CVS Health Corp (CVS) Shares Sold by Equity Investment Corp
Equity Investment Corp decreased its stake in shares of CVS Health Corp (NYSE:CVS) by 27.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,390 shares of the pharmacy operator’s stock after selling 2,750 shares during the period. Equity Investment Corp’s holdings in CVS Health were worth $582,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of the company. FTB Advisors Inc. raised its stake in CVS Health by 24.7% during the third quarter. FTB Advisors Inc. now owns 19,144 shares of the pharmacy operator’s stock worth $2,451,000 after acquiring an additional 3,791 shares during the period. Brookstone Capital Management acquired a new stake in CVS Health during the third quarter worth about $288,000. Janney Montgomery Scott LLC raised its stake in CVS Health by 5.8% during the third quarter. Janney Montgomery Scott LLC now owns 284,642 shares of the pharmacy operator’s stock worth $22,407,000 after acquiring an additional 15,586 shares during the period. D.B. Root & Company LLC raised its stake in CVS Health by 8.7% during the third quarter. D.B. Root & Company LLC now owns 10,829 shares of the pharmacy operator’s stock worth $852,000 after acquiring an additional 870 shares during the period. Finally, Lipe & Dalton raised its stake in CVS Health by 2.7% during the third quarter. Lipe & Dalton now owns 52,897 shares of the pharmacy operator’s stock worth $4,164,000 after acquiring an additional 1,396 shares during the period. 82.55% of the stock is currently owned by institutional investors and hedge funds.
In related news, EVP Lisa Bisaccia sold 21,534 shares of the firm’s stock in a transaction that occurred on Monday, October 1st. The shares were sold at an average price of $80.00, for a total transaction of $1,722,720.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Eva C. Boratto sold 13,311 shares of the firm’s stock in a transaction that occurred on Monday, September 17th. The shares were sold at an average price of $77.16, for a total transaction of $1,027,076.76. Following the transaction, the executive vice president now owns 55,162 shares in the company, valued at approximately $4,256,299.92. The disclosure for this sale can be found here. Insiders have sold 43,409 shares of company stock worth $3,392,097 in the last quarter. Company insiders own 0.53% of the company’s stock.
CVS Health (NYSE:CVS) last posted its quarterly earnings data on Tuesday, November 6th. The pharmacy operator reported $1.73 EPS for the quarter, beating the Zacks’ consensus estimate of $1.71 by $0.02. CVS Health had a net margin of 1.65% and a return on equity of 18.69%. The business had revenue of $47.27 billion for the quarter, compared to analyst estimates of $47.22 billion. During the same quarter last year, the business earned $1.50 earnings per share. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. Sell-side analysts predict that CVS Health Corp will post 7.03 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 1st. Investors of record on Wednesday, October 24th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Tuesday, October 23rd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.51%. CVS Health’s dividend payout ratio is presently 33.90%.
Several research firms recently weighed in on CVS. Argus increased their price objective on shares of CVS Health to $100.00 and gave the stock a “buy” rating in a research note on Tuesday. Loop Capital set a $80.00 price objective on shares of CVS Health and gave the stock a “hold” rating in a research note on Friday, November 9th. Leerink Swann increased their price objective on shares of CVS Health from $85.00 to $95.00 and gave the stock a “positive” rating in a research note on Thursday, November 8th. Morgan Stanley set a $100.00 price objective on shares of CVS Health and gave the stock a “buy” rating in a research note on Wednesday, November 7th. Finally, Royal Bank of Canada set a $100.00 price objective on shares of CVS Health and gave the stock a “buy” rating in a research note on Wednesday, November 7th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $90.04.
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CVS Health Company Profile
CVS Health Corporation, together with its subsidiaries, provides integrated pharmacy health care services. It operates through Pharmacy Services and Retail/LTC segments. The Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, Medicare Part D services, mail order, specialty pharmacy and infusion services, retail pharmacy network management services, prescription management systems, clinical services, disease management programs, and medical pharmacy management services.
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