Westchester Capital Management Inc. boosted its stake in CVS Health Corp (NYSE:CVS) by 5.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 120,587 shares of the pharmacy operator’s stock after purchasing an additional 5,740 shares during the quarter. CVS Health comprises about 3.0% of Westchester Capital Management Inc.’s investment portfolio, making the stock its 22nd largest holding. Westchester Capital Management Inc.’s holdings in CVS Health were worth $7,605,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in CVS Health by 1.2% in the second quarter. Vanguard Group Inc. now owns 102,367,899 shares of the pharmacy operator’s stock valued at $5,578,027,000 after acquiring an additional 1,167,143 shares during the period. Northern Trust Corp grew its stake in CVS Health by 1.1% in the second quarter. Northern Trust Corp now owns 18,328,099 shares of the pharmacy operator’s stock valued at $998,699,000 after acquiring an additional 205,275 shares during the period. Macquarie Group Ltd. grew its stake in CVS Health by 10.9% in the second quarter. Macquarie Group Ltd. now owns 13,905,440 shares of the pharmacy operator’s stock valued at $757,707,000 after acquiring an additional 1,372,275 shares during the period. Morgan Stanley grew its stake in CVS Health by 12.8% in the second quarter. Morgan Stanley now owns 13,765,635 shares of the pharmacy operator’s stock valued at $750,088,000 after acquiring an additional 1,560,142 shares during the period. Finally, Veritas Asset Management LLP grew its stake in CVS Health by 0.7% in the second quarter. Veritas Asset Management LLP now owns 12,269,758 shares of the pharmacy operator’s stock valued at $668,579,000 after acquiring an additional 90,700 shares during the period. Institutional investors and hedge funds own 76.17% of the company’s stock.
CVS has been the subject of a number of research analyst reports. Raymond James boosted their target price on CVS Health from $75.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday. SunTrust Banks boosted their target price on CVS Health to $85.00 and gave the company a “buy” rating in a research note on Thursday. Bank of America boosted their target price on CVS Health from $72.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, September 12th. TheStreet raised CVS Health from a “c+” rating to a “b-” rating in a research note on Monday, September 9th. Finally, ValuEngine raised CVS Health from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. CVS Health has an average rating of “Buy” and an average price target of $77.59.
In other CVS Health news, CFO Eva C. Boratto sold 8,130 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $65.00, for a total value of $528,450.00. Following the sale, the chief financial officer now owns 55,273 shares of the company’s stock, valued at approximately $3,592,745. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Troyen A. Brennan sold 23,604 shares of the firm’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $68.00, for a total value of $1,605,072.00. Following the completion of the sale, the executive vice president now directly owns 107,921 shares in the company, valued at approximately $7,338,628. The disclosure for this sale can be found here. Insiders have sold 49,437 shares of company stock worth $3,248,811 in the last three months. 0.53% of the stock is currently owned by company insiders.
NYSE:CVS traded up $0.69 during trading hours on Friday, reaching $72.47. 9,079,719 shares of the company were exchanged, compared to its average volume of 6,966,567. The company has a market capitalization of $87.55 billion, a P/E ratio of 10.24, a P/E/G ratio of 1.46 and a beta of 0.86. CVS Health Corp has a 1-year low of $51.72 and a 1-year high of $82.15. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.95 and a quick ratio of 0.64. The business has a 50 day moving average of $64.66 and a 200 day moving average of $58.54.
CVS Health (NYSE:CVS) last issued its quarterly earnings results on Wednesday, November 6th. The pharmacy operator reported $1.84 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.77 by $0.07. The business had revenue of $64.81 billion for the quarter, compared to the consensus estimate of $62.99 billion. CVS Health had a return on equity of 16.15% and a net margin of 1.91%. The firm’s quarterly revenue was up 36.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.73 earnings per share. As a group, equities research analysts anticipate that CVS Health Corp will post 6.99 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Thursday, October 24th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date was Wednesday, October 23rd. CVS Health’s dividend payout ratio is currently 28.25%.
CVS Health 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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