Victory Capital Management Inc. lowered its position in shares of CVS Health Corp (NYSE:CVS) by 10.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 912,585 shares of the pharmacy operator’s stock after selling 105,897 shares during the quarter. Victory Capital Management Inc.’s holdings in CVS Health were worth $71,839,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in CVS. BlackRock Inc. increased its holdings in CVS Health by 5.9% in the second quarter. BlackRock Inc. now owns 74,135,102 shares of the pharmacy operator’s stock valued at $4,770,597,000 after purchasing an additional 4,121,620 shares during the last quarter. Charles Schwab Investment Advisory Inc. bought a new stake in CVS Health in the second quarter valued at about $190,701,000. Boston Partners increased its holdings in CVS Health by 41.9% in the second quarter. Boston Partners now owns 9,908,888 shares of the pharmacy operator’s stock valued at $637,637,000 after purchasing an additional 2,924,875 shares during the last quarter. Morgan Stanley increased its holdings in CVS Health by 28.4% in the second quarter. Morgan Stanley now owns 8,358,263 shares of the pharmacy operator’s stock valued at $537,854,000 after purchasing an additional 1,848,678 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec increased its holdings in CVS Health by 52.1% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 5,171,271 shares of the pharmacy operator’s stock valued at $332,771,000 after purchasing an additional 1,771,170 shares during the last quarter. Institutional investors own 82.42% of the company’s stock.
NYSE:CVS opened at $80.05 on Friday. CVS Health Corp has a 1 year low of $60.14 and a 1 year high of $83.88. The company has a quick ratio of 1.87, a current ratio of 2.44 and a debt-to-equity ratio of 1.66. The stock has a market capitalization of $79.31 billion, a price-to-earnings ratio of 13.57, a price-to-earnings-growth ratio of 1.04 and a beta of 0.98.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Wednesday, October 24th were given a dividend of $0.50 per share. The ex-dividend date was Tuesday, October 23rd. This represents a $2.00 annualized dividend and a dividend yield of 2.50%. CVS Health’s dividend payout ratio is currently 33.90%.
A number of equities research analysts recently commented on the company. Royal Bank of Canada set a $100.00 price objective on CVS Health and gave the company a “buy” rating in a report on Wednesday. Morgan Stanley set a $100.00 price objective on CVS Health and gave the company a “buy” rating in a report on Wednesday. ValuEngine upgraded CVS Health from a “sell” rating to a “hold” rating in a report on Thursday, October 11th. Leerink Swann reiterated a “positive” rating and issued a $95.00 price objective (up previously from $85.00) on shares of CVS Health in a report on Thursday. Finally, Bank of America upped their price objective on CVS Health from $86.00 to $90.00 and gave the company a “buy” rating in a report on Monday, September 17th. One research analyst has rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $88.58.
In other news, EVP Eva C. Boratto sold 13,311 shares of the company’s stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $77.16, for a total transaction of $1,027,076.76. Following the completion of the transaction, the executive vice president now directly owns 55,162 shares of the company’s stock, valued at $4,256,299.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kevin Hourican sold 8,564 shares of the company’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $75.00, for a total value of $642,300.00. Following the transaction, the executive vice president now directly owns 12,135 shares of the company’s stock, valued at $910,125. The disclosure for this sale can be found here. Insiders have sold 43,409 shares of company stock valued at $3,392,097 over the last ninety days. 0.53% of the stock is owned by insiders.
CVS Health Company Profile
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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