Synovus Financial Corp boosted its holdings in shares of CVS Health Corp (NYSE:CVS) by 30.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 131,063 shares of the pharmacy operator’s stock after purchasing an additional 30,797 shares during the period. Synovus Financial Corp’s holdings in CVS Health were worth $10,323,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Camarda Financial Advisors LLC acquired a new position in shares of CVS Health during the second quarter worth $102,000. Kiley Juergens Wealth Management LLC acquired a new position in shares of CVS Health during the second quarter worth $103,000. Legacy Advisors LLC increased its holdings in shares of CVS Health by 7,100.0% during the second quarter. Legacy Advisors LLC now owns 1,800 shares of the pharmacy operator’s stock worth $116,000 after buying an additional 1,775 shares in the last quarter. Squar Milner Financial Services LLC acquired a new position in shares of CVS Health during the second quarter worth $122,000. Finally, Canton Hathaway LLC acquired a new position in shares of CVS Health during the third quarter worth $126,000. Hedge funds and other institutional investors own 82.42% of the company’s stock.
NYSE CVS opened at $79.83 on Friday. The firm has a market capitalization of $80.25 billion, a P/E ratio of 13.53, a P/E/G ratio of 1.05 and a beta of 0.98. CVS Health Corp has a twelve month low of $60.14 and a twelve month high of $83.88. The company has a debt-to-equity ratio of 1.66, a current ratio of 2.44 and a quick ratio of 1.87.
CVS Health (NYSE:CVS) last posted its quarterly earnings data on Tuesday, November 6th. The pharmacy operator reported $1.73 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.71 by $0.02. The business had revenue of $47.27 billion during the quarter, compared to the consensus estimate of $47.22 billion. CVS Health had a return on equity of 18.69% and a net margin of 1.65%. CVS Health’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.50 earnings per share. On average, sell-side analysts anticipate that CVS Health Corp will post 7.04 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 1st. Investors of record on Wednesday, October 24th were issued a $0.50 dividend. The ex-dividend date was Tuesday, October 23rd. This represents a $2.00 dividend on an annualized basis and a yield of 2.51%. CVS Health’s payout ratio is 33.90%.
In related news, EVP Eva C. Boratto sold 13,311 shares of the stock in a transaction on Monday, September 17th. The stock was sold at an average price of $77.16, for a total value of $1,027,076.76. Following the completion of the sale, the executive vice president now directly owns 55,162 shares in the company, valued at $4,256,299.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Lisa Bisaccia sold 21,534 shares of the stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $80.00, for a total value of $1,722,720.00. The disclosure for this sale can be found here. Insiders sold 43,409 shares of company stock valued at $3,392,097 over the last 90 days. 0.53% of the stock is currently owned by company insiders.
Several research analysts have recently issued reports on CVS shares. Bank of America upped their price target on shares of CVS Health from $86.00 to $90.00 and gave the stock a “buy” rating in a report on Monday, September 17th. Royal Bank of Canada reiterated a “buy” rating and set a $90.00 price target on shares of CVS Health in a report on Wednesday, August 8th. Tigress Financial reiterated a “buy” rating on shares of CVS Health in a report on Friday, October 26th. 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, ValuEngine upgraded shares of CVS Health from a “sell” rating to a “hold” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $89.38.
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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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