Abbrea Capital LLC decreased its holdings in shares of CVS Health Corporation (NYSE:CVS) by 6.1% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 3,760 shares of the pharmacy operator’s stock after selling 246 shares during the period. Abbrea Capital LLC’s holdings in CVS Health Corporation were worth $295,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the company. Mercer Capital Advisers Inc. purchased a new stake in CVS Health Corporation in the first quarter valued at approximately $118,000. Edmp Inc. purchased a new stake in CVS Health Corporation in the first quarter valued at approximately $202,000. Pinnacle Bank purchased a new stake in CVS Health Corporation in the first quarter valued at approximately $203,000. Doyle Wealth Management purchased a new stake in CVS Health Corporation in the first quarter valued at approximately $208,000. Finally, Cue Financial Group Inc. boosted its position in CVS Health Corporation by 3.6% in the first quarter. Cue Financial Group Inc. now owns 2,708 shares of the pharmacy operator’s stock valued at $213,000 after buying an additional 95 shares during the last quarter. Institutional investors and hedge funds own 81.55% of the company’s stock.
Shares of CVS Health Corporation (NYSE:CVS) traded up 0.64% during mid-day trading on Friday, reaching $83.17. The company’s stock had a trading volume of 7,483,230 shares. The firm has a market capitalization of $84.55 billion, a P/E ratio of 16.57 and a beta of 0.92. The company’s 50-day moving average is $78.92 and its 200 day moving average is $78.97. CVS Health Corporation has a 1-year low of $69.30 and a 1-year high of $90.85.
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 Zacks’ consensus estimate of $1.31 by $0.02. The company 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 business’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.32 earnings per share. On average, analysts expect that CVS Health Corporation will post $5.88 earnings per share for the current year.
A number of brokerages recently commented on CVS. Jefferies Group LLC upped their target price on CVS Health Corporation from $82.00 to $86.00 and gave the company a “hold” rating in a research report on Friday. Needham & Company LLC began coverage on CVS Health Corporation in a research report on Tuesday, June 27th. They issued a “hold” rating on the stock. Guggenheim reiterated a “buy” rating on shares of CVS Health Corporation in a research report on Monday, July 3rd. Leerink Swann set a $90.00 target price on CVS Health Corporation and gave the company a “buy” rating in a research report on Tuesday, June 27th. Finally, BidaskClub raised CVS Health Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and fourteen have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $90.35.
In other news, Director Richard J. Swift sold 2,500 shares of CVS Health Corporation stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $79.62, for a total value of $199,050.00. Following the completion of the sale, the director now owns 3,258 shares of the company’s stock, valued at $259,401.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Larry J. Merlo sold 241,150 shares of CVS Health Corporation stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $83.07, for a total value of $20,032,330.50. Following the completion of the sale, the insider now directly owns 299,255 shares of the company’s stock, valued at approximately $24,859,112.85. The disclosure for this sale can be found here. In the last ninety days, insiders sold 611,660 shares of company stock valued at $49,492,596. Company insiders own 0.61% of the company’s stock.
About CVS Health Corporation
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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