Inverness Counsel LLC NY Grows Holdings in CVS Health Corporation (CVS)
Inverness Counsel LLC NY grew its stake in CVS Health Corporation (NYSE:CVS) by 542.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,575 shares of the pharmacy operator’s stock after buying an additional 61,285 shares during the period. Inverness Counsel LLC NY’s holdings in CVS Health Corporation were worth $5,839,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Mercer Capital Advisers Inc. purchased a new position in CVS Health Corporation in the 1st quarter worth approximately $118,000. TB Alternative Assets Ltd. purchased a new position in CVS Health Corporation in the 2nd quarter worth approximately $121,000. Gemmer Asset Management LLC grew its stake in CVS Health Corporation by 15.3% in the 2nd quarter. Gemmer Asset Management LLC now owns 1,509 shares of the pharmacy operator’s stock worth $121,000 after buying an additional 200 shares in the last quarter. SRS Capital Advisors Inc. grew its stake in CVS Health Corporation by 48.2% in the 1st quarter. SRS Capital Advisors Inc. now owns 2,256 shares of the pharmacy operator’s stock worth $177,000 after buying an additional 734 shares in the last quarter. Finally, Nadler Financial Group Inc. purchased a new position in CVS Health Corporation in the 2nd quarter worth approximately $202,000. 81.55% of the stock is owned by institutional investors and hedge funds.
A number of research firms have commented on CVS. Needham & Company LLC reissued a “hold” rating on shares of CVS Health Corporation in a research note on Sunday, September 10th. BidaskClub upgraded shares of CVS Health Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. Citigroup Inc. lowered their price objective on shares of CVS Health Corporation from $88.00 to $87.00 and set a “neutral” rating for the company in a report on Thursday, August 17th. Jefferies Group LLC boosted their price objective on shares of CVS Health Corporation from $82.00 to $86.00 and gave the stock a “hold” rating in a report on Friday. Finally, Wolfe Research lowered shares of CVS Health Corporation from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $89.00 to $82.00 in a report on Monday, August 14th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and fourteen have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $90.35.
CVS Health Corporation (NYSE CVS) opened at 83.17 on Monday. The company has a market capitalization of $84.55 billion, a price-to-earnings ratio of 16.57 and a beta of 0.92. The firm has a 50-day moving average of $78.92 and a 200 day moving average of $78.97. CVS Health Corporation has a one year low of $69.30 and a one year high of $90.85.
CVS Health Corporation (NYSE:CVS) last posted its quarterly earnings data on Tuesday, August 8th. The pharmacy operator reported $1.33 EPS for the quarter, topping the consensus estimate of $1.31 by $0.02. The company had revenue of $45.69 billion during the quarter, compared to analyst estimates of $45.36 billion. CVS Health Corporation had a net margin of 2.93% and a return on equity of 17.47%. CVS Health Corporation’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.32 earnings per share. Equities research analysts predict that CVS Health Corporation will post $5.88 earnings per share for the current fiscal year.
In other news, EVP Thomas M. Moriarty sold 90,267 shares of CVS Health Corporation stock in a transaction on Monday, September 11th. The stock was sold at an average price of $79.61, for a total transaction of $7,186,155.87. Following the completion of the sale, the executive vice president now directly owns 70,102 shares in the company, valued at $5,580,820.22. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Larry J. Merlo sold 241,150 shares of CVS Health Corporation stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $83.07, for a total value of $20,032,330.50. Following the sale, the insider now owns 299,255 shares of the company’s stock, valued at $24,859,112.85. The disclosure for this sale can be found here. Insiders have sold 591,328 shares of company stock valued at $47,927,439 over the last ninety days. 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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