Cornerstone Capital Management Holdings LLC. Raises Position in CVS Health Corp (CVS)
Cornerstone Capital Management Holdings LLC. increased its stake in shares of CVS Health Corp (NYSE:CVS) by 20.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 451,592 shares of the pharmacy operator’s stock after acquiring an additional 75,709 shares during the quarter. Cornerstone Capital Management Holdings LLC.’s holdings in CVS Health were worth $36,722,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of CVS Health by 1.4% during the second quarter. Vanguard Group Inc. now owns 76,557,597 shares of the pharmacy operator’s stock worth $6,159,825,000 after acquiring an additional 1,056,265 shares during the last quarter. FMR LLC raised its stake in CVS Health by 22.0% during the second quarter. FMR LLC now owns 30,150,634 shares of the pharmacy operator’s stock valued at $2,425,920,000 after purchasing an additional 5,446,930 shares in the last quarter. Northern Trust Corp raised its stake in CVS Health by 5.5% during the second quarter. Northern Trust Corp now owns 15,618,081 shares of the pharmacy operator’s stock valued at $1,256,631,000 after purchasing an additional 807,639 shares in the last quarter. Nordea Investment Management AB raised its stake in CVS Health by 8.4% during the second quarter. Nordea Investment Management AB now owns 14,154,922 shares of the pharmacy operator’s stock valued at $1,138,905,000 after purchasing an additional 1,100,373 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in CVS Health by 4.1% during the third quarter. Dimensional Fund Advisors LP now owns 10,856,659 shares of the pharmacy operator’s stock valued at $882,860,000 after purchasing an additional 430,377 shares in the last quarter. Hedge funds and other institutional investors own 81.69% of the company’s stock.
A number of equities research analysts recently issued reports on the stock. Needham & Company LLC raised shares of CVS Health from a “buy” rating to a “strong-buy” rating and upped their price target for the company from $88.00 to $100.00 in a research note on Tuesday, January 30th. Mizuho set a $95.00 price target on shares of CVS Health and gave the company a “buy” rating in a research note on Wednesday, January 24th. Cowen reaffirmed an “outperform” rating and set a $99.00 price target (up previously from $81.00) on shares of CVS Health in a research note on Thursday, January 18th. Vetr downgraded shares of CVS Health from a “hold” rating to a “sell” rating and set a $76.66 price target on the stock. in a research note on Tuesday, January 16th. Finally, ValuEngine downgraded shares of CVS Health from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and three have issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $88.27.
Shares of CVS Health Corp (NYSE:CVS) opened at $70.55 on Friday. CVS Health Corp has a 12 month low of $66.45 and a 12 month high of $84.00. The firm has a market cap of $75,315.95, a price-to-earnings ratio of 13.02, a PEG ratio of 1.24 and a beta of 0.93. The company has a quick ratio of 0.55, a current ratio of 1.05 and a debt-to-equity ratio of 0.67.
CVS Health (NYSE:CVS) last announced its earnings results on Thursday, February 8th. The pharmacy operator reported $1.92 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.88 by $0.04. CVS Health had a net margin of 2.77% and a return on equity of 16.96%. The business had revenue of $48.39 billion for the quarter, compared to the consensus estimate of $47.54 billion. During the same quarter in the prior year, the firm posted $1.71 earnings per share. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. sell-side analysts expect that CVS Health Corp will post 5.88 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, February 2nd. Stockholders of record on Wednesday, January 24th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.83%. The ex-dividend date of this dividend was Tuesday, January 23rd. CVS Health’s dividend payout ratio is currently 41.32%.
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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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