Bank of America Corp DE Buys 398,999 Shares of CVS Health Corporation (CVS)
Bank of America Corp DE increased its position in shares of CVS Health Corporation (NYSE:CVS) by 1.8% during the first quarter, Holdings Channel reports. The firm owned 22,411,957 shares of the pharmacy operator’s stock after buying an additional 398,999 shares during the period. Bank of America Corp DE’s holdings in CVS Health Corporation were worth $1,759,338,000 as of its most recent filing with the SEC.
Several other large investors also recently added to or reduced their stakes in the stock. Keel Point LLC raised its position in CVS Health Corporation by 0.7% in the first quarter. Keel Point LLC now owns 3,296 shares of the pharmacy operator’s stock worth $259,000 after buying an additional 22 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new position in CVS Health Corporation during the first quarter worth $3,466,000. Oppenheimer & Co. Inc. increased its position in CVS Health Corporation by 20.1% in the first quarter. Oppenheimer & Co. Inc. now owns 62,495 shares of the pharmacy operator’s stock worth $4,906,000 after buying an additional 10,450 shares during the period. Schwab Charles Investment Management Inc. increased its position in CVS Health Corporation by 1.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 3,746,418 shares of the pharmacy operator’s stock worth $294,094,000 after buying an additional 40,014 shares during the period. Finally, Lucus Advisors LLC purchased a new position in CVS Health Corporation during the first quarter worth $408,000. 81.92% of the stock is owned by institutional investors.
CVS Health Corporation (NYSE CVS) traded up 0.13% during midday trading on Thursday, reaching $79.53. The company’s stock had a trading volume of 782,726 shares. The stock’s 50 day moving average price is $78.74 and its 200-day moving average price is $78.97. The stock has a market cap of $80.72 billion, a price-to-earnings ratio of 15.85 and a beta of 0.91. CVS Health Corporation has a one year low of $69.30 and a one year high of $98.44. CVS Health Corporation also saw some unusual options trading activity on Monday. Traders bought 12,222 put options on the stock. This is an increase of 254% compared to the typical daily volume of 3,454 put options.
CVS Health Corporation (NYSE:CVS) last issued its quarterly earnings data on Tuesday, August 8th. The pharmacy operator reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.02. The business had revenue of $45.69 billion during the quarter, compared to the consensus estimate of $45.36 billion. CVS Health Corporation had a net margin of 2.93% and a return on equity of 17.47%. The company’s revenue was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.32 earnings per share. On average, analysts forecast that CVS Health Corporation will post $5.88 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 3rd. Shareholders of record on Monday, July 24th were given a $0.50 dividend. The ex-dividend date of this dividend was Thursday, July 20th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.52%. CVS Health Corporation’s dividend payout ratio (DPR) is currently 39.92%.
A number of research analysts have weighed in on CVS shares. Evercore ISI reiterated an “outperform” rating and set a $88.00 target price (up previously from $87.00) on shares of CVS Health Corporation in a report on Wednesday, May 3rd. Vetr upgraded CVS Health Corporation from a “buy” rating to a “strong-buy” rating and set a $85.96 target price on the stock in a report on Wednesday, May 17th. ValuEngine downgraded CVS Health Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Tigress Financial started coverage on CVS Health Corporation in a report on Thursday, April 27th. They set a “buy” rating on the stock. Finally, Guggenheim reiterated a “buy” rating on shares of CVS Health Corporation in a report on Monday, July 3rd. Eight investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $91.27.
In other CVS Health Corporation news, EVP Helena Foulkes sold 20,333 shares of the company’s stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $80.00, for a total value of $1,626,640.00. Following the completion of the transaction, the executive vice president now owns 59,301 shares in the company, valued at $4,744,080. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO David M. Denton sold 230,510 shares of the company’s stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $80.00, for a total transaction of $18,440,800.00. Following the completion of the transaction, the chief financial officer now owns 176,983 shares of the company’s stock, valued at approximately $14,158,640. The disclosure for this sale can be found here. In the last quarter, insiders sold 271,175 shares of company stock valued at $21,632,597. 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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