Sterling Capital Management LLC trimmed its holdings in CVS Health Corp (NYSE:CVS) by 1.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,600,162 shares of the pharmacy operator’s stock after selling 21,232 shares during the period. CVS Health accounts for approximately 1.1% of Sterling Capital Management LLC’s holdings, making the stock its 7th largest holding. Sterling Capital Management LLC owned approximately 0.16% of CVS Health worth $125,965,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Camarda Financial Advisors LLC acquired a new stake in CVS Health in the 2nd quarter worth about $102,000. Kiley Juergens Wealth Management LLC acquired a new stake in CVS Health in the 2nd quarter worth about $103,000. Legacy Advisors LLC boosted its stake in CVS Health by 7,100.0% in the 2nd 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 during the last quarter. Squar Milner Financial Services LLC acquired a new stake in CVS Health in the 2nd quarter worth about $122,000. Finally, Canton Hathaway LLC acquired a new stake in CVS Health in the 3rd quarter worth about $126,000. 82.42% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have recently weighed in on CVS shares. Royal Bank of Canada set a $99.00 price objective on CVS Health and gave the company a “buy” rating in a research note on Tuesday, October 23rd. Bank of America lifted their price objective on CVS Health from $86.00 to $90.00 and gave the company a “buy” rating in a research note on Monday, September 17th. Morgan Stanley set a $100.00 price objective on CVS Health and gave the company a “buy” rating in a research note on Wednesday. ValuEngine raised CVS Health from a “strong sell” rating to a “sell” rating in a research note on Tuesday, August 28th. Finally, Tigress Financial reaffirmed a “buy” rating on shares of CVS Health in a research note on Friday, October 26th. 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. CVS Health presently has a consensus rating of “Buy” and a consensus target price of $89.38.
CVS Health (NYSE:CVS) last announced its earnings results on Tuesday, November 6th. The pharmacy operator reported $1.73 EPS for the quarter, beating the consensus estimate of $1.71 by $0.02. The business had revenue of $47.27 billion for 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%. The company’s revenue was up 2.4% on a year-over-year basis. During the same period last year, the business posted $1.50 EPS. Sell-side analysts expect that CVS Health Corp will post 7.04 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, November 1st. Investors of record on Wednesday, October 24th were issued 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 2.51%. CVS Health’s payout ratio is currently 33.90%.
In related news, EVP Kevin Hourican sold 8,564 shares of the firm’s stock in a transaction dated Monday, August 27th. The stock was 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 document filed with the SEC, which is accessible through this link. Also, EVP Eva C. Boratto sold 13,311 shares of the firm’s stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $77.16, for a total value of $1,027,076.76. Following the sale, the executive vice president now owns 55,162 shares in the company, valued at $4,256,299.92. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,409 shares of company stock worth $3,392,097. Company insiders own 0.53% of the company’s stock.
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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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