Independence Bank of Kentucky increased its holdings in CVS Health Corp (NYSE:CVS) by 200.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,865 shares of the pharmacy operator’s stock after purchasing an additional 5,245 shares during the period. Independence Bank of Kentucky’s holdings in CVS Health were worth $619,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Adviser Investments LLC lifted its stake in CVS Health by 43.3% in the second quarter. Adviser Investments LLC now owns 2,993 shares of the pharmacy operator’s stock worth $193,000 after acquiring an additional 905 shares during the period. Keystone Financial Planning Inc. lifted its position in shares of CVS Health by 44.5% during the second quarter. Keystone Financial Planning Inc. now owns 59,038 shares of the pharmacy operator’s stock valued at $3,799,000 after buying an additional 18,176 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its position in shares of CVS Health by 4.3% during the second quarter. Schwab Charles Investment Management Inc. now owns 7,332,665 shares of the pharmacy operator’s stock valued at $471,857,000 after buying an additional 300,887 shares during the last quarter. Waddell & Reed Financial Inc. lifted its position in shares of CVS Health by 21.5% during the second quarter. Waddell & Reed Financial Inc. now owns 993,394 shares of the pharmacy operator’s stock valued at $63,925,000 after buying an additional 175,725 shares during the last quarter. Finally, Ronna Sue Cohen lifted its position in shares of CVS Health by 4.0% during the third quarter. Ronna Sue Cohen now owns 59,741 shares of the pharmacy operator’s stock valued at $4,703,000 after buying an additional 2,288 shares during the last quarter. Institutional investors own 82.42% of the company’s stock.
CVS stock traded down $0.22 during midday trading on Friday, reaching $79.83. The stock had a trading volume of 5,761,328 shares, compared to its average volume of 8,350,557. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.87 and a current ratio of 2.44. The firm has a market capitalization of $80.25 billion, a P/E ratio of 13.53, a PEG ratio of 1.05 and a beta of 0.98. CVS Health Corp has a 52-week low of $60.14 and a 52-week high of $83.88.
The business also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Wednesday, October 24th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Tuesday, October 23rd. This represents a $2.00 annualized dividend and a dividend yield of 2.51%. CVS Health’s dividend payout ratio is presently 33.90%.
Several analysts have commented on the stock. ValuEngine raised shares of CVS Health from a “sell” rating to a “hold” rating in a research report on Tuesday. Loop Capital set a $80.00 price objective on shares of CVS Health and gave the company a “hold” rating in a report on Friday. Royal Bank of Canada set a $100.00 price objective on shares of CVS Health and gave the company a “buy” rating in a report on Wednesday. Morgan Stanley set a $100.00 price target on shares of CVS Health and gave the stock a “buy” rating in a report on Wednesday. Finally, Wolfe Research initiated coverage on shares of CVS Health in a report on Thursday, October 25th. They issued a “peer perform” rating on the stock. One investment analyst has rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $89.38.
In related news, EVP Lisa Bisaccia sold 21,534 shares of the firm’s stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $80.00, for a total transaction of $1,722,720.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kevin Hourican sold 8,564 shares of the firm’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $75.00, for a total value of $642,300.00. Following the sale, the executive vice president now directly owns 12,135 shares of the company’s stock, valued at $910,125. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,409 shares of company stock worth $3,392,097. Insiders own 0.53% of the company’s stock.
CVS Health 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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