Palouse Capital Management Inc. Trims Holdings in CVS Health Corporation (CVS)
Palouse Capital Management Inc. cut its stake in CVS Health Corporation (NYSE:CVS) by 0.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 37,449 shares of the pharmacy operator’s stock after selling 316 shares during the period. Palouse Capital Management Inc.’s holdings in CVS Health Corporation were worth $3,013,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of CVS. Bank of America Corp DE increased its holdings in shares of CVS Health Corporation by 1.8% during the 1st quarter. Bank of America Corp DE now owns 22,411,957 shares of the pharmacy operator’s stock worth $1,759,338,000 after purchasing an additional 398,999 shares during the period. Macquarie Group Ltd. raised its position in shares of CVS Health Corporation by 2.4% during the first quarter. Macquarie Group Ltd. now owns 9,752,261 shares of the pharmacy operator’s stock valued at $765,534,000 after buying an additional 225,981 shares during the last quarter. Clearbridge Investments LLC raised its position in shares of CVS Health Corporation by 6.8% during the first quarter. Clearbridge Investments LLC now owns 9,258,404 shares of the pharmacy operator’s stock valued at $726,785,000 after buying an additional 589,646 shares during the last quarter. Pioneer Investment Management Inc. lifted its stake in shares of CVS Health Corporation by 4.6% in the first quarter. Pioneer Investment Management Inc. now owns 8,033,087 shares of the pharmacy operator’s stock valued at $630,598,000 after buying an additional 353,621 shares during the period. Finally, Parnassus Investments CA lifted its stake in shares of CVS Health Corporation by 2.9% in the first quarter. Parnassus Investments CA now owns 6,237,016 shares of the pharmacy operator’s stock valued at $473,605,000 after buying an additional 175,695 shares during the period. 81.49% of the stock is owned by hedge funds and other institutional investors.
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In related news, Director Richard J. Swift sold 2,500 shares of the firm’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $79.62, for a total transaction of $199,050.00. Following the sale, the director now owns 3,258 shares of the company’s stock, valued at approximately $259,401.96. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Thomas M. Moriarty sold 90,267 shares of the firm’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $79.61, for a total value of $7,186,155.87. Following the sale, the executive vice president now directly owns 70,102 shares in the company, valued at approximately $5,580,820.22. The disclosure for this sale can be found here. In the last three months, insiders have sold 696,078 shares of company stock valued at $56,650,631. Insiders own 0.61% of the company’s stock.
Shares of CVS Health Corporation (NYSE:CVS) opened at 80.77 on Tuesday. The stock’s 50 day moving average price is $79.57 and its 200 day moving average price is $79.01. CVS Health Corporation has a one year low of $69.30 and a one year high of $88.92. The company has a market cap of $82.11 billion, a PE ratio of 16.09 and a beta of 0.92.
CVS Health Corporation (NYSE:CVS) last released its earnings results on Tuesday, August 8th. The pharmacy operator reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.02. The firm had revenue of $45.69 billion during the quarter, compared to analysts’ expectations of $45.36 billion. CVS Health Corporation had a return on equity of 17.47% and a net margin of 2.93%. The company’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period in the prior year, the company earned $1.32 earnings per share. Equities analysts predict that CVS Health Corporation will post $5.88 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 3rd. Shareholders of record on Tuesday, October 24th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.48%. The ex-dividend date is Monday, October 23rd. CVS Health Corporation’s payout ratio is 39.92%.
CVS has been the topic of a number of recent research reports. Royal Bank Of Canada initiated coverage on CVS Health Corporation in a research report on Tuesday, September 19th. They set an “outperform” rating and a $95.00 target price on the stock. Jefferies Group LLC boosted their price target on CVS Health Corporation from $82.00 to $86.00 and gave the company a “hold” rating in a research note on Friday, September 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of CVS Health Corporation in a report on Sunday, September 10th. BidaskClub cut CVS Health Corporation from a “hold” rating to a “sell” rating in a report on Friday, August 25th. Finally, Loop Capital began coverage on CVS Health Corporation in a research report on Thursday, August 24th. They issued a “hold” rating and a $83.00 price objective for the company. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and fifteen have assigned a buy rating to the company. CVS Health Corporation presently has a consensus rating of “Buy” and a consensus target price of $90.58.
CVS Health Corporation 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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