Ropes Wealth Advisors LLC Buys 173 Shares of CVS Health Corp (CVS)
Ropes Wealth Advisors LLC grew its stake in shares of CVS Health Corp (NYSE:CVS) by 2.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,217 shares of the pharmacy operator’s stock after buying an additional 173 shares during the quarter. Ropes Wealth Advisors LLC’s holdings in CVS Health were worth $581,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of CVS Health by 1.4% in the second quarter. Vanguard Group Inc. now owns 76,557,597 shares of the pharmacy operator’s stock worth $6,159,825,000 after purchasing an additional 1,056,265 shares during the last quarter. FMR LLC boosted its position in CVS Health by 22.0% during the 2nd quarter. FMR LLC now owns 30,150,634 shares of the pharmacy operator’s stock valued at $2,425,920,000 after acquiring an additional 5,446,930 shares in the last quarter. Bank of America Corp DE boosted its position in CVS Health by 1.8% during the 1st quarter. Bank of America Corp DE now owns 22,411,957 shares of the pharmacy operator’s stock valued at $1,759,338,000 after acquiring an additional 398,999 shares in the last quarter. Northern Trust Corp boosted its position in CVS Health by 5.5% during the 2nd quarter. Northern Trust Corp now owns 15,618,081 shares of the pharmacy operator’s stock valued at $1,256,631,000 after acquiring an additional 807,639 shares in the last quarter. Finally, Nordea Investment Management AB boosted its position in CVS Health by 8.4% during the 2nd quarter. Nordea Investment Management AB now owns 14,154,922 shares of the pharmacy operator’s stock valued at $1,138,905,000 after acquiring an additional 1,100,373 shares in the last quarter. 82.24% of the stock is currently owned by hedge funds and other institutional investors.
CVS has been the topic of several research reports. Mizuho set a $90.00 price objective on CVS Health and gave the company a “buy” rating in a research report on Tuesday, October 24th. Oppenheimer reaffirmed a “buy” rating and set a $95.00 price objective on shares of CVS Health in a research report on Monday, October 9th. SunTrust Banks set a $85.00 price objective on CVS Health and gave the company a “buy” rating in a research report on Thursday, October 12th. Cowen set a $86.00 target price on shares of CVS Health and gave the company a “buy” rating in a report on Sunday, October 29th. Finally, Needham & Company LLC upgraded shares of CVS Health from a “hold” rating to a “buy” rating and lifted their target price for the company from $69.02 to $79.00 in a report on Friday, November 10th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and fifteen have issued a buy rating to the company. CVS Health currently has a consensus rating of “Buy” and an average target price of $86.35.
CVS Health (NYSE:CVS) last announced its earnings results on Monday, November 6th. The pharmacy operator reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.01. The business had revenue of $46.18 billion during the quarter, compared to analyst estimates of $46.17 billion. CVS Health had a net margin of 2.77% and a return on equity of 16.96%. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.64 EPS. research analysts expect that CVS Health Corp will post 5.9 earnings per share for the current fiscal year.
In related news, EVP Thomas M. Moriarty sold 90,267 shares of the company’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $79.61, for a total value of $7,186,155.87. Following the completion of the transaction, the executive vice president now owns 70,102 shares of the company’s stock, valued at approximately $5,580,820.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Larry J. Merlo sold 241,150 shares of the company’s stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $83.07, for a total transaction of $20,032,330.50. Following the completion of the transaction, the insider now directly owns 299,255 shares of the company’s stock, valued at approximately $24,859,112.85. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 714,125 shares of company stock valued at $58,119,381. Company insiders own 0.61% of the company’s stock.
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About CVS Health
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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