Baird Financial Group Inc. Cuts Position in CVS Health Corporation (CVS)
Baird Financial Group Inc. cut its position in shares of CVS Health Corporation (NYSE:CVS) by 4.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 271,757 shares of the pharmacy operator’s stock after selling 11,373 shares during the period. Baird Financial Group Inc.’s holdings in CVS Health Corporation were worth $21,333,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in CVS. Mercer Capital Advisers Inc. purchased a new position in shares of CVS Health Corporation during the first quarter worth approximately $118,000. Edmp Inc. purchased a new position in shares of CVS Health Corporation during the first quarter worth approximately $202,000. Pinnacle Bank purchased a new position in shares of CVS Health Corporation during the first quarter worth approximately $203,000. Doyle Wealth Management purchased a new position in shares of CVS Health Corporation during the first quarter worth approximately $208,000. Finally, Cue Financial Group Inc. boosted its position in shares of 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 worth $213,000 after buying an additional 95 shares during the last quarter. Institutional investors own 81.53% of the company’s stock.
CVS Health Corporation (CVS) traded up 1.52% during trading on Thursday, reaching $77.54. The company’s stock had a trading volume of 1,436,473 shares. The firm has a market cap of $78.82 billion, a PE ratio of 15.45 and a beta of 0.91. The company has a 50-day moving average of $78.28 and a 200 day moving average of $78.95. CVS Health Corporation has a one year low of $69.30 and a one year high of $94.30.
CVS Health Corporation (NYSE:CVS) last posted its quarterly earnings data on Tuesday, August 8th. The pharmacy operator reported $1.33 EPS for the quarter, topping the consensus estimate of $1.31 by $0.02. The firm had revenue of $45.69 billion during the quarter, compared to analyst estimates of $45.36 billion. CVS Health Corporation had a net margin of 2.93% and a return on equity of 17.47%. CVS Health Corporation’s revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.32 EPS. Analysts expect that CVS Health Corporation will post $5.88 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 3rd. Investors of record on Monday, July 24th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, July 20th. This represents a $2.00 annualized dividend and a dividend yield of 2.62%. CVS Health Corporation’s dividend payout ratio (DPR) is presently 39.92%.
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A number of research analysts have recently commented on the company. Citigroup Inc. dropped their price target on CVS Health Corporation from $88.00 to $87.00 and set a “neutral” rating for the company in a research note on Thursday, August 17th. BidaskClub upgraded CVS Health Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. Loop Capital assumed coverage on CVS Health Corporation in a research note on Thursday, August 24th. They issued a “hold” rating and a $83.00 price target for the company. Jefferies Group LLC reiterated a “hold” rating and issued a $82.00 price target on shares of CVS Health Corporation in a research note on Friday, June 9th. Finally, Wolfe Research cut CVS Health Corporation from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $89.00 to $82.00 in a research note on Monday, August 14th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and fourteen have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $90.83.
In related news, CFO David M. Denton sold 230,510 shares of the business’s stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $80.00, for a total transaction of $18,440,800.00. Following the completion of the transaction, the chief financial officer now owns 176,983 shares in the company, valued at approximately $14,158,640. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Helena Foulkes sold 20,332 shares of the business’s stock in a transaction that occurred on Monday, June 19th. The stock was sold at an average price of $76.98, for a total transaction of $1,565,157.36. Following the transaction, the executive vice president now owns 59,300 shares of the company’s stock, valued at approximately $4,564,914. The disclosure for this sale can be found here. In the last quarter, insiders have sold 273,675 shares of company stock valued at $21,831,647. 0.61% of the stock is currently owned by company 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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