Highland Capital Management LLC increased its holdings in CVS Health Corp (NYSE:CVS) by 43.1% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 171,723 shares of the pharmacy operator’s stock after purchasing an additional 51,693 shares during the period. Highland Capital Management LLC’s holdings in CVS Health were worth $9,261,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bell Rock Capital LLC increased its holdings in CVS Health by 764.0% in the 4th quarter. Bell Rock Capital LLC now owns 432 shares of the pharmacy operator’s stock worth $28,000 after buying an additional 382 shares in the last quarter. Daiwa SB Investments Ltd. bought a new stake in CVS Health in the 4th quarter worth about $30,000. Acima Private Wealth LLC bought a new stake in CVS Health in the 4th quarter worth about $33,000. Murphy Pohlad Asset Management LLC bought a new stake in CVS Health in the 4th quarter worth about $39,000. Finally, 1 North Wealth Services LLC bought a new stake in CVS Health in the 4th quarter worth about $42,000. Institutional investors own 80.39% of the company’s stock.
In related news, Director C David Brown II acquired 10,000 shares of the stock in a transaction dated Monday, March 11th. The shares were purchased at an average cost of $53.18 per share, with a total value of $531,800.00. Following the transaction, the director now directly owns 16,222 shares in the company, valued at $862,685.96. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP James David Clark sold 1,664 shares of CVS Health stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $58.14, for a total value of $96,744.96. Following the transaction, the senior vice president now directly owns 8,557 shares in the company, valued at $497,503.98. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 23,600 shares of company stock worth $1,270,896. Insiders own 0.53% of the company’s stock.
CVS Health (NYSE:CVS) last posted its quarterly earnings data on Wednesday, May 1st. The pharmacy operator reported $1.62 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.50 by $0.12. CVS Health had a positive return on equity of 16.80% and a negative net margin of 0.08%. The firm had revenue of $61.65 billion for the quarter, compared to analysts’ expectations of $60.39 billion. During the same period in the previous year, the firm earned $1.48 EPS. The business’s quarterly revenue was up 34.8% on a year-over-year basis. As a group, equities analysts forecast that CVS Health Corp will post 6.83 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 3rd. Stockholders of record on Tuesday, April 23rd were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Monday, April 22nd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.78%. CVS Health’s payout ratio is currently 28.25%.
Several research firms recently commented on CVS. BMO Capital Markets began coverage on CVS Health in a report on Wednesday, April 10th. They issued an “outperform” rating and a $58.00 price objective for the company. Guggenheim assumed coverage on CVS Health in a research report on Thursday, April 18th. They issued a “buy” rating and a $75.00 target price on the stock. ValuEngine raised CVS Health from a “strong sell” rating to a “sell” rating in a research report on Friday, May 3rd. Raymond James dropped their target price on CVS Health from $90.00 to $75.00 and set a “strong-buy” rating on the stock in a research report on Thursday, April 18th. Finally, UBS Group dropped their target price on CVS Health from $75.00 to $74.00 and set a “buy” rating on the stock in a research report on Thursday, February 21st. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. CVS Health has an average rating of “Buy” and an average target price of $77.62.
CVS Health Company Profile
CVS Health Corporation provides health services and plans in the United States. Its Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, retail pharmacy network management, mail order pharmacy, specialty pharmacy and infusion, Medicare Part D, clinical, disease management, and medical spend management services.
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