Parsec Financial Management Inc. Raises Position in CVS Health Corporation (CVS)
Parsec Financial Management Inc. boosted its holdings in shares of CVS Health Corporation (NYSE:CVS) by 2.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 281,237 shares of the pharmacy operator’s stock after acquiring an additional 7,097 shares during the period. CVS Health Corporation accounts for about 1.8% of Parsec Financial Management Inc.’s investment portfolio, making the stock its 9th largest holding. Parsec Financial Management Inc.’s holdings in CVS Health Corporation were worth $22,628,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of CVS. Mercer Capital Advisers Inc. bought a new stake in CVS Health Corporation during the 1st quarter valued at about $118,000. Gemmer Asset Management LLC increased its stake in CVS Health Corporation by 15.3% during the 2nd quarter. Gemmer Asset Management LLC now owns 1,509 shares of the pharmacy operator’s stock valued at $121,000 after purchasing an additional 200 shares in the last quarter. TB Alternative Assets Ltd. bought a new stake in CVS Health Corporation during the 2nd quarter valued at about $121,000. SRS Capital Advisors Inc. increased its stake in CVS Health Corporation by 48.2% during the 1st quarter. SRS Capital Advisors Inc. now owns 2,256 shares of the pharmacy operator’s stock valued at $177,000 after purchasing an additional 734 shares in the last quarter. Finally, Nadler Financial Group Inc. bought a new stake in CVS Health Corporation during the 2nd quarter valued at about $202,000. 81.49% of the stock is owned by institutional investors.
A number of research firms have weighed in on CVS. BidaskClub upgraded shares of CVS Health Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. Citigroup Inc. reduced their price objective on shares of 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. Jefferies Group LLC restated a “hold” rating and set a $82.00 price objective on shares of CVS Health Corporation in a research note on Friday, June 9th. Wolfe Research lowered shares of CVS Health Corporation from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $89.00 to $82.00 in a research note on Monday, August 14th. Finally, Royal Bank Of Canada began coverage on shares of CVS Health Corporation in a research note on Tuesday, September 19th. They set an “outperform” rating and a $95.00 price objective for the company. One research analyst has rated the stock with a sell rating, eight have given a hold rating and fifteen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $89.56.
CVS Health Corporation (NYSE CVS) opened at 76.92 on Friday. The stock has a market cap of $78.19 billion, a P/E ratio of 15.32 and a beta of 0.92. The company has a 50 day moving average of $79.64 and a 200-day moving average of $79.03. CVS Health Corporation has a 12-month low of $69.30 and a 12-month high of $88.92.
CVS Health Corporation (NYSE:CVS) last issued its quarterly earnings results on Tuesday, August 8th. The pharmacy operator reported $1.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.31 by $0.02. CVS Health Corporation had a net margin of 2.93% and a return on equity of 17.47%. The company had revenue of $45.69 billion for the quarter, compared to the consensus estimate of $45.36 billion. During the same quarter in the prior year, the company earned $1.32 EPS. CVS Health Corporation’s quarterly revenue was up 4.5% on a year-over-year basis. Equities analysts forecast that CVS Health Corporation will post $5.88 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 3rd. Investors of record on Tuesday, October 24th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Monday, October 23rd. This represents a $2.00 annualized dividend and a yield of 2.60%. CVS Health Corporation’s dividend payout ratio (DPR) is presently 39.92%.
In related news, CFO David M. Denton sold 237,078 shares of the stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $79.65, for a total value of $18,883,262.70. Following the transaction, the chief financial officer now owns 141,096 shares in the company, valued at approximately $11,238,296.40. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Richard J. Swift sold 2,500 shares of the stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $79.62, for a total transaction 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. In the last quarter, insiders sold 716,625 shares of company stock worth $58,318,431. 0.61% of the stock is owned by corporate insiders.
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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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