Bank of America Corp DE lessened its holdings in CVS Health Corp (NYSE:CVS) by 31.9% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,030,758 shares of the pharmacy operator’s stock after selling 4,699,750 shares during the quarter. Bank of America Corp DE owned approximately 0.99% of CVS Health worth $645,479,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also made changes to their positions in the business. Adviser Investments LLC lifted its holdings in shares of CVS Health by 43.3% in the 2nd quarter. Adviser Investments LLC now owns 2,993 shares of the pharmacy operator’s stock worth $193,000 after buying an additional 905 shares during the period. Keystone Financial Planning Inc. lifted its holdings in shares of CVS Health by 44.5% in the 2nd quarter. Keystone Financial Planning Inc. now owns 59,038 shares of the pharmacy operator’s stock worth $3,799,000 after buying an additional 18,176 shares during the period. Schwab Charles Investment Management Inc. lifted its holdings in shares of CVS Health by 4.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 7,332,665 shares of the pharmacy operator’s stock worth $471,857,000 after buying an additional 300,887 shares during the period. ICM Asset Management Inc. WA purchased a new stake in shares of CVS Health in the 2nd quarter worth $1,152,000. Finally, Point View Wealth Management Inc. lifted its holdings in shares of CVS Health by 8.4% in the 2nd quarter. Point View Wealth Management Inc. now owns 17,095 shares of the pharmacy operator’s stock worth $1,100,000 after buying an additional 1,320 shares during the period. 82.75% of the stock is currently owned by institutional investors.
Shares of NYSE CVS traded down $0.72 during mid-day trading on Friday, reaching $78.67. 4,540,766 shares of the company were exchanged, compared to its average volume of 8,188,118. CVS Health Corp has a 1 year low of $60.14 and a 1 year high of $83.88. The stock has a market capitalization of $80.14 billion, a P/E ratio of 13.33, a price-to-earnings-growth ratio of 1.05 and a beta of 1.02. The company has a debt-to-equity ratio of 1.73, a current ratio of 2.34 and a quick ratio of 1.87.
CVS Health (NYSE:CVS) last announced its earnings results on Wednesday, August 8th. The pharmacy operator reported $1.69 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.61 by $0.08. CVS Health had a return on equity of 18.25% and a net margin of 1.61%. The company had revenue of $46.71 billion for the quarter, compared to analyst estimates of $46.34 billion. During the same period in the prior year, the company posted $1.33 EPS. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. As a group, equities research analysts anticipate that CVS Health Corp will post 7.05 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 24th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.54%. CVS Health’s dividend payout ratio is currently 33.90%.
Several brokerages have weighed in on CVS. Royal Bank of Canada upped their target price on CVS Health to $101.00 and gave the stock an “outperform” rating in a report on Tuesday, September 18th. Bank of America upped their target price on CVS Health from $86.00 to $90.00 and gave the stock a “buy” rating in a report on Monday, September 17th. ValuEngine upgraded CVS Health from a “strong sell” rating to a “sell” rating in a report on Monday, September 10th. Leerink Swann set a $80.00 target price on CVS Health and gave the stock an “outperform” rating in a report on Thursday, August 9th. Finally, Citigroup reiterated a “buy” rating and issued a $81.00 target price on shares of CVS Health in a report on Monday, July 9th. Two analysts have rated the stock with a sell rating, four have given a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $86.85.
In other news, EVP Eva C. Boratto sold 13,311 shares of the stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $77.16, for a total value of $1,027,076.76. Following the transaction, the executive vice president now directly owns 55,162 shares of the company’s stock, valued at $4,256,299.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kevin Hourican sold 8,564 shares of the stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $75.00, for a total value of $642,300.00. Following the completion of the transaction, the executive vice president now directly owns 12,135 shares in the company, valued at $910,125. The disclosure for this sale can be found here. Insiders have sold a total of 43,409 shares of company stock worth $3,392,097 over the last ninety days. 0.53% of the stock is currently owned by corporate insiders.
CVS Health Profile
CVS Health Corporation, together with its subsidiaries, provides integrated pharmacy health care services. It operates through Pharmacy Services and Retail/LTC segments. The Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, Medicare Part D services, mail order, specialty pharmacy and infusion services, retail pharmacy network management services, prescription management systems, clinical services, disease management programs, and medical pharmacy management services.
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