Street Analyst Weigh In

NVS has been the subject of several recent analyst reports. Bank of America lowered shares of Novartis from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $135.00 to $130.00 in a research note on Wednesday, September 11th. 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. Jefferies Financial Group cut 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 investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $120.70.

Novartis Price Performance

Shares of NYSE NVS opened at $114.06 on Thursday. Novartis AG has a 52 week low of $92.19 and a 52 week high of $120.92. The business’s 50 day moving average price is $116.44 and its 200 day moving average price is $108.39. The company has a quick ratio of 0.72, a current ratio of 0.93 and a debt-to-equity ratio of 0.47. The firm has a market cap of $233.14 billion, a P/E ratio of 14.46, a P/E/G ratio of 1.70 and a beta of 0.57.

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.