Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its holdings in CVS Health Corp (NYSE:CVS) by 25.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 477,573 shares of the pharmacy operator’s stock after buying an additional 95,700 shares during the quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp’s holdings in CVS Health were worth $37,595,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the company. Guild Investment Management Inc. purchased a new position in shares of CVS Health in the 3rd quarter valued at approximately $3,764,000. Schwab Charles Investment Management Inc. lifted its stake in shares of CVS Health by 4.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 7,332,665 shares of the pharmacy operator’s stock valued at $471,857,000 after purchasing an additional 300,887 shares during the period. Waddell & Reed Financial Inc. lifted its stake in shares of CVS Health by 21.5% in the 2nd quarter. Waddell & Reed Financial Inc. now owns 993,394 shares of the pharmacy operator’s stock valued at $63,925,000 after purchasing an additional 175,725 shares during the period. Hayek Kallen Investment Management lifted its stake in shares of CVS Health by 5.0% in the 3rd quarter. Hayek Kallen Investment Management now owns 13,567 shares of the pharmacy operator’s stock valued at $844,000 after purchasing an additional 641 shares during the period. Finally, Zions Bancorporation purchased a new position in shares of CVS Health in the 3rd quarter valued at approximately $239,000. Hedge funds and other institutional investors own 84.49% of the company’s stock.
In other news, CFO David M. Denton sold 25,159 shares of the business’s stock in a transaction on Thursday, November 29th. The stock was sold at an average price of $80.13, for a total value of $2,015,990.67. Following the completion of the transaction, the chief financial officer now owns 403 shares in the company, valued at $32,292.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Troyen A. Brennan sold 14,229 shares of the business’s stock in a transaction on Wednesday, November 14th. The stock was sold at an average price of $82.00, for a total value of $1,166,778.00. The disclosure for this sale can be found here. Insiders sold 60,922 shares of company stock valued at $4,905,489 in the last 90 days. Company insiders own 0.53% of the company’s stock.
CVS Health (NYSE:CVS) last announced its quarterly earnings data on Tuesday, November 6th. The pharmacy operator reported $1.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.71 by $0.02. CVS Health had a return on equity of 18.69% and a net margin of 1.65%. The business had revenue of $47.27 billion during the quarter, compared to analysts’ expectations of $47.22 billion. During the same quarter in the previous year, the business earned $1.50 earnings per share. The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. As a group, research analysts anticipate that CVS Health Corp will post 7.02 EPS for the current year.
A number of brokerages have issued reports on CVS. Tigress Financial reiterated a “buy” rating on shares of CVS Health in a research note on Friday, October 26th. Bank of America lifted their price objective on CVS Health from $86.00 to $90.00 and gave the company a “buy” rating in a research note on Monday, September 17th. Royal Bank of Canada set a $99.00 price objective on CVS Health and gave the company a “buy” rating in a research note on Tuesday, October 23rd. Morgan Stanley set a $100.00 price objective on CVS Health and gave the company a “buy” rating in a research note on Wednesday, November 7th. Finally, Argus lifted their price objective on CVS Health to $100.00 and gave the company a “buy” rating in a research note on Tuesday, November 13th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $90.71.
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CVS Health Profile
CVS Health Corporation, together with its subsidiaries, provides integrated pharmacy health care services. It operates through Pharmacy Services and Retail/LTC segments. The Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, Medicare Part D services, mail order, specialty pharmacy and infusion services, retail pharmacy network management services, prescription management systems, clinical services, disease management programs, and medical pharmacy management services.
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