Park Avenue Securities LLC Invests $213,000 in CVS Health Corporation (CVS) Stock
Park Avenue Securities LLC bought a new position in shares of CVS Health Corporation (NYSE:CVS) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,684 shares of the pharmacy operator’s stock, valued at approximately $213,000.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Keel Point LLC raised its position in CVS Health Corporation by 0.7% during the first quarter. Keel Point LLC now owns 3,296 shares of the pharmacy operator’s stock worth $259,000 after acquiring an additional 22 shares in the last quarter. First City Capital Management Inc. raised its position in CVS Health Corporation by 0.3% during the first quarter. First City Capital Management Inc. now owns 12,771 shares of the pharmacy operator’s stock worth $1,003,000 after acquiring an additional 40 shares in the last quarter. Elefante Mark B raised its position in CVS Health Corporation by 0.7% during the second quarter. Elefante Mark B now owns 6,400 shares of the pharmacy operator’s stock worth $515,000 after acquiring an additional 45 shares in the last quarter. Norway Savings Bank raised its position in CVS Health Corporation by 0.3% during the second quarter. Norway Savings Bank now owns 17,014 shares of the pharmacy operator’s stock worth $1,368,000 after acquiring an additional 50 shares in the last quarter. Finally, Sheets Smith Wealth Management raised its position in CVS Health Corporation by 0.6% during the second quarter. Sheets Smith Wealth Management now owns 9,171 shares of the pharmacy operator’s stock worth $738,000 after acquiring an additional 55 shares in the last quarter. Institutional investors and hedge funds own 81.49% of the company’s stock.
Shares of CVS Health Corporation (NYSE:CVS) opened at 80.70 on Thursday. The company has a market cap of $82.04 billion, a price-to-earnings ratio of 16.08 and a beta of 0.92. CVS Health Corporation has a 1-year low of $69.30 and a 1-year high of $90.85. The stock has a 50 day moving average of $79.11 and a 200 day moving average of $78.98.
CVS Health Corporation (NYSE:CVS) last posted its quarterly earnings data on Tuesday, August 8th. The pharmacy operator reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.31 by $0.02. The business had revenue of $45.69 billion during the quarter, compared to the consensus estimate of $45.36 billion. CVS Health Corporation had a return on equity of 17.47% and a net margin of 2.93%. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.32 earnings per share. Analysts predict that CVS Health Corporation will post $5.88 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 3rd. Shareholders of record on Tuesday, October 24th will be issued a $0.50 dividend. The ex-dividend date is Monday, October 23rd. This represents a $2.00 dividend on an annualized basis and a yield of 2.48%. CVS Health Corporation’s dividend payout ratio (DPR) is 39.92%.
In other CVS Health Corporation news, insider Larry J. Merlo sold 241,150 shares of the stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $83.07, for a total value of $20,032,330.50. Following the completion of the transaction, the insider now owns 299,255 shares in the company, valued at $24,859,112.85. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Jonathan C. Roberts sold 85,743 shares of the stock in a transaction on Monday, September 18th. The stock was sold at an average price of $83.14, for a total value of $7,128,673.02. Following the completion of the transaction, the chief operating officer now owns 119,555 shares of the company’s stock, valued at approximately $9,939,802.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 716,411 shares of company stock valued at $58,277,271. 0.61% of the stock is owned by corporate insiders.
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Several research firms have issued reports on CVS. Royal Bank Of Canada began coverage on shares of CVS Health Corporation in a research report on Tuesday. They set an “outperform” rating and a $95.00 price target on the stock. Jefferies Group LLC increased their price objective on shares of CVS Health Corporation from $82.00 to $86.00 and gave the company a “hold” rating in a research report on Friday, September 15th. Needham & Company LLC began coverage on shares of CVS Health Corporation in a research report on Tuesday, June 27th. They issued a “hold” rating on the stock. Guggenheim reissued a “buy” rating on shares of CVS Health Corporation in a research report on Monday, July 3rd. Finally, Leerink Swann set a $90.00 price target on shares of CVS Health Corporation and gave the company a “buy” rating in a research note on Tuesday, June 27th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and fifteen have given a buy rating to the company. CVS Health Corporation currently has a consensus rating of “Buy” and an average price target of $90.58.
CVS Health Corporation 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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