CVS Health Corporation (CVS) Position Cut by Municipal Employees Retirement System of Michigan
Municipal Employees Retirement System of Michigan trimmed its stake in CVS Health Corporation (NYSE:CVS) by 37.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 39,800 shares of the pharmacy operator’s stock after selling 23,600 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in CVS Health Corporation were worth $3,202,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in CVS. CGOV Asset Management grew its holdings in CVS Health Corporation by 0.3% in the first quarter. CGOV Asset Management now owns 1,148,337 shares of the pharmacy operator’s stock valued at $120,090,000 after purchasing an additional 3,466 shares during the period. Mn Services Vermogensbeheer B.V. grew its holdings in CVS Health Corporation by 3.0% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 28,441 shares of the pharmacy operator’s stock valued at $2,087,000 after purchasing an additional 841 shares during the period. Waldron LP grew its stake in CVS Health Corporation by 217.4% during the first quarter. Waldron LP now owns 10,633 shares of the pharmacy operator’s stock worth $835,000 after buying an additional 7,283 shares during the period. Crestwood Advisors Group LLC purchased a new stake in CVS Health Corporation during the first quarter worth approximately $12,600,000. Finally, Carlton Hofferkamp & Jenks Wealth Management LLC grew its stake in CVS Health Corporation by 40.2% during the first quarter. Carlton Hofferkamp & Jenks Wealth Management LLC now owns 16,510 shares of the pharmacy operator’s stock worth $1,296,000 after buying an additional 4,730 shares during the period. Hedge funds and other institutional investors own 81.49% of the company’s stock.
Shares of CVS Health Corporation (CVS) opened at 79.63 on Friday. The company has a 50-day moving average of $79.11 and a 200 day moving average of $78.98. The firm has a market capitalization of $80.95 billion, a PE ratio of 15.86 and a beta of 0.92. CVS Health Corporation has a 12-month low of $69.30 and a 12-month high of $90.85.
CVS Health Corporation (NYSE:CVS) last announced its quarterly earnings data on Tuesday, August 8th. The pharmacy operator reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.02. The business had revenue of $45.69 billion for 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%. CVS Health Corporation’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter last year, the company posted $1.32 earnings per share. On average, analysts predict that CVS Health Corporation will post $5.88 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 3rd. Stockholders of record on Tuesday, October 24th will be paid a $0.50 dividend. The ex-dividend date is Monday, October 23rd. This represents a $2.00 annualized dividend and a dividend yield of 2.51%. CVS Health Corporation’s payout ratio is 39.92%.
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In other news, Director Richard J. Swift sold 2,500 shares of the firm’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $79.62, for a total value of $199,050.00. Following the sale, the director now owns 3,258 shares in the company, valued at $259,401.96. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO David M. Denton sold 237,078 shares of the firm’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $79.65, for a total transaction of $18,883,262.70. Following the completion of the sale, the chief financial officer now owns 141,096 shares in the company, valued at approximately $11,238,296.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 716,411 shares of company stock worth $58,277,271. 0.61% of the stock is currently owned by corporate insiders.
Several research firms have issued reports on CVS. Cowen and Company reiterated an “outperform” rating and set a $86.00 price objective on shares of CVS Health Corporation in a research note on Tuesday, June 13th. BidaskClub upgraded shares of CVS Health Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. Citigroup Inc. decreased 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 research note on Thursday, August 17th. Royal Bank Of Canada began coverage on shares of CVS Health Corporation in a research note on Tuesday. They set an “outperform” rating and a $95.00 price objective for the company. Finally, Wolfe Research downgraded shares of CVS Health Corporation from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $89.00 to $82.00 in a research note on Monday, August 14th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and fifteen have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $90.58.
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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