Landsberg Bennett & Dubbaneh LLC lowered its position in CVS Health Corp (NYSE:CVS) by 8.7% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 5,668 shares of the pharmacy operator’s stock after selling 537 shares during the period. Landsberg Bennett & Dubbaneh LLC’s holdings in CVS Health were worth $352,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in CVS. Waldron Private Wealth LLC lifted its holdings in CVS Health by 29.6% in the 1st quarter. Waldron Private Wealth LLC now owns 9,863 shares of the pharmacy operator’s stock valued at $531,000 after purchasing an additional 2,252 shares in the last quarter. New Jersey Better Educational Savings Trust purchased a new position in shares of CVS Health during the 1st quarter worth $324,000. Concorde Asset Management LLC purchased a new position in shares of CVS Health during the 1st quarter worth $471,000. Van Hulzen Asset Management LLC raised its holdings in shares of CVS Health by 909.0% during the 1st quarter. Van Hulzen Asset Management LLC now owns 144,629 shares of the pharmacy operator’s stock worth $7,800,000 after acquiring an additional 130,295 shares during the period. Finally, Sterling Investment Advisors Ltd. raised its holdings in shares of CVS Health by 40.2% during the 1st quarter. Sterling Investment Advisors Ltd. now owns 40,295 shares of the pharmacy operator’s stock worth $2,173,000 after acquiring an additional 11,556 shares during the period. Institutional investors own 75.91% of the company’s stock.
Several research firms have recently commented on CVS. Royal Bank of Canada began coverage on CVS Health in a report on Friday, September 27th. They set an “outperform” rating and a $85.00 price target on the stock. Morgan Stanley lifted their price target on CVS Health from $74.00 to $77.00 and gave the stock an “overweight” rating in a report on Thursday, September 26th. Deutsche Bank began coverage on CVS Health in a report on Thursday, September 12th. They set a “buy” rating and a $91.00 price target on the stock. Citigroup lifted their price target on CVS Health from $68.00 to $72.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Finally, Cowen reiterated an “outperform” rating and set a $76.00 price target (up previously from $69.00) on shares of CVS Health in a report on Tuesday, August 27th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. CVS Health currently has an average rating of “Buy” and an average price target of $75.39.
CVS Health (NYSE:CVS) last issued its quarterly earnings data on Wednesday, August 7th. The pharmacy operator reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.19. The firm had revenue of $63.43 billion during the quarter, compared to the consensus estimate of $62.66 billion. CVS Health had a return on equity of 16.15% and a net margin of 1.91%. The company’s quarterly revenue was up 35.2% on a year-over-year basis. During the same period last year, the company earned $1.69 EPS. As a group, equities research analysts predict that CVS Health Corp will post 6.97 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 4th. Investors of record on Thursday, October 24th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date of this dividend is Wednesday, October 23rd. CVS Health’s payout ratio is 28.25%.
In related news, CFO Eva C. Boratto sold 8,130 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $65.00, for a total transaction of $528,450.00. Following the completion of the sale, the chief financial officer now directly owns 55,273 shares of the company’s stock, valued at approximately $3,592,745. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Joshua Matthew Flum sold 17,703 shares of the firm’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $63.00, for a total value of $1,115,289.00. Following the sale, the executive vice president now directly owns 36,163 shares of the company’s stock, valued at $2,278,269. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by company insiders.
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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