Pioneer Investment Management Inc. reduced its stake in CVS Health Corporation (NYSE:CVS) by 21.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,329,573 shares of the pharmacy operator’s stock after selling 1,703,514 shares during the period. CVS Health Corporation accounts for 1.7% of Pioneer Investment Management Inc.’s holdings, making the stock its 11th biggest holding. Pioneer Investment Management Inc. owned 0.62% of CVS Health Corporation worth $509,277,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently bought and sold shares of CVS. LSV Asset Management increased its stake in CVS Health Corporation by 44.2% in the first quarter. LSV Asset Management now owns 4,579,916 shares of the pharmacy operator’s stock valued at $359,523,000 after purchasing an additional 1,404,384 shares in the last quarter. NN Investment Partners Holdings N.V. increased its stake in CVS Health Corporation by 141.2% in the second quarter. NN Investment Partners Holdings N.V. now owns 1,427,210 shares of the pharmacy operator’s stock valued at $114,832,000 after purchasing an additional 835,476 shares in the last quarter. Swiss National Bank increased its stake in CVS Health Corporation by 26.9% in the first quarter. Swiss National Bank now owns 3,826,410 shares of the pharmacy operator’s stock valued at $300,373,000 after purchasing an additional 811,100 shares in the last quarter. Karp Capital Management Corp bought a new stake in CVS Health Corporation in the first quarter valued at $55,824,000. Finally, Thornburg Investment Management Inc. increased its stake in CVS Health Corporation by 31.8% in the first quarter. Thornburg Investment Management Inc. now owns 2,712,089 shares of the pharmacy operator’s stock valued at $212,899,000 after purchasing an additional 654,058 shares in the last quarter. 81.51% of the stock is owned by hedge funds and other institutional investors.
CVS Health Corporation (NYSE CVS) opened at 73.78 on Friday. CVS Health Corporation has a 1-year low of $69.30 and a 1-year high of $88.92. The firm has a 50-day moving average of $79.24 and a 200-day moving average of $78.91. The stock has a market capitalization of $75.00 billion, a PE ratio of 14.70 and a beta of 0.92.
CVS Health Corporation (NYSE:CVS) last announced its quarterly earnings results on Tuesday, August 8th. The pharmacy operator reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.31 by $0.02. The firm had revenue of $45.69 billion for the quarter, compared to the consensus estimate of $45.36 billion. CVS Health Corporation had a net margin of 2.93% and a return on equity of 17.47%. The business’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.32 EPS. Equities analysts expect that CVS Health Corporation will post $5.88 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 3rd. Stockholders of record on Tuesday, October 24th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date is Monday, October 23rd. CVS Health Corporation’s payout ratio is presently 39.92%.
In other news, CFO David M. Denton sold 237,078 shares of the firm’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $79.65, for a total transaction of $18,883,262.70. Following the sale, the chief financial officer now owns 141,096 shares of the company’s stock, valued at approximately $11,238,296.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Thomas M. Moriarty sold 90,267 shares of the firm’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $79.61, for a total transaction of $7,186,155.87. Following the sale, the executive vice president now directly owns 70,102 shares in the company, valued at approximately $5,580,820.22. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 716,625 shares of company stock worth $58,318,431. Insiders own 0.61% of the company’s stock.
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Several equities research analysts have recently commented on CVS shares. Royal Bank Of Canada started coverage on shares of CVS Health Corporation in a research report on Tuesday, September 19th. They set an “outperform” rating and a $95.00 target price for the company. Leerink Swann set a $90.00 target price on shares of CVS Health Corporation and gave the stock a “buy” rating in a research report on Tuesday, June 27th. Robert W. Baird reissued an “outperform” rating and set a $90.00 target price on shares of CVS Health Corporation in a research report on Monday, August 14th. Loop Capital started coverage on shares of CVS Health Corporation in a research report on Thursday, August 24th. They set a “hold” rating and a $83.00 target price for the company. Finally, Jefferies Group LLC boosted their target price on shares of CVS Health Corporation from $82.00 to $86.00 and gave the stock a “hold” rating in a research report on Friday, September 15th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $90.23.
CVS Health Corporation 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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