Flippin Bruce & Porter Inc. Has $11.35 Million Stake in CVS Health Corp (CVS)
Flippin Bruce & Porter Inc. lifted its stake in shares of CVS Health Corp (NYSE:CVS) by 4.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 144,139 shares of the pharmacy operator’s stock after purchasing an additional 6,393 shares during the quarter. CVS Health comprises approximately 2.1% of Flippin Bruce & Porter Inc.’s portfolio, making the stock its 11th biggest position. Flippin Bruce & Porter Inc.’s holdings in CVS Health were worth $11,347,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in the company. Systematic Financial Management LP raised its position in CVS Health by 93.1% in the third quarter. Systematic Financial Management LP now owns 47,298 shares of the pharmacy operator’s stock worth $3,723,000 after acquiring an additional 22,799 shares in the last quarter. Fagan Associates Inc. raised its position in CVS Health by 6.2% in the third quarter. Fagan Associates Inc. now owns 14,365 shares of the pharmacy operator’s stock worth $1,131,000 after acquiring an additional 835 shares in the last quarter. McKinley Carter Wealth Services Inc. purchased a new position in CVS Health in the third quarter worth $246,000. Motley Fool Asset Management LLC raised its position in CVS Health by 28.3% in the third quarter. Motley Fool Asset Management LLC now owns 13,407 shares of the pharmacy operator’s stock worth $1,055,000 after acquiring an additional 2,960 shares in the last quarter. Finally, Thompson Investment Management Inc. raised its position in CVS Health by 2.6% in the third quarter. Thompson Investment Management Inc. now owns 100,126 shares of the pharmacy operator’s stock worth $7,882,000 after acquiring an additional 2,510 shares in the last quarter. Institutional investors and hedge funds own 83.03% of the company’s stock.
Shares of CVS stock opened at $78.55 on Tuesday. CVS Health Corp has a fifty-two week low of $60.14 and a fifty-two week high of $83.88. The firm has a market capitalization of $80.82 billion, a PE ratio of 13.31, a PEG ratio of 1.06 and a beta of 0.98. The company has a debt-to-equity ratio of 1.66, a current ratio of 2.44 and a quick ratio of 1.94.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Wednesday, October 24th were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date of this dividend was Tuesday, October 23rd. CVS Health’s dividend payout ratio is currently 33.90%.
Several research firms have issued reports on CVS. Leerink Swann increased their price objective on CVS Health from $85.00 to $95.00 and gave the stock a “positive” rating in a research report on Thursday, November 8th. Morgan Stanley set a $100.00 price objective on CVS Health and gave the stock a “buy” rating in a research report on Wednesday, November 7th. Wolfe Research began coverage on CVS Health in a research report on Thursday, October 25th. They issued a “peer perform” rating for the company. Royal Bank of Canada set a $99.00 price objective on CVS Health and gave the stock a “buy” rating in a research report on Tuesday, October 23rd. Finally, ValuEngine cut CVS Health from a “sell” rating to a “strong sell” rating in a research report on Tuesday, September 4th. One analyst has rated the stock with a sell rating, five have issued a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $90.04.
In other news, EVP Lisa Bisaccia sold 21,534 shares of the firm’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $80.00, for a total value of $1,722,720.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kevin Hourican sold 8,564 shares of the firm’s stock in a transaction on Monday, August 27th. The shares were sold at an average price of $75.00, for a total value of $642,300.00. Following the completion of the transaction, the executive vice president now owns 12,135 shares of the company’s stock, valued at approximately $910,125. The disclosure for this sale can be found here. In the last 90 days, insiders sold 57,638 shares of company stock valued at $4,558,875. Company insiders own 0.53% of the company’s stock.
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CVS Health Company Profile
CVS Health Corporation, together with its subsidiaries, provides integrated pharmacy health care services. It operates through Pharmacy Services and Retail/LTC segments. The Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, Medicare Part D services, mail order, specialty pharmacy and infusion services, retail pharmacy network management services, prescription management systems, clinical services, disease management programs, and medical pharmacy management services.
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