Granite Investment Advisors LLC Buys New Holdings in CVS Health Corporation (CVS)
Granite Investment Advisors LLC bought a new position in CVS Health Corporation (NYSE:CVS) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 131,374 shares of the pharmacy operator’s stock, valued at approximately $10,367,000. CVS Health Corporation comprises approximately 1.9% of Granite Investment Advisors LLC’s investment portfolio, making the stock its 19th biggest position.
Other institutional investors and hedge funds also recently bought and sold shares of the company. TB Alternative Assets Ltd. acquired a new stake in CVS Health Corporation in the 2nd quarter worth approximately $121,000. Gemmer Asset Management LLC lifted its holdings 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 purchasing an additional 200 shares during the last quarter. SRS Capital Advisors Inc. lifted its holdings 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 purchasing an additional 734 shares during the last quarter. Grace & White Inc. NY acquired a new stake in CVS Health Corporation in the 2nd quarter worth approximately $199,000. Finally, Nadler Financial Group Inc. acquired a new stake in CVS Health Corporation in the 2nd quarter worth approximately $202,000. Hedge funds and other institutional investors own 81.46% of the company’s stock.
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Shares of CVS Health Corporation (NYSE CVS) opened at 72.44 on Tuesday. The company has a market capitalization of $73.64 billion, a PE ratio of 14.43 and a beta of 0.92. The stock’s 50 day moving average price is $79.27 and its 200-day moving average price is $78.87. CVS Health Corporation has a 52-week low of $69.30 and a 52-week high of $88.84.
CVS Health Corporation (NYSE:CVS) last released its quarterly earnings results on Tuesday, August 8th. The pharmacy operator reported $1.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.31 by $0.02. The business had revenue of $45.69 billion during the quarter, compared to analysts’ expectations of $45.36 billion. CVS Health Corporation had a return on equity of 17.47% and a net margin of 2.93%. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period last year, the firm posted $1.32 EPS. On average, analysts expect that CVS Health Corporation will post $5.88 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 3rd. Investors of record on Tuesday, October 24th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, October 23rd. This represents a $2.00 annualized dividend and a yield of 2.76%. CVS Health Corporation’s payout ratio is currently 39.92%.
In related news, CFO David M. Denton sold 237,078 shares of CVS Health Corporation stock in a transaction that occurred 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 directly owns 141,096 shares of the company’s stock, valued at approximately $11,238,296.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Thomas M. Moriarty sold 90,267 shares of CVS Health Corporation stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $79.61, for a total value of $7,186,155.87. Following the sale, the executive vice president now directly owns 70,102 shares of the company’s stock, valued at $5,580,820.22. The disclosure for this sale can be found here. Over the last three months, insiders have sold 716,625 shares of company stock valued at $58,318,431. 0.61% of the stock is currently owned by insiders.
Several research firms recently weighed in on CVS. Royal Bank Of Canada began coverage on CVS Health Corporation in a report on Tuesday, September 19th. They issued an “outperform” rating and a $95.00 target price for the company. Jefferies Group LLC boosted their target price on CVS Health Corporation from $82.00 to $86.00 and gave the stock a “hold” rating in a report on Friday, September 15th. Needham & Company LLC began coverage on CVS Health Corporation in a report on Tuesday, June 27th. They issued a “hold” rating for the company. Guggenheim restated a “buy” rating on shares of CVS Health Corporation in a report on Monday, July 3rd. Finally, Leerink Swann set a $90.00 target price on CVS Health Corporation and gave the stock a “buy” rating in a report on Tuesday, June 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $89.68.
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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