Keating Investment Counselors Inc. Purchases 4,550 Shares of CVS Health Corp (CVS)
Keating Investment Counselors Inc. increased its position in shares of CVS Health Corp (NYSE:CVS) by 4.8% during the first quarter, HoldingsChannel reports. The institutional investor owned 98,638 shares of the pharmacy operator’s stock after purchasing an additional 4,550 shares during the quarter. CVS Health comprises 2.4% of Keating Investment Counselors Inc.’s holdings, making the stock its 17th biggest position. Keating Investment Counselors Inc.’s holdings in CVS Health were worth $5,320,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also recently added to or reduced their stakes in CVS. Bell Rock Capital LLC grew its position in CVS Health by 764.0% during the fourth quarter. Bell Rock Capital LLC now owns 432 shares of the pharmacy operator’s stock worth $28,000 after buying an additional 382 shares in the last quarter. Bay Harbor Wealth Management LLC grew its position in CVS Health by 1,871.4% during the first quarter. Bay Harbor Wealth Management LLC now owns 552 shares of the pharmacy operator’s stock worth $30,000 after buying an additional 524 shares in the last quarter. Acima Private Wealth LLC acquired a new stake in CVS Health during the fourth quarter worth about $33,000. Murphy Pohlad Asset Management LLC acquired a new stake in CVS Health during the fourth quarter worth about $39,000. Finally, Somerset Trust Co grew its position in CVS Health by 152.7% during the first quarter. Somerset Trust Co now owns 758 shares of the pharmacy operator’s stock worth $41,000 after buying an additional 458 shares in the last quarter. 78.49% of the stock is currently owned by institutional investors and hedge funds.
In other news, SVP James David Clark sold 1,664 shares of CVS Health stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $58.14, for a total value of $96,744.96. Following the completion of the transaction, the senior vice president now owns 8,557 shares in the company, valued at $497,503.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Edward J. Ludwig bought 4,000 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was purchased at an average price of $58.27 per share, with a total value of $233,080.00. Following the purchase, the director now directly owns 5,378 shares of the company’s stock, valued at approximately $313,376.06. The disclosure for this purchase can be found here. Insiders bought 23,600 shares of company stock valued at $1,270,896 in the last quarter. 0.53% of the stock is currently owned by corporate insiders.
CVS Health (NYSE:CVS) last posted its earnings results on Wednesday, May 1st. The pharmacy operator reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.12. CVS Health had a negative net margin of 0.08% and a positive return on equity of 16.80%. The company had revenue of $61.65 billion during the quarter, compared to analysts’ expectations of $60.39 billion. During the same quarter in the previous year, the company posted $1.48 earnings per share. CVS Health’s quarterly revenue was up 34.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that CVS Health Corp will post 6.83 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, May 3rd. Stockholders of record on Tuesday, April 23rd were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date of this dividend was Monday, April 22nd. CVS Health’s dividend payout ratio (DPR) is currently 28.25%.
A number of equities research analysts recently weighed in on the company. BMO Capital Markets assumed coverage on CVS Health in a research report on Wednesday, April 10th. They set an “outperform” rating and a $58.00 target price on the stock. Guggenheim initiated coverage on shares of CVS Health in a research note on Thursday, April 18th. They set a “buy” rating and a $75.00 price target for the company. ValuEngine upgraded shares of CVS Health from a “strong sell” rating to a “sell” rating in a research note on Friday, May 3rd. Raymond James cut their price target on shares of CVS Health from $90.00 to $75.00 and set a “strong-buy” rating for the company in a research note on Thursday, April 18th. Finally, UBS Group cut their price target on shares of CVS Health from $75.00 to $74.00 and set a “buy” rating for the company in a research note on Thursday, February 21st. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. CVS Health presently has a consensus rating of “Buy” and an average price target of $77.62.
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About CVS Health
CVS Health Corporation provides health services and plans in the United States. Its Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, retail pharmacy network management, mail order pharmacy, specialty pharmacy and infusion, Medicare Part D, clinical, disease management, and medical spend management services.
Further Reading: Fiduciary
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