Brown Brothers Harriman & Co. decreased its holdings in CVS Health Co. (NYSE:CVS) by 89.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,288 shares of the pharmacy operator’s stock after selling 70,843 shares during the period. Brown Brothers Harriman & Co.’s holdings in CVS Health were worth $692,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also bought and sold shares of the business. Penserra Capital Management LLC acquired a new position in shares of CVS Health during the second quarter worth $25,000. MV Capital Management Inc. grew its stake in shares of CVS Health by 96.1% during the second quarter. MV Capital Management Inc. now owns 400 shares of the pharmacy operator’s stock worth $33,000 after purchasing an additional 196 shares in the last quarter. Solstein Capital LLC acquired a new position in shares of CVS Health during the first quarter worth $35,000. D Orazio & Associates Inc. acquired a new position in shares of CVS Health during the second quarter worth $36,000. Finally, Smith Asset Management Group LP acquired a new position in CVS Health in the second quarter valued at $38,000. Institutional investors and hedge funds own 75.94% of the company’s stock.
Several equities analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of CVS Health from $95.00 to $101.00 and gave the company a “buy” rating in a research note on Thursday, August 5th. Tigress Financial reaffirmed a “buy” rating and issued a $108.00 target price on shares of CVS Health in a report on Friday, July 23rd. Finally, Morgan Stanley upped their target price on shares of CVS Health from $99.00 to $114.00 and gave the company an “overweight” rating in a report on Tuesday, August 31st. Four equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $94.89.
CVS Health (NYSE:CVS) last announced its quarterly earnings data on Tuesday, August 3rd. The pharmacy operator reported $2.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.07 by $0.35. CVS Health had a net margin of 2.59% and a return on equity of 13.81%. The company had revenue of $72.62 billion during the quarter, compared to analyst estimates of $70.27 billion. During the same period last year, the business earned $2.62 EPS. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, sell-side analysts expect that CVS Health Co. will post 7.84 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 1st. Investors of record on Friday, October 22nd will be given a $0.50 dividend. The ex-dividend date of this dividend is Thursday, October 21st. This represents a $2.00 annualized dividend and a yield of 2.41%. CVS Health’s dividend payout ratio is presently 26.67%.
In other CVS Health news, Director Edward J. Ludwig bought 3,000 shares of the company’s stock in a transaction that occurred on Thursday, August 5th. The shares were acquired at an average cost of $79.55 per share, for a total transaction of $238,650.00. Following the acquisition, the director now directly owns 17,334 shares of the company’s stock, valued at $1,378,919.70. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Troyen A. Brennan sold 2,625 shares of the business’s stock in a transaction that occurred on Thursday, September 2nd. The stock was sold at an average price of $87.00, for a total transaction of $228,375.00. Following the completion of the sale, the executive vice president now owns 140,201 shares in the company, valued at $12,197,487. The disclosure for this sale can be found here. Company insiders own 0.69% of the company’s stock.
About CVS Health
CVS Health Corp. engages in the provision of health care services. It operates through the following segments: Pharmacy Services, Retail or Long Term Care, Health Care Benefits, and Corporate/Other. The Pharmacy Services segment offers pharmacy benefit management solutions. The Retail or Long Term Care segment includes selling of prescription drugs and assortment of general merchandise.
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