Checchi Capital Advisers LLC raised its stake in shares of CVS Health Corporation (NYSE:CVS) by 8.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,646 shares of the pharmacy operator’s stock after buying an additional 730 shares during the period. Checchi Capital Advisers LLC’s holdings in CVS Health Corporation were worth $757,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in CVS. Franklin Resources Inc. raised its position in shares of CVS Health Corporation by 19.9% in the fourth quarter. Franklin Resources Inc. now owns 14,288,826 shares of the pharmacy operator’s stock valued at $1,127,532,000 after buying an additional 2,372,019 shares during the period. Norges Bank purchased a new stake in shares of CVS Health Corporation during the fourth quarter worth about $800,355,000. Macquarie Group Ltd. raised its stake in shares of CVS Health Corporation by 16.6% in the fourth quarter. Macquarie Group Ltd. now owns 9,526,280 shares of the pharmacy operator’s stock worth $751,719,000 after buying an additional 1,359,100 shares during the last quarter. Parnassus Investments CA raised its stake in shares of CVS Health Corporation by 2.9% in the first quarter. Parnassus Investments CA now owns 6,237,016 shares of the pharmacy operator’s stock worth $473,605,000 after buying an additional 175,695 shares during the last quarter. Finally, Vulcan Value Partners LLC purchased a new stake in shares of CVS Health Corporation during the fourth quarter worth about $420,930,000. Institutional investors and hedge funds own 81.96% of the company’s stock.
CVS Health Corporation (NYSE CVS) traded down 0.17% during midday trading on Friday, reaching $77.03. 3,429,270 shares of the company’s stock traded hands. CVS Health Corporation has a 1-year low of $69.30 and a 1-year high of $98.66. The company has a market capitalization of $78.48 billion, a PE ratio of 16.06 and a beta of 0.91. The firm’s 50 day moving average price is $78.76 and its 200-day moving average price is $79.29. CVS Health Corporation also saw unusually large options trading activity on Wednesday. Traders purchased 15,383 put options on the company. This represents an increase of 410% compared to the typical daily volume of 3,015 put options.
CVS Health Corporation (NYSE:CVS) last posted its quarterly earnings results on Tuesday, May 2nd. The pharmacy operator reported $1.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.10 by $0.07. CVS Health Corporation had a net margin of 2.86% and a return on equity of 17.56%. The company had revenue of $44.51 billion for the quarter, compared to the consensus estimate of $44.20 billion. During the same period last year, the firm posted $1.18 EPS. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. Equities analysts expect that CVS Health Corporation will post $5.87 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 3rd. Stockholders of record on Monday, July 24th will be given a $0.50 dividend. The ex-dividend date of this dividend is Thursday, July 20th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.60%. CVS Health Corporation’s payout ratio is currently 41.67%.
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CVS has been the subject of a number of research reports. Jefferies Group LLC reiterated a “hold” rating and issued a $82.00 price target on shares of CVS Health Corporation in a report on Friday, June 9th. Vetr upgraded CVS Health Corporation from a “buy” rating to a “strong-buy” rating and set a $87.97 price target for the company in a report on Wednesday, May 24th. Evercore ISI reiterated an “outperform” rating and issued a $88.00 price target (up previously from $87.00) on shares of CVS Health Corporation in a report on Wednesday, May 3rd. Cowen and Company restated an “outperform” rating and set a $86.00 target price on shares of CVS Health Corporation in a report on Tuesday, June 13th. Finally, Tigress Financial assumed coverage on CVS Health Corporation in a report on Thursday, April 27th. They set a “buy” rating for the company. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $93.67.
In other news, EVP Helena Foulkes sold 20,333 shares of the firm’s stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $80.00, for a total value of $1,626,640.00. Following the transaction, the executive vice president now directly owns 59,301 shares in the company, valued at approximately $4,744,080. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO David M. Denton sold 230,510 shares of the stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $80.00, for a total transaction of $18,440,800.00. Following the completion of the sale, the chief financial officer now directly owns 176,983 shares in the company, valued at approximately $14,158,640. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 271,175 shares of company stock worth $21,632,597. 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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