Palo Capital Inc. increased its holdings in shares of CVS Health Corp (NYSE:CVS) by 90.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 60,510 shares of the pharmacy operator’s stock after purchasing an additional 28,729 shares during the quarter. CVS Health accounts for 1.0% of Palo Capital Inc.’s portfolio, making the stock its 21st biggest holding. Palo Capital Inc.’s holdings in CVS Health were worth $4,763,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in the company. Kiley Juergens Wealth Management LLC lifted its holdings in CVS Health by 41.5% in the third quarter. Kiley Juergens Wealth Management LLC now owns 2,270 shares of the pharmacy operator’s stock valued at $178,000 after acquiring an additional 666 shares during the period. Northwest Investment Counselors LLC lifted its holdings in CVS Health by 2.5% in the third quarter. Northwest Investment Counselors LLC now owns 29,103 shares of the pharmacy operator’s stock valued at $2,291,000 after acquiring an additional 704 shares during the period. Security National Bank of Sioux City Iowa IA lifted its holdings in CVS Health by 3.3% in the second quarter. Security National Bank of Sioux City Iowa IA now owns 22,523 shares of the pharmacy operator’s stock valued at $1,449,000 after acquiring an additional 720 shares during the period. Twin Capital Management Inc. lifted its holdings in CVS Health by 0.7% in the second quarter. Twin Capital Management Inc. now owns 108,530 shares of the pharmacy operator’s stock valued at $6,984,000 after acquiring an additional 730 shares during the period. Finally, Nissay Asset Management Corp Japan ADV raised its stake in shares of CVS Health by 0.6% in the second quarter. Nissay Asset Management Corp Japan ADV now owns 123,260 shares of the pharmacy operator’s stock worth $7,932,000 after buying an additional 753 shares during the period. 82.56% of the stock is currently owned by hedge funds and other institutional investors.
NYSE CVS opened at $70.12 on Friday. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.87 and a current ratio of 2.34. CVS Health Corp has a 52 week low of $60.14 and a 52 week high of $83.88. The stock has a market capitalization of $71.39 billion, a PE ratio of 10.64, a P/E/G ratio of 0.94 and a beta of 1.02.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 24th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.85%. The ex-dividend date is Tuesday, October 23rd. CVS Health’s dividend payout ratio is currently 33.90%.
In related news, EVP Lisa Bisaccia sold 21,534 shares of the stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $80.00, for a total transaction of $1,722,720.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Eva C. Boratto sold 13,311 shares of the stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $77.16, for a total value of $1,027,076.76. Following the sale, the executive vice president now owns 55,162 shares of the company’s stock, valued at approximately $4,256,299.92. The disclosure for this sale can be found here. Insiders have sold 43,409 shares of company stock valued at $3,392,097 in the last quarter. 0.53% of the stock is currently owned by company insiders.
Several research analysts have recently commented on CVS shares. Mizuho reaffirmed a “buy” rating on shares of CVS Health in a research note on Saturday, June 30th. Morgan Stanley decreased their price objective on CVS Health from $88.00 to $80.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 3rd. Citigroup reaffirmed a “buy” rating and issued a $81.00 price objective on shares of CVS Health in a research note on Monday, July 9th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $90.00 price objective on shares of CVS Health in a research note on Wednesday, August 8th. Finally, Leerink Swann set a $80.00 price objective on CVS Health and gave the stock an “outperform” rating in a research note on Thursday, August 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $86.18.
About CVS Health
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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