Commerce Bank Lowers Stake in CVS Health Corp (CVS)
Commerce Bank reduced its position in shares of CVS Health Corp (NYSE:CVS) by 0.5% in the third quarter, according to its most recent filing with the SEC. The fund owned 216,340 shares of the pharmacy operator’s stock after selling 1,039 shares during the quarter. Commerce Bank’s holdings in CVS Health were worth $17,593,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of CVS Health by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 76,557,597 shares of the pharmacy operator’s stock valued at $6,159,825,000 after acquiring an additional 1,056,265 shares during the last quarter. FMR LLC boosted its position in shares of CVS Health by 22.0% during the 2nd quarter. FMR LLC now owns 30,150,634 shares of the pharmacy operator’s stock valued at $2,425,920,000 after acquiring an additional 5,446,930 shares during the last quarter. Northern Trust Corp boosted its position in shares of CVS Health by 5.5% during the 2nd quarter. Northern Trust Corp now owns 15,618,081 shares of the pharmacy operator’s stock valued at $1,256,631,000 after acquiring an additional 807,639 shares during the last quarter. Nordea Investment Management AB boosted its position in shares of CVS Health by 8.4% during the 2nd quarter. Nordea Investment Management AB now owns 14,154,922 shares of the pharmacy operator’s stock valued at $1,138,905,000 after acquiring an additional 1,100,373 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of CVS Health by 4.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 10,579,307 shares of the pharmacy operator’s stock valued at $860,309,000 after acquiring an additional 481,262 shares during the last quarter. Hedge funds and other institutional investors own 81.69% of the company’s stock.
Shares of CVS Health Corp (NYSE CVS) opened at $79.86 on Friday. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.05 and a quick ratio of 0.55. CVS Health Corp has a 52 week low of $66.45 and a 52 week high of $84.00. The firm has a market capitalization of $80,900.00, a price-to-earnings ratio of 16.50, a price-to-earnings-growth ratio of 1.25 and a beta of 0.90.
The firm also recently announced a quarterly dividend, which will be paid on Friday, February 2nd. Shareholders of record on Wednesday, January 24th will be paid a $0.50 dividend. The ex-dividend date is Tuesday, January 23rd. This represents a $2.00 dividend on an annualized basis and a yield of 2.50%. CVS Health’s payout ratio is 41.32%.
In other CVS Health news, EVP Lisa Bisaccia sold 29,445 shares of the stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $75.00, for a total value of $2,208,375.00. Following the sale, the executive vice president now owns 15,556 shares in the company, valued at $1,166,700. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.61% of the company’s stock.
A number of research analysts have recently commented on CVS shares. SunTrust Banks set a $85.00 target price on CVS Health and gave the company a “buy” rating in a research report on Thursday, October 12th. Mizuho set a $90.00 price target on CVS Health and gave the company a “buy” rating in a report on Tuesday, October 24th. Cowen set a $86.00 price target on CVS Health and gave the company a “buy” rating in a report on Sunday, October 29th. Oppenheimer restated a “buy” rating and set a $95.00 price target on shares of CVS Health in a report on Monday, October 9th. Finally, Needham & Company LLC upgraded CVS Health from a “hold” rating to a “buy” rating and increased their price target for the company from $69.02 to $79.00 in a report on Friday, November 10th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $87.25.
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CVS Health Company Profile
CVS Health Corporation, together with its subsidiaries, is an integrated pharmacy healthcare company. The Company provides pharmacy care for the senior community through Omnicare, Inc (Omnicare) and Omnicare’s long-term care (LTC) operations, which include distribution of pharmaceuticals, related pharmacy consulting and other ancillary services to chronic care facilities and other care settings.
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