Markston International LLC Reduces Stake in CVS Health Corporation (NYSE:CVS)
Markston International LLC decreased its stake in shares of CVS Health Corporation (NYSE:CVS) by 16.2% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 245,946 shares of the pharmacy operator’s stock after selling 47,717 shares during the period. CVS Health Corporation comprises 1.9% of Markston International LLC’s investment portfolio, making the stock its 10th largest position. Markston International LLC’s holdings in CVS Health Corporation were worth $19,307,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in CVS. Franklin Resources Inc. boosted its position in 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 valued at approximately $800,355,000. Macquarie Group Ltd. boosted 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 valued at $751,719,000 after buying an additional 1,359,100 shares during the last quarter. Parnassus Investments CA boosted 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 valued at $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 valued at approximately $420,930,000. 82.05% of the stock is currently owned by institutional investors.
Shares of CVS Health Corporation (NYSE:CVS) traded down 0.80% on Friday, hitting $77.97. The stock had a trading volume of 6,041,968 shares. The company has a market cap of $79.44 billion, a PE ratio of 16.26 and a beta of 0.91. CVS Health Corporation has a 52 week low of $69.30 and a 52 week high of $98.44. The stock’s 50-day moving average price is $78.75 and its 200 day moving average price is $79.09.
CVS Health Corporation (NYSE:CVS) last issued its earnings results on Tuesday, May 2nd. The pharmacy operator reported $1.17 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.07. CVS Health Corporation had a return on equity of 17.56% and a net margin of 2.86%. The company had revenue of $44.51 billion during the quarter, compared to the consensus estimate of $44.20 billion. During the same period in the previous year, the company posted $1.18 EPS. The firm’s revenue for the quarter was up 3.0% compared to the same quarter last year. On average, analysts predict that CVS Health Corporation will post $5.87 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 3rd. Stockholders of record on Monday, July 24th were paid a dividend of $0.50 per share. The ex-dividend date was Thursday, July 20th. This represents a $2.00 annualized dividend and a dividend yield of 2.57%. CVS Health Corporation’s dividend payout ratio is currently 41.67%.
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CVS has been the subject of several recent research reports. Leerink Swann set a $90.00 price target on CVS Health Corporation and gave the company a “buy” rating in a research note on Tuesday, June 27th. Vetr cut CVS Health Corporation from a “strong-buy” rating to a “buy” rating and set a $88.97 price target for the company. in a research note on Monday, June 12th. Tigress Financial initiated coverage on CVS Health Corporation in a research note on Thursday, April 27th. They issued a “buy” rating for the company. Guggenheim reissued a “buy” rating on shares of CVS Health Corporation in a research note on Monday, July 3rd. Finally, ValuEngine cut CVS Health Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Nine research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $92.20.
In related news, CFO David M. Denton sold 230,510 shares of CVS Health Corporation stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 176,983 shares of the company’s stock, valued at approximately $14,158,640. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Helena Foulkes sold 20,332 shares of CVS Health Corporation stock in a transaction that occurred on Monday, June 19th. The stock was sold at an average price of $76.98, for a total value of $1,565,157.36. Following the sale, the executive vice president now directly owns 59,300 shares of the company’s stock, valued at $4,564,914. The disclosure for this sale can be found here. Insiders have sold a total of 271,175 shares of company stock valued at $21,632,597 over the last quarter. 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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