CVS Health Corporation (CVS) Position Cut by LS Investment Advisors LLC
LS Investment Advisors LLC decreased its position in shares of CVS Health Corporation (NYSE:CVS) by 6.1% during the first quarter, Holdings Channel reports. The firm owned 205,087 shares of the pharmacy operator’s stock after selling 13,334 shares during the period. CVS Health Corporation accounts for approximately 1.0% of LS Investment Advisors LLC’s investment portfolio, making the stock its 16th largest position. LS Investment Advisors LLC’s holdings in CVS Health Corporation were worth $16,099,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Franklin Resources Inc. increased its stake in shares of CVS Health Corporation by 19.9% in the fourth quarter. Franklin Resources Inc. now owns 14,288,826 shares of the pharmacy operator’s stock worth $1,127,532,000 after buying an additional 2,372,019 shares during the period. Norges Bank bought a new stake in shares of CVS Health Corporation during the fourth quarter worth about $800,355,000. Macquarie Group Ltd. increased its stake in shares of CVS Health Corporation by 16.6% in the fourth quarter. Macquarie Group Ltd. now owns 9,526,280 shares of the pharmacy operator’s stock worth $751,719,000 after buying an additional 1,359,100 shares during the period. Parnassus Investments CA increased its stake in shares of CVS Health Corporation by 2.9% in the first quarter. Parnassus Investments CA now owns 6,237,016 shares of the pharmacy operator’s stock worth $473,605,000 after buying an additional 175,695 shares during the period. Finally, Vulcan Value Partners LLC bought a new stake in shares of CVS Health Corporation during the fourth quarter worth about $420,930,000. Institutional investors and hedge funds own 81.96% of the company’s stock.
CVS Health Corporation (NYSE CVS) opened at 78.30 on Tuesday. CVS Health Corporation has a 52 week low of $69.30 and a 52 week high of $98.66. The company has a market cap of $79.77 billion, a PE ratio of 16.33 and a beta of 0.91. The company has a 50-day moving average price of $78.46 and a 200 day moving average price of $79.38.
CVS Health Corporation (NYSE:CVS) last posted its earnings results on Tuesday, May 2nd. The pharmacy operator reported $1.17 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.10 by $0.07. CVS Health Corporation had a net margin of 2.86% and a return on equity of 17.56%. The firm had revenue of $44.51 billion during the quarter, compared to the consensus estimate of $44.20 billion. During the same quarter last year, the firm earned $1.18 EPS. The firm’s revenue for the quarter was up 3.0% on a year-over-year basis. On average, equities research analysts forecast that CVS Health Corporation will post $5.87 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 3rd. Investors of record on Monday, July 24th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, July 20th. This represents a $2.00 annualized dividend and a yield of 2.55%. CVS Health Corporation’s dividend payout ratio (DPR) is presently 41.67%.
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CVS has been the topic of a number of recent research reports. Jefferies Group LLC restated a “hold” rating and set a $82.00 price objective on shares of CVS Health Corporation in a research report on Friday, June 9th. Vetr upgraded CVS Health Corporation from a “buy” rating to a “strong-buy” rating and set a $87.97 price objective on the stock in a research report on Wednesday, May 24th. Evercore ISI restated an “outperform” rating and set a $88.00 price objective (up from $87.00) on shares of CVS Health Corporation in a research report on Wednesday, May 3rd. Cowen and Company restated an “outperform” rating and set a $86.00 price objective on shares of CVS Health Corporation in a research report on Tuesday, June 13th. Finally, Tigress Financial initiated coverage on CVS Health Corporation in a research report on Thursday, April 27th. They set a “buy” rating on the stock. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. CVS Health Corporation presently has an average rating of “Buy” and an average target price of $93.67.
In related news, CFO David M. Denton sold 230,510 shares of CVS Health Corporation stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $80.00, for a total value of $18,440,800.00. Following the completion of the sale, the chief financial officer now owns 176,983 shares in the company, valued at approximately $14,158,640. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Helena Foulkes sold 20,333 shares of CVS Health Corporation stock in a transaction that occurred on Monday, June 26th. The shares were sold at an average price of $80.00, for a total transaction of $1,626,640.00. Following the completion of the sale, the executive vice president now owns 59,301 shares of the company’s stock, valued at approximately $4,744,080. The disclosure for this sale can be found here. Insiders sold a total of 271,175 shares of company stock valued at $21,632,597 in the last quarter. 0.61% of the stock is owned by insiders.
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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