Founders Capital Management Invests $1.96 Million in CVS Health Corporation (CVS)
Founders Capital Management purchased a new stake in CVS Health Corporation (NYSE:CVS) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 24,919 shares of the pharmacy operator’s stock, valued at approximately $1,956,000. CVS Health Corporation accounts for 1.8% of Founders Capital Management’s portfolio, making the stock its 21st largest position.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LSV Asset Management raised its position in CVS Health Corporation by 44.2% in the first quarter. LSV Asset Management now owns 4,579,916 shares of the pharmacy operator’s stock valued at $359,523,000 after buying an additional 1,404,384 shares during the last quarter. Swiss National Bank raised its position in CVS Health Corporation by 26.9% in the first quarter. Swiss National Bank now owns 3,826,410 shares of the pharmacy operator’s stock valued at $300,373,000 after buying an additional 811,100 shares during the last quarter. Karp Capital Management Corp bought a new position in CVS Health Corporation during the first quarter valued at approximately $55,824,000. Thornburg Investment Management Inc. raised its position in CVS Health Corporation by 31.8% in the first quarter. Thornburg Investment Management Inc. now owns 2,712,089 shares of the pharmacy operator’s stock valued at $212,899,000 after buying an additional 654,058 shares during the last quarter. Finally, Crawford Investment Counsel Inc. raised its position in CVS Health Corporation by 780.7% in the first quarter. Crawford Investment Counsel Inc. now owns 643,617 shares of the pharmacy operator’s stock valued at $50,524,000 after buying an additional 570,535 shares during the last quarter. 81.53% of the stock is owned by hedge funds and other institutional investors.
Shares of CVS Health Corporation (NYSE:CVS) traded up 0.50% during mid-day trading on Friday, hitting $77.73. The stock had a trading volume of 1,622,844 shares. The firm has a 50 day moving average price of $78.10 and a 200 day moving average price of $78.92. CVS Health Corporation has a 52-week low of $69.30 and a 52-week high of $94.30. The firm has a market cap of $79.02 billion, a PE ratio of 15.48 and a beta of 0.91.
CVS Health Corporation (NYSE:CVS) last posted its earnings results on Tuesday, August 8th. The pharmacy operator reported $1.33 EPS for the quarter, topping the Zacks’ consensus estimate of $1.31 by $0.02. CVS Health Corporation had a return on equity of 17.47% and a net margin of 2.93%. The business had revenue of $45.69 billion for the quarter, compared to analysts’ expectations of $45.36 billion. During the same quarter in the previous year, the firm earned $1.32 earnings per share. The business’s revenue was up 4.5% compared to the same quarter last year. Equities analysts predict that CVS Health Corporation will post $5.88 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 3rd. Stockholders of record on Monday, July 24th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date was Thursday, July 20th. CVS Health Corporation’s dividend payout ratio (DPR) is currently 39.92%.
CVS has been the subject of several recent research reports. Vetr raised CVS Health Corporation from a “buy” rating to a “strong-buy” rating and set a $87.97 price target for the company in a research report on Wednesday, May 24th. Guggenheim reissued a “buy” rating on shares of CVS Health Corporation in a research report on Monday, July 3rd. Leerink Swann set a $90.00 price target on CVS Health Corporation and gave the stock a “buy” rating in a research report on Tuesday, June 27th. Needham & Company LLC initiated coverage on CVS Health Corporation in a research report on Tuesday, June 27th. They issued a “hold” rating for the company. Finally, Cowen and Company reissued an “outperform” rating and issued a $86.00 price target on shares of CVS Health Corporation in a research report on Tuesday, June 13th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and fourteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $90.83.
In related news, EVP Helena Foulkes sold 20,333 shares of the business’s stock in a transaction dated Monday, June 26th. The stock was 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 approximately $4,744,080. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard J. Swift sold 2,500 shares of the business’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $79.62, for a total value of $199,050.00. Following the completion of the transaction, the director now owns 3,258 shares in the company, valued at approximately $259,401.96. The disclosure for this sale can be found here. Insiders have sold 273,675 shares of company stock worth $21,831,647 in the last quarter. Insiders own 0.61% of the company’s stock.
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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