Estabrook Capital Management Sells 820 Shares of CVS Health Corporation (CVS)
Estabrook Capital Management reduced its stake in CVS Health Corporation (NYSE:CVS) by 10.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,937 shares of the pharmacy operator’s stock after selling 820 shares during the quarter. Estabrook Capital Management’s holdings in CVS Health Corporation were worth $558,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of the company. Goelzer Investment Management Inc. increased its stake in CVS Health Corporation by 1.3% in the first quarter. Goelzer Investment Management Inc. now owns 74,521 shares of the pharmacy operator’s stock valued at $5,850,000 after purchasing an additional 970 shares during the last quarter. Lincoln National Corp increased its stake in CVS Health Corporation by 27.7% in the first quarter. Lincoln National Corp now owns 7,052 shares of the pharmacy operator’s stock valued at $553,000 after purchasing an additional 1,531 shares during the last quarter. Karp Capital Management Corp acquired a new position in CVS Health Corporation in the first quarter valued at $55,824,000. First Foundation Advisors increased its stake in CVS Health Corporation by 41.4% in the first quarter. First Foundation Advisors now owns 4,734 shares of the pharmacy operator’s stock valued at $372,000 after purchasing an additional 1,387 shares during the last quarter. Finally, Parthenon LLC increased its stake in CVS Health Corporation by 6.7% in the first quarter. Parthenon LLC now owns 166,876 shares of the pharmacy operator’s stock valued at $13,100,000 after purchasing an additional 10,530 shares during the last quarter. Institutional investors and hedge funds own 81.42% of the company’s stock.
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Several equities analysts recently commented on the company. BidaskClub upgraded CVS Health Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. Citigroup Inc. dropped their target price 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. Loop Capital dropped their target price on CVS Health Corporation from $83.00 to $73.00 and set a “hold” rating for the company in a research note on Tuesday, November 7th. Jefferies Group LLC dropped their target price on CVS Health Corporation from $86.00 to $76.00 and set a “hold” rating for the company in a research note on Tuesday, November 7th. Finally, Wolfe Research lowered CVS Health Corporation from an “outperform” rating to a “market perform” rating and dropped their target price 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, eight have given a hold rating and fourteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $85.82.
In related news, CFO David M. Denton sold 237,078 shares of the stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $79.65, for a total value of $18,883,262.70. Following the completion of the transaction, the chief financial officer now owns 141,096 shares of the company’s stock, valued at $11,238,296.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jonathan C. Roberts sold 85,743 shares of the stock in a transaction dated Monday, September 18th. The shares were 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 directly 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. Insiders sold 714,125 shares of company stock valued at $58,119,381 in the last three months. 0.61% of the stock is currently owned by company insiders.
Shares of CVS Health Corporation (CVS) opened at $71.48 on Thursday. The company has a quick ratio of 0.55, a current ratio of 1.05 and a debt-to-equity ratio of 0.67. CVS Health Corporation has a 12 month low of $66.45 and a 12 month high of $84.72. The stock has a market capitalization of $72,428.93, a PE ratio of 12.52, a PEG ratio of 1.23 and a beta of 0.86.
CVS Health Corporation (NYSE:CVS) last posted its earnings results on Monday, November 6th. The pharmacy operator reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.01. CVS Health Corporation had a return on equity of 16.96% and a net margin of 2.77%. The business had revenue of $46.18 billion during the quarter, compared to analyst estimates of $46.17 billion. During the same quarter last year, the firm earned $1.64 earnings per share. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. analysts expect that CVS Health Corporation will post 5.9 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, November 3rd. Investors of record on Tuesday, October 24th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date was Monday, October 23rd. CVS Health Corporation’s dividend payout ratio is currently 41.32%.
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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