Bank of America Corp DE lowered its stake in shares of CVS Health Corp (NYSE:CVS) by 31.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,030,758 shares of the pharmacy operator’s stock after selling 4,699,750 shares during the quarter. Bank of America Corp DE owned approximately 0.99% of CVS Health worth $645,479,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the business. Camarda Financial Advisors LLC bought a new position in shares of CVS Health in the 2nd quarter valued at about $102,000. Quantbot Technologies LP bought a new position in shares of CVS Health in the 1st quarter valued at about $103,000. Kiley Juergens Wealth Management LLC bought a new position in shares of CVS Health in the 2nd quarter valued at about $103,000. Legacy Advisors LLC boosted its stake in shares of CVS Health by 7,100.0% in the 2nd quarter. Legacy Advisors LLC now owns 1,800 shares of the pharmacy operator’s stock valued at $116,000 after purchasing an additional 1,775 shares during the last quarter. Finally, Squar Milner Financial Services LLC bought a new position in shares of CVS Health in the 2nd quarter valued at about $122,000. 83.57% of the stock is currently owned by hedge funds and other institutional investors.
CVS Health stock opened at $77.08 on Friday. CVS Health Corp has a fifty-two week low of $60.14 and a fifty-two week high of $84.00. The company has a market cap of $77.10 billion, a P/E ratio of 13.06, a PEG ratio of 1.02 and a beta of 1.01. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.87 and a current ratio of 2.34.
CVS Health (NYSE:CVS) last released its quarterly earnings data on Wednesday, August 8th. The pharmacy operator reported $1.69 earnings per share for the quarter, topping the consensus estimate of $1.61 by $0.08. The business had revenue of $46.71 billion for the quarter, compared to analyst estimates of $46.34 billion. CVS Health had a net margin of 1.61% and a return on equity of 18.25%. CVS Health’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.33 EPS. analysts expect that CVS Health Corp will post 7.05 EPS for the current fiscal year.
CVS has been the topic of several recent research reports. Royal Bank of Canada reaffirmed a “buy” rating and issued a $90.00 target price on shares of CVS Health in a research note on Wednesday, August 8th. Citigroup reaffirmed a “buy” rating and issued a $81.00 target price on shares of CVS Health in a research note on Monday, July 9th. Mizuho reaffirmed a “buy” rating on shares of CVS Health in a research note on Saturday, June 30th. Leerink Swann set a $80.00 price objective on shares of CVS Health and gave the stock an “outperform” rating in a research note on Thursday, August 9th. Finally, Morgan Stanley reduced their price objective on shares of CVS Health from $88.00 to $80.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 3rd. Two research analysts have rated the stock with a sell rating, four have given a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $86.04.
In other CVS Health news, EVP Kevin Hourican sold 8,564 shares of the firm’s stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $75.00, for a total transaction of $642,300.00. Following the sale, the executive vice president now directly owns 12,135 shares in the company, valued at approximately $910,125. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.53% of the company’s stock.
About CVS Health
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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