Tower Bridge Advisors Increases Position in CVS Health Corporation (CVS)
Tower Bridge Advisors boosted its position in shares of CVS Health Corporation (NYSE:CVS) by 3.4% during the first quarter, according to its most recent filing with the SEC. The firm owned 156,713 shares of the pharmacy operator’s stock after buying an additional 5,151 shares during the period. CVS Health Corporation comprises 1.4% of Tower Bridge Advisors’ investment portfolio, making the stock its 19th largest position. Tower Bridge Advisors’ holdings in CVS Health Corporation were worth $12,302,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Mercer Capital Advisers Inc. purchased a new stake in CVS Health Corporation during the first quarter valued at approximately $118,000. SRS Capital Advisors Inc. bought a new position in CVS Health Corporation during the fourth quarter valued at about $120,000. D Orazio & Associates Inc. increased its position in CVS Health Corporation by 34.5% in the fourth quarter. D Orazio & Associates Inc. now owns 1,560 shares of the pharmacy operator’s stock valued at $123,000 after buying an additional 400 shares during the period. Sowell Financial Services LLC acquired a new position in shares of CVS Health Corporation during the fourth quarter valued at $140,000. Finally, Patriot Financial Group Insurance Agency LLC acquired a new position in shares of CVS Health Corporation during the fourth quarter valued at $156,000. Hedge funds and other institutional investors own 82.05% of the company’s stock.
CVS Health Corporation (CVS) traded down 1.44% during trading on Thursday, reaching $78.60. The company’s stock had a trading volume of 5,055,225 shares. The company has a market capitalization of $80.08 billion, a P/E ratio of 16.41 and a beta of 0.91. CVS Health Corporation has a 1-year low of $69.30 and a 1-year high of $98.44. The company’s 50-day moving average is $78.75 and its 200-day moving average is $79.09.
CVS Health Corporation (NYSE:CVS) last announced its earnings results on Tuesday, May 2nd. The pharmacy operator reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.07. The firm had revenue of $44.51 billion for the quarter, compared to the consensus estimate of $44.20 billion. CVS Health Corporation had a return on equity of 17.56% and a net margin of 2.86%. The firm’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.18 EPS. Equities analysts anticipate that CVS Health Corporation will post $5.87 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 3rd. Shareholders of record on Monday, July 24th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.54%. The ex-dividend date is Thursday, July 20th. CVS Health Corporation’s payout ratio is currently 41.67%.
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Several equities analysts recently weighed in on CVS shares. 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 shares of CVS Health Corporation from a “buy” rating to a “strong-buy” rating and set a $87.97 price target on the stock 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 reaffirmed an “outperform” rating and set a $86.00 price objective on shares of CVS Health Corporation in a research note on Tuesday, June 13th. Finally, Tigress Financial began coverage on shares of CVS Health Corporation in a research note on Thursday, April 27th. They set a “buy” rating on the stock. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $93.67.
In other news, CFO David M. Denton sold 230,510 shares of CVS Health Corporation stock in a transaction on 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 transaction, the chief financial officer now directly owns 176,983 shares in the company, valued at approximately $14,158,640. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Helena Foulkes sold 20,333 shares of CVS Health Corporation stock in a transaction on 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 owns 59,301 shares in the company, valued at $4,744,080. The disclosure for this sale can be found here. Insiders have sold a total of 271,175 shares of company stock worth $21,632,597 in the last ninety days. 0.61% of the stock is owned by company insiders.
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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