Traders Buy CVS Health Corporation (CVS) on Weakness
Traders purchased shares of CVS Health Corporation (NYSE:CVS) on weakness during trading on Friday. $154.43 million flowed into the stock on the tick-up and $105.07 million flowed out of the stock on the tick-down, for a money net flow of $49.36 million into the stock. Of all stocks tracked, CVS Health Corporation had the 24th highest net in-flow for the day. CVS Health Corporation traded down ($0.67) for the day and closed at $92.72
Several equities analysts have recently weighed in on CVS shares. Morgan Stanley cut CVS Health Corporation from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $111.00 to $104.00 in a research report on Monday, June 20th. Credit Suisse Group AG reiterated a “buy” rating and issued a $115.00 price target on shares of CVS Health Corporation in a research report on Sunday, June 5th. Jefferies Group reiterated a “buy” rating on shares of CVS Health Corporation in a research report on Monday, July 4th. Deutsche Bank AG lifted their price target on CVS Health Corporation from $99.00 to $105.00 and gave the company a “hold” rating in a research report on Wednesday, June 22nd. Finally, Vetr upgraded CVS Health Corporation from a “hold” rating to a “buy” rating and set a $113.29 price target for the company in a research report on Monday, April 4th. One research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. CVS Health Corporation currently has a consensus rating of “Buy” and a consensus target price of $112.98.
The firm has a 50-day moving average price of $95.28 and a 200-day moving average price of $98.22. The stock has a market cap of $99.58 billion and a PE ratio of 20.15.
CVS Health Corporation (NYSE:CVS) last issued its quarterly earnings data on Tuesday, May 3rd. The pharmacy operator reported $1.18 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.02. The firm had revenue of $43.20 billion for the quarter, compared to analysts’ expectations of $43.01 billion. During the same quarter in the previous year, the business earned $1.14 EPS. The company’s revenue for the quarter was up 18.9% on a year-over-year basis. Analysts expect that CVS Health Corporation will post $5.82 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 1st. Stockholders of record on Thursday, July 21st will be given a dividend of $0.425 per share. The ex-dividend date of this dividend is Tuesday, July 19th. This represents a $1.70 dividend on an annualized basis and a dividend yield of 1.83%.
In other news, EVP Troyen A. Brennan sold 7,517 shares of the firm’s stock in a transaction dated Thursday, May 5th. The stock was sold at an average price of $105.00, for a total transaction of $789,285.00. Following the completion of the transaction, the executive vice president now owns 69,601 shares in the company, valued at $7,308,105. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Larry J. Merlo sold 38,247 shares of the firm’s stock in a transaction dated Thursday, May 5th. The shares were sold at an average price of $105.00, for a total value of $4,015,935.00. Following the transaction, the chief executive officer now owns 280,381 shares of the company’s stock, valued at approximately $29,440,005. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors recently added to or reduced their stakes in the company. Brown Advisory Securities LLC raised its position in CVS Health Corporation by 14.8% in the fourth quarter. Brown Advisory Securities LLC now owns 10,306 shares of the pharmacy operator’s stock valued at $1,006,000 after buying an additional 1,331 shares in the last quarter. Sawtooth Asset Management Inc. raised its position in CVS Health Corporation by 96.0% in the fourth quarter. Sawtooth Asset Management Inc. now owns 10,624 shares of the pharmacy operator’s stock valued at $1,039,000 after buying an additional 5,203 shares in the last quarter. WMS Partners LLC raised its position in CVS Health Corporation by 1.4% in the fourth quarter. WMS Partners LLC now owns 11,098 shares of the pharmacy operator’s stock valued at $1,085,000 after buying an additional 158 shares in the last quarter. Usca Ria LLC raised its position in CVS Health Corporation by 14.9% in the fourth quarter. Usca Ria LLC now owns 11,137 shares of the pharmacy operator’s stock valued at $1,089,000 after buying an additional 1,442 shares in the last quarter. Finally, Tributary Capital Management LLC raised its position in CVS Health Corporation by 5.3% in the fourth quarter. Tributary Capital Management LLC now owns 12,000 shares of the pharmacy operator’s stock valued at $1,173,000 after buying an additional 600 shares in the last quarter.
CVS Health Corporation, together with its subsidiaries, is a pharmacy company. The Company operates through three business segments: Pharmacy Services, Retail Pharmacy and Corporate. The Pharmacy Services segment provides a range of pharmacy benefit management (PBM) services and operates under the CVS/caremark Pharmacy Services, Novologix and Navarro Health Services names.
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