Papp L Roy & Associates lowered its stake in CVS Health Corporation (NYSE:CVS) by 22.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,748 shares of the pharmacy operator’s stock after selling 4,034 shares during the period. Papp L Roy & Associates’ holdings in CVS Health Corporation were worth $1,079,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Mercer Capital Advisers Inc. purchased a new position in CVS Health Corporation during the first quarter valued at $118,000. Orrstown Financial Services Inc. boosted its stake in shares of CVS Health Corporation by 2,000.0% in the first quarter. Orrstown Financial Services Inc. now owns 2,100 shares of the pharmacy operator’s stock worth $165,000 after buying an additional 2,000 shares during the period. Edmp Inc. bought a new stake in shares of CVS Health Corporation during the first quarter worth about $202,000. Pinnacle Bank bought a new stake in shares of CVS Health Corporation during the first quarter worth about $203,000. Finally, Doyle Wealth Management bought a new stake in shares of CVS Health Corporation during the first quarter worth about $208,000. Hedge funds and other institutional investors own 82.31% of the company’s stock.
Shares of CVS Health Corporation (CVS) opened at 77.66 on Friday. The stock has a market capitalization of $78.95 billion, a P/E ratio of 15.47 and a beta of 0.91. CVS Health Corporation has a 12 month low of $69.30 and a 12 month high of $98.44. The firm’s 50-day moving average price is $78.68 and its 200-day moving average price is $78.94.
CVS Health Corporation (NYSE:CVS) last issued its earnings results on Tuesday, August 8th. The pharmacy operator reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.02. CVS Health Corporation had a net margin of 2.93% and a return on equity of 17.47%. The company had revenue of $45.69 billion for the quarter, compared to analyst estimates of $45.36 billion. During the same period in the prior year, the business posted $1.32 earnings per share. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, equities research analysts forecast that CVS Health Corporation will post $5.88 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 3rd. Stockholders of record on Monday, July 24th were given a $0.50 dividend. The ex-dividend date was Thursday, July 20th. This represents a $2.00 annualized dividend and a dividend yield of 2.58%. CVS Health Corporation’s dividend payout ratio is presently 39.92%.
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Several research firms recently issued reports on CVS. Vetr upgraded CVS Health Corporation from a “buy” rating to a “strong-buy” rating and set a $87.97 price target on the stock in a research report on Wednesday, May 24th. Tigress Financial began coverage on CVS Health Corporation in a research report on Thursday, April 27th. They set a “buy” rating on the stock. Leerink Swann set a $90.00 price target on CVS Health Corporation and gave the stock a “buy” rating in a research report on Tuesday, June 27th. Guggenheim reiterated a “buy” rating on shares of CVS Health Corporation in a research report on Monday, July 3rd. Finally, Needham & Company LLC began coverage on CVS Health Corporation in a research note on Tuesday, June 27th. They issued a “hold” rating for the company. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $91.24.
In other CVS Health Corporation news, CFO David M. Denton sold 230,510 shares of the stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $80.00, for a total transaction of $18,440,800.00. Following the transaction, the chief financial officer now owns 176,983 shares of the company’s stock, valued at $14,158,640. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Richard J. Swift sold 2,500 shares of the firm’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $79.62, for a total transaction of $199,050.00. Following the completion of the transaction, the director now directly owns 3,258 shares in the company, valued at approximately $259,401.96. The disclosure for this sale can be found here. Insiders sold 273,675 shares of company stock worth $21,831,647 over the last quarter. Company insiders own 0.61% of the company’s stock.
CVS Health Corporation Company Profile
CVS Health Corporation, together with its subsidiaries, is an integrated pharmacy healthcare company. The Company provides pharmacy care for the senior community through Omnicare, Inc (Omnicare) and Omnicare’s long-term care (LTC) operations, which include distribution of pharmaceuticals, related pharmacy consulting and other ancillary services to chronic care facilities and other care settings.
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