Frank Rimerman Advisors LLC Lowers Stake in Novartis AG (NYSE:NVS)

Frank Rimerman Advisors LLC lowered its stake in shares of Novartis AG (NYSE:NVS) by 23.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,750 shares of the company’s stock after selling 522 shares during the period. Frank Rimerman Advisors LLC’s holdings in Novartis were worth $201,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Clearstead Trust LLC increased its position in Novartis by 73.5% in 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. New Millennium Group LLC bought a new stake in Novartis in the second quarter worth $28,000. Lynx Investment Advisory bought a new stake in Novartis in the second quarter worth $29,000. Industrial Alliance Investment Management Inc. bought a new stake in Novartis in the second quarter worth $30,000. Finally, Richardson Financial Services Inc. bought a new stake in Novartis in the second quarter worth $30,000. Institutional investors own 13.12% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on NVS shares. Bank of America cut shares of Novartis from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $135.00 to $130.00 in a research report on Wednesday, September 11th. Jefferies Financial Group lowered shares of Novartis from a “buy” rating to a “hold” rating in a research note on Tuesday, September 3rd. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $121.00 price objective (up from $119.00) on shares of Novartis in a research note on Thursday, September 5th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating on shares of Novartis in a research note on Friday, July 19th. One equities research 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $120.70.

Novartis Stock Down 4.4 %

Shares of NVS opened at $110.56 on Wednesday. The firm has a market capitalization of $225.98 billion, a P/E ratio of 14.92, a P/E/G ratio of 1.65 and a beta of 0.57. Novartis AG has a 12-month low of $92.35 and a 12-month high of $120.92. The company has a current ratio of 0.93, a quick ratio of 0.72 and a debt-to-equity ratio of 0.47. The firm has a fifty day moving average price of $116.28 and a 200-day moving average price of $109.01.

Novartis Company 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.