Benedict Financial Advisors Inc. Trims Holdings in Novartis AG (NYSE:NVS)

Benedict Financial Advisors Inc. reduced its holdings in shares of Novartis AG (NYSE:NVS) by 1.9% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 16,861 shares of the company’s stock after selling 331 shares during the period. Benedict Financial Advisors Inc.’s holdings in Novartis were worth $1,939,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Private Ocean LLC acquired a new position in Novartis in the 1st quarter valued at about $25,000. New Millennium Group LLC acquired a new position in shares of Novartis in the second quarter valued at approximately $28,000. Clearstead Trust LLC raised its stake in shares of Novartis by 73.5% during the first quarter. Clearstead Trust LLC now owns 269 shares of the company’s stock worth $26,000 after purchasing an additional 114 shares during the last quarter. Lynx Investment Advisory acquired a new stake in shares of Novartis during the second quarter worth $29,000. Finally, Industrial Alliance Investment Management Inc. purchased a new position in Novartis in the 2nd quarter valued at $30,000. 13.12% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. The Goldman Sachs Group reiterated a “neutral” rating and set a $121.00 price target (up from $119.00) on shares of Novartis in a research note on Thursday, September 5th. Bank of America downgraded Novartis from a “buy” rating to a “neutral” rating and cut their target price for the stock from $135.00 to $130.00 in a research note on Wednesday, September 11th. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of Novartis in a research note on Friday, July 19th. Finally, Jefferies Financial Group cut 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 given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $120.70.

Novartis Price Performance

NVS traded up $0.66 during trading on Friday, reaching $113.79. 904,084 shares of the stock were exchanged, compared to its average volume of 1,332,378. The company has a market capitalization of $232.59 billion, a price-to-earnings ratio of 15.36, a P/E/G ratio of 1.66 and a beta of 0.57. Novartis AG has a 1 year low of $92.19 and a 1 year high of $120.92. The business’s 50 day moving average price is $116.44 and its two-hundred day moving average price is $108.42. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.93 and a quick ratio of 0.72.

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.