Newman Dignan & Sheerar Inc. Reduces Position in CVS Health Corp (NYSE:CVS)
Newman Dignan & Sheerar Inc. lessened its holdings in shares of CVS Health Corp (NYSE:CVS) by 1.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,247 shares of the pharmacy operator’s stock after selling 356 shares during the period. Newman Dignan & Sheerar Inc.’s holdings in CVS Health were worth $1,876,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. 1 North Wealth Services LLC acquired a new position in CVS Health in the 3rd quarter valued at about $29,000. Gradient Investments LLC lifted its holdings in shares of CVS Health by 78.3% in the 3rd quarter. Gradient Investments LLC now owns 617 shares of the pharmacy operator’s stock worth $39,000 after acquiring an additional 271 shares during the last quarter. Cordasco Financial Network acquired a new position in shares of CVS Health in the 3rd quarter worth approximately $44,000. Allred Capital Management LLC acquired a new position in shares of CVS Health in the 4th quarter worth approximately $55,000. Finally, Sound Income Strategies LLC lifted its holdings in shares of CVS Health by 24.3% in the 4th quarter. Sound Income Strategies LLC now owns 860 shares of the pharmacy operator’s stock worth $64,000 after acquiring an additional 168 shares during the last quarter. 76.64% of the stock is owned by institutional investors.
In other CVS Health news, COO Jonathan C. Roberts sold 57,563 shares of the stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $72.63, for a total value of $4,180,800.69. Following the sale, the chief operating officer now directly owns 102,608 shares of the company’s stock, valued at approximately $7,452,419.04. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Troyen A. Brennan sold 23,604 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $68.00, for a total transaction of $1,605,072.00. Following the completion of the sale, the executive vice president now directly owns 107,921 shares in the company, valued at $7,338,628. The disclosure for this sale can be found here. Over the last three months, insiders sold 161,310 shares of company stock worth $11,796,598. Insiders own 0.53% of the company’s stock.
CVS Health (NYSE:CVS) last released its earnings results on Wednesday, November 6th. The pharmacy operator reported $1.84 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.77 by $0.07. The company had revenue of $64.81 billion for the quarter, compared to analyst estimates of $62.99 billion. CVS Health had a net margin of 1.83% and a return on equity of 15.45%. The firm’s quarterly revenue was up 36.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.73 EPS. Equities research analysts expect that CVS Health Corp will post 7.03 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Thursday, January 23rd will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend is Wednesday, January 22nd. CVS Health’s dividend payout ratio is presently 28.25%.
Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of CVS Health from $88.00 to $97.00 and gave the stock an “overweight” rating in a report on Thursday, December 19th. Cowen set a $76.00 price objective on shares of CVS Health and gave the stock a “buy” rating in a report on Monday, October 21st. ValuEngine lowered shares of CVS Health from a “hold” rating to a “sell” rating in a report on Wednesday, December 18th. UBS Group restated a “buy” rating and issued a $78.00 price objective on shares of CVS Health in a report on Thursday, November 7th. Finally, SunTrust Banks upped their price objective on shares of CVS Health to $85.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $77.43.
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.
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