Traders Buy Shares of CVS Health Corporation (CVS) on Weakness
Traders purchased shares of CVS Health Corporation (NYSE:CVS) on weakness during trading hours on Thursday. $141.44 million flowed into the stock on the tick-up and $70.10 million flowed out of the stock on the tick-down, for a money net flow of $71.34 million into the stock. Of all companies tracked, CVS Health Corporation had the 2nd highest net in-flow for the day. CVS Health Corporation traded down ($0.17) for the day and closed at $97.46
Several equities analysts recently issued reports on the company. FBR & Co reissued a “buy” rating on shares of CVS Health Corporation in a research note on Wednesday, May 4th. Vetr raised CVS Health Corporation from a “buy” rating to a “strong-buy” rating and set a $113.29 price target on the stock in a research report on Monday, April 11th. Morgan Stanley lowered 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. Jefferies Group increased their price target on CVS Health Corporation from $110.00 to $122.00 and gave the company a “buy” rating in a research report on Thursday, May 12th. Finally, Leerink Swann reaffirmed a “buy” rating and issued a $110.00 price target on shares of CVS Health Corporation in a research report on Thursday, May 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $113.72.
The firm’s 50 day moving average price is $95.72 and its 200-day moving average price is $98.34. The firm has a market cap of $104.67 billion and a PE ratio of 21.18.
CVS Health Corporation (NYSE:CVS) last posted its quarterly earnings data on Tuesday, May 3rd. The pharmacy operator reported $1.18 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.02. The firm had revenue of $43.20 billion for the quarter, compared to analyst estimates of $43.01 billion. During the same quarter last year, the company earned $1.14 earnings per share. The company’s quarterly revenue was up 18.9% compared to the same quarter last year. Analysts anticipate that CVS Health Corporation will post $5.83 EPS for the current 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. This represents a $1.70 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend is Tuesday, July 19th.
In other news, EVP Troyen A. Brennan sold 7,517 shares of the stock in a transaction on Thursday, May 5th. The shares were sold at an average price of $105.00, for a total transaction of $789,285.00. Following the completion of the sale, the executive vice president now directly owns 69,601 shares in the company, valued at $7,308,105. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Larry J. Merlo sold 38,247 shares of the stock in a transaction on Thursday, May 5th. The stock was sold at an average price of $105.00, for a total transaction of $4,015,935.00. Following the sale, the chief executive officer now owns 280,381 shares of the company’s stock, valued at $29,440,005. The disclosure for this sale can be found here.
Several large investors have recently bought and sold shares of the company. Front Barnett Associates LLC boosted its stake in CVS Health Corporation by 0.3% in the fourth quarter. Front Barnett Associates LLC now owns 49,762 shares of the pharmacy operator’s stock valued at $4,865,000 after buying an additional 130 shares during the period. ProVise Management Group LLC boosted its stake in CVS Health Corporation by 0.5% in the fourth quarter. ProVise Management Group LLC now owns 28,448 shares of the pharmacy operator’s stock worth $2,782,000 after buying an additional 141 shares during the last quarter. NEXT Financial Group Inc boosted its stake in CVS Health Corporation by 1.5% in the fourth quarter. NEXT Financial Group Inc now owns 10,611 shares of the pharmacy operator’s stock worth $1,037,000 after buying an additional 155 shares during the last quarter. WMS Partners LLC boosted its stake 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 worth $1,085,000 after buying an additional 158 shares during the last quarter. Finally, Argent Trust Co boosted its stake in CVS Health Corporation by 1.2% in the third quarter. Argent Trust Co now owns 13,522 shares of the pharmacy operator’s stock worth $1,304,000 after buying an additional 158 shares during 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.