Carnegie Capital Asset Management LLC reduced its stake in CVS Health Corp (NYSE:CVS) by 39.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,995 shares of the pharmacy operator’s stock after selling 3,879 shares during the period. Carnegie Capital Asset Management LLC’s holdings in CVS Health were worth $354,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of CVS. Wealth Quarterback LLC bought a new position in CVS Health in the 4th quarter worth about $12,665,010,000. Norges Bank bought a new position in CVS Health in the 4th quarter worth about $955,672,000. Capital World Investors grew its stake in CVS Health by 744.2% in the 4th quarter. Capital World Investors now owns 10,974,728 shares of the pharmacy operator’s stock worth $815,313,000 after acquiring an additional 9,674,728 shares in the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its stake in CVS Health by 468.4% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 3,042,981 shares of the pharmacy operator’s stock worth $224,325,000 after acquiring an additional 2,507,659 shares in the last quarter. Finally, Veritas Asset Management LLP grew its stake in CVS Health by 32.1% in the 1st quarter. Veritas Asset Management LLP now owns 10,235,658 shares of the pharmacy operator’s stock worth $607,282,000 after acquiring an additional 2,487,300 shares in the last quarter. Institutional investors and hedge funds own 76.44% of the company’s stock.
A number of equities analysts have commented on CVS shares. ValuEngine downgraded shares of CVS Health from a “sell” rating to a “strong sell” rating in a research note on Thursday, April 30th. JPMorgan Chase & Co. dropped their price objective on shares of CVS Health from $97.00 to $94.00 and set an “overweight” rating on the stock in a research note on Monday, May 4th. SunTrust Banks dropped their price objective on shares of CVS Health from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Monday, April 13th. Oppenheimer reiterated a “hold” rating on shares of CVS Health in a research note on Wednesday, May 6th. Finally, Robert W. Baird increased their price objective on shares of CVS Health from $62.00 to $66.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. One analyst has rated the stock with a sell rating, two have issued a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $80.88.
In related news, EVP Alan Lotvin purchased 5,000 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was acquired at an average price of $63.14 per share, with a total value of $315,700.00. Following the completion of the acquisition, the executive vice president now owns 15,161 shares in the company, valued at approximately $957,265.54. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP James David Clark sold 6,234 shares of the firm’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $65.00, for a total transaction of $405,210.00. Following the completion of the transaction, the senior vice president now directly owns 4,817 shares of the company’s stock, valued at approximately $313,105. The disclosure for this sale can be found here. Company insiders own 0.46% of the company’s stock.
NYSE:CVS opened at $63.33 on Friday. CVS Health Corp has a 52 week low of $52.04 and a 52 week high of $77.03. The firm has a 50 day moving average of $61.11 and a 200 day moving average of $67.62. The company has a quick ratio of 0.70, a current ratio of 0.99 and a debt-to-equity ratio of 1.29. The stock has a market capitalization of $82.79 billion, a price-to-earnings ratio of 8.59, a PEG ratio of 1.42 and a beta of 0.73.
CVS Health (NYSE:CVS) last posted its earnings results on Wednesday, May 6th. The pharmacy operator reported $1.91 EPS for the quarter, beating the Zacks’ consensus estimate of $1.63 by $0.28. CVS Health had a net margin of 2.76% and a return on equity of 15.17%. The company had revenue of $66.76 billion during the quarter, compared to analysts’ expectations of $64.11 billion. During the same quarter in the prior year, the company posted $1.62 earnings per share. CVS Health’s revenue for the quarter was up 8.3% compared to the same quarter last year. As a group, analysts expect that CVS Health Corp will post 7.08 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, May 4th. Shareholders of record on Thursday, April 23rd were issued a $0.50 dividend. The ex-dividend date was Wednesday, April 22nd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.16%. CVS Health’s dividend payout ratio is currently 28.25%.
About CVS Health
CVS Health Corporation provides health services and plans in the United States. Its Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, retail pharmacy network management, mail order pharmacy, specialty pharmacy and infusion, Medicare Part D, clinical, disease management, and medical spend management services.
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