United Bank cut its stake in shares of CVS Health Corp (NYSE:CVS) by 9.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,560 shares of the pharmacy operator’s stock after selling 1,137 shares during the quarter. United Bank’s holdings in CVS Health were worth $680,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Inc. lifted its holdings in CVS Health by 4.5% in the first quarter. BlackRock Inc. now owns 70,013,482 shares of the pharmacy operator’s stock valued at $4,355,536,000 after acquiring an additional 3,016,972 shares during the period. Barrow Hanley Mewhinney & Strauss LLC raised its stake in shares of CVS Health by 16.7% during the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 18,102,755 shares of the pharmacy operator’s stock worth $1,126,173,000 after buying an additional 2,588,382 shares during the last quarter. Parnassus Investments CA raised its stake in shares of CVS Health by 2.2% during the 2nd quarter. Parnassus Investments CA now owns 16,659,501 shares of the pharmacy operator’s stock worth $1,072,039,000 after buying an additional 350,872 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of CVS Health by 15.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 12,573,338 shares of the pharmacy operator’s stock worth $809,095,000 after buying an additional 1,721,683 shares during the last quarter. Finally, Veritas Asset Management LLP raised its stake in shares of CVS Health by 4.5% during the 2nd quarter. Veritas Asset Management LLP now owns 11,890,424 shares of the pharmacy operator’s stock worth $765,149,000 after buying an additional 508,500 shares during the last quarter. 82.75% of the stock is owned by hedge funds and other institutional investors.
In other CVS Health news, EVP Kevin Hourican sold 8,564 shares of the company’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $75.00, for a total value of $642,300.00. Following the transaction, the executive vice president now directly owns 12,135 shares of the company’s stock, valued at approximately $910,125. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Lisa Bisaccia sold 21,534 shares of the company’s stock in a transaction that occurred on Monday, October 1st. The shares were sold at an average price of $80.00, for a total value of $1,722,720.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,409 shares of company stock worth $3,392,097. 0.53% of the stock is currently owned by corporate insiders.
CVS Health stock traded up $1.39 during midday trading on Friday, hitting $74.58. 9,475,196 shares of the company were exchanged, compared to its average volume of 8,231,727. The firm has a market capitalization of $80.14 billion, a PE ratio of 12.64, 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 quick ratio of 1.87 and a current ratio of 2.34. CVS Health Corp has a fifty-two week low of $60.14 and a fifty-two week high of $83.88.
CVS Health (NYSE:CVS) last released its quarterly earnings results on Wednesday, August 8th. The pharmacy operator reported $1.69 EPS for the quarter, topping the consensus estimate of $1.61 by $0.08. The firm had revenue of $46.71 billion for the quarter, compared to analyst estimates of $46.34 billion. CVS Health had a return on equity of 18.25% and a net margin of 1.61%. CVS Health’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.33 EPS. On average, analysts forecast 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. Shareholders of record on Wednesday, October 24th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date is Tuesday, October 23rd. CVS Health’s payout ratio is 33.90%.
Several research firms have recently issued reports on CVS. ValuEngine raised CVS Health from a “sell” rating to a “hold” rating in a research note on Thursday. Royal Bank of Canada lifted their price target on CVS Health to $101.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 18th. Bank of America lifted their price target on CVS Health from $86.00 to $90.00 and gave the stock a “buy” rating in a research note on Monday, September 17th. Leerink Swann set a $80.00 price target on CVS Health and gave the stock an “outperform” rating in a research note on Thursday, August 9th. Finally, Citigroup reiterated a “buy” rating and set a $81.00 price objective on shares of CVS Health in a research report on Monday, July 9th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $86.31.
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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