Pinnacle Associates Ltd. lessened its position in CVS Health Corporation (NYSE:CVS) by 11.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 200,908 shares of the pharmacy operator’s stock after selling 26,469 shares during the quarter. Pinnacle Associates Ltd.’s holdings in CVS Health Corporation were worth $16,165,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cannell Peter B & Co. Inc. raised its stake in CVS Health Corporation by 5.9% during the second quarter. Cannell Peter B & Co. Inc. now owns 3,890 shares of the pharmacy operator’s stock valued at $313,000 after buying an additional 215 shares during the last quarter. Burney Co. raised its stake in CVS Health Corporation by 11.7% during the second quarter. Burney Co. now owns 104,518 shares of the pharmacy operator’s stock valued at $8,390,000 after buying an additional 10,933 shares during the last quarter. Nuance Investments LLC purchased a new position in CVS Health Corporation during the second quarter valued at $2,973,000. Sequoia Financial Advisors LLC raised its stake in CVS Health Corporation by 0.8% during the second quarter. Sequoia Financial Advisors LLC now owns 6,406 shares of the pharmacy operator’s stock valued at $515,000 after buying an additional 53 shares during the last quarter. Finally, Artemis Investment Management LLP purchased a new position in CVS Health Corporation during the second quarter valued at $7,348,000. Institutional investors own 82.04% of the company’s stock.
Shares of CVS Health Corporation (NYSE CVS) opened at $70.44 on Wednesday. CVS Health Corporation has a fifty-two week low of $66.45 and a fifty-two week high of $84.72. The company has a current ratio of 1.05, a quick ratio of 0.55 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $72,408.67, a PE ratio of 12.52, a price-to-earnings-growth ratio of 1.23 and a beta of 0.86.
CVS Health Corporation (NYSE:CVS) last released its quarterly earnings results on Monday, November 6th. The pharmacy operator reported $1.50 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.49 by $0.01. CVS Health Corporation had a return on equity of 16.96% and a net margin of 2.77%. The business had revenue of $46.18 billion during the quarter, compared to analyst estimates of $46.17 billion. During the same quarter in the previous year, the company posted $1.64 earnings per share. CVS Health Corporation’s revenue for the quarter was up 3.5% on a year-over-year basis. equities research analysts expect that CVS Health Corporation will post 5.89 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 3rd. Shareholders of record on Tuesday, October 24th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend was Monday, October 23rd. CVS Health Corporation’s dividend payout ratio is presently 41.32%.
A number of research analysts have issued reports on CVS shares. Needham & Company LLC reiterated a “hold” rating on shares of CVS Health Corporation in a research note on Sunday, September 10th. Oppenheimer Holdings, Inc. reiterated a “buy” rating and set a $95.00 price objective on shares of CVS Health Corporation in a research note on Monday, October 9th. BidaskClub cut CVS Health Corporation from a “hold” rating to a “sell” rating in a research note on Friday, August 25th. SunTrust Banks, Inc. set a $85.00 price objective on CVS Health Corporation and gave the company a “buy” rating in a research note on Thursday, October 12th. Finally, Leerink Swann reissued an “outperform” rating and issued a $85.00 target price (down previously from $90.00) on shares of CVS Health Corporation in a report on Tuesday, November 7th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and fourteen have given a buy rating to the stock. CVS Health Corporation has a consensus rating of “Buy” and a consensus target price of $85.82.
In other CVS Health Corporation news, EVP Thomas M. Moriarty sold 90,267 shares of the business’s stock in a transaction dated 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 owns 70,102 shares of the company’s stock, valued at $5,580,820.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO David M. Denton sold 237,078 shares of the business’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $79.65, for a total value of $18,883,262.70. Following 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 disclosure for this sale can be found here. Insiders have sold 714,125 shares of company stock valued at $58,119,381 in the last three months. 0.61% of the stock is currently owned by corporate 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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