CVS Health Corporation (CVS) Announces Quarterly Earnings Results
CVS Health Corporation (NYSE:CVS) released its quarterly earnings data on Tuesday. The pharmacy operator reported $1.33 EPS for the quarter, topping the consensus estimate of $1.31 by $0.02, Bloomberg Earnings reports. The company had revenue of $45.69 billion for the quarter, compared to the consensus estimate of $45.36 billion. CVS Health Corporation had a return on equity of 17.56% and a net margin of 2.86%. CVS Health Corporation’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period last year, the business posted $1.32 EPS. CVS Health Corporation updated its Q3 guidance to $1.47-1.50 EPS and its FY17 guidance to $5.83-5.93 EPS.
Shares of CVS Health Corporation (NYSE:CVS) opened at 79.12 on Tuesday. CVS Health Corporation has a 12 month low of $69.30 and a 12 month high of $98.44. The firm’s 50-day moving average price is $78.75 and its 200-day moving average price is $79.09. The firm has a market cap of $80.61 billion, a PE ratio of 16.50 and a beta of 0.91. CVS Health Corporation also was the recipient of some unusual options trading on Monday. Traders bought 12,222 put options on the stock. This is an increase of approximately 254% compared to the typical daily volume of 3,454 put options.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 3rd. Shareholders of record on Monday, July 24th were given a dividend of $0.50 per share. The ex-dividend date was Thursday, July 20th. This represents a $2.00 dividend on an annualized basis and a yield of 2.53%. CVS Health Corporation’s dividend payout ratio is currently 41.67%.
In related news, CFO David M. Denton sold 230,510 shares of the stock in a transaction on Monday, June 12th. The stock was sold at an average price of $80.00, for a total value of $18,440,800.00. Following the transaction, the chief financial officer now owns 176,983 shares of the company’s stock, valued at $14,158,640. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Helena Foulkes sold 20,332 shares of the stock in a transaction on Monday, June 19th. The shares were sold at an average price of $76.98, for a total value of $1,565,157.36. Following the completion of the transaction, the executive vice president now directly owns 59,300 shares in the company, valued at approximately $4,564,914. The disclosure for this sale can be found here. Insiders sold 271,175 shares of company stock worth $21,632,597 in the last three months. 0.61% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of CVS. Bank of America Corp DE raised its position in shares of CVS Health Corporation by 1.8% in the first 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 buying an additional 398,999 shares during the last quarter. Macquarie Group Ltd. raised its position in shares of CVS Health Corporation by 2.4% in the first quarter. Macquarie Group Ltd. now owns 9,752,261 shares of the pharmacy operator’s stock valued at $765,534,000 after buying an additional 225,981 shares during the last quarter. Clearbridge Investments LLC raised its position in shares of CVS Health Corporation by 6.8% in the first quarter. Clearbridge Investments LLC now owns 9,258,404 shares of the pharmacy operator’s stock valued at $726,785,000 after buying an additional 589,646 shares during the last quarter. Pioneer Investment Management Inc. raised its position in shares of CVS Health Corporation by 4.6% in the first quarter. Pioneer Investment Management Inc. now owns 8,033,087 shares of the pharmacy operator’s stock valued at $630,598,000 after buying an additional 353,621 shares during the last quarter. Finally, Boston Partners raised its position in shares of CVS Health Corporation by 69.1% in the second quarter. Boston Partners now owns 6,459,237 shares of the pharmacy operator’s stock valued at $519,711,000 after buying an additional 2,638,888 shares during the last quarter. 81.92% of the stock is currently owned by hedge funds and other institutional investors.
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A number of research analysts have recently issued reports on CVS shares. Vetr downgraded CVS Health Corporation from a “buy” rating to a “hold” rating and set a $85.78 price target on the stock. in a report on Thursday, April 27th. Tigress Financial started coverage on CVS Health Corporation in a report on Thursday, April 27th. They issued a “buy” rating on the stock. Needham & Company LLC started coverage on CVS Health Corporation in a report on Tuesday, June 27th. They issued a “hold” rating on the stock. Guggenheim reiterated a “buy” rating on shares of CVS Health Corporation in a report on Monday, July 3rd. Finally, Leerink Swann set a $90.00 price target on CVS Health Corporation and gave the company a “buy” rating in a report on Tuesday, June 27th. Nine analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. CVS Health Corporation currently has an average rating of “Buy” and a consensus target price of $92.20.
About CVS Health Corporation
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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