Asset Advisors Investment Management LLC Takes Position in CVS Health Corp (CVS)

Asset Advisors Investment Management LLC acquired a new stake in CVS Health Corp (NYSE:CVS) in the third quarter, according to its most recent filing with the SEC. The fund acquired 7,600 shares of the pharmacy operator’s stock, valued at approximately $598,000.

Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in shares of CVS Health by 5.9% during the 2nd quarter. BlackRock Inc. now owns 74,135,102 shares of the pharmacy operator’s stock worth $4,770,597,000 after acquiring an additional 4,121,620 shares during the last quarter. Parnassus Investments CA raised its position in CVS Health by 2.2% in the 2nd quarter. Parnassus Investments CA now owns 16,659,501 shares of the pharmacy operator’s stock worth $1,072,039,000 after purchasing an additional 350,872 shares during the period. Bank of New York Mellon Corp raised its position in CVS Health by 15.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 12,573,338 shares of the pharmacy operator’s stock worth $809,095,000 after purchasing an additional 1,721,683 shares during the period. Veritas Asset Management LLP raised its position in CVS Health by 4.5% in the 2nd quarter. Veritas Asset Management LLP now owns 11,890,424 shares of the pharmacy operator’s stock worth $765,149,000 after purchasing an additional 508,500 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in CVS Health by 0.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 10,840,057 shares of the pharmacy operator’s stock worth $697,653,000 after purchasing an additional 64,223 shares during the period. Institutional investors and hedge funds own 82.62% of the company’s stock.

In other CVS Health news, EVP Eva C. Boratto sold 13,311 shares of the business’s stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $77.16, for a total value of $1,027,076.76. Following the transaction, the executive vice president now owns 55,162 shares in the company, valued at $4,256,299.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Lisa Bisaccia sold 21,534 shares of the business’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $80.00, for a total transaction of $1,722,720.00. The disclosure for this sale can be found here. Insiders sold 43,409 shares of company stock worth $3,392,097 in the last 90 days. Corporate insiders own 0.53% of the company’s stock.



A number of brokerages recently commented on CVS. ValuEngine upgraded shares of CVS Health from a “sell” rating to a “hold” rating in a research report on Thursday, October 11th. Royal Bank of Canada lifted their target price on shares of CVS Health to $101.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 18th. Bank of America lifted their target price on shares of CVS Health from $86.00 to $90.00 and gave the stock a “buy” rating in a research report on Monday, September 17th. Wolfe Research began coverage on shares of CVS Health in a research report on Thursday, October 25th. They issued a “peer perform” rating on the stock. Finally, Tigress Financial reiterated a “buy” rating on shares of CVS Health in a research report on Friday. One analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company’s stock. CVS Health has an average rating of “Buy” and a consensus price target of $86.18.

CVS stock opened at $70.54 on Tuesday. CVS Health Corp has a 12-month low of $60.14 and a 12-month high of $83.88. The stock has a market capitalization of $71.39 billion, a price-to-earnings ratio of 11.96, a PEG ratio of 0.94 and a beta of 1.02. 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 (NYSE:CVS) last released its quarterly earnings data on Wednesday, August 8th. The pharmacy operator reported $1.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.61 by $0.08. CVS Health had a net margin of 1.61% and a return on equity of 18.25%. The firm had revenue of $46.71 billion for the quarter, compared to analysts’ expectations of $46.34 billion. During the same quarter in the previous year, the company earned $1.33 earnings per share. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, equities analysts predict that CVS Health Corp will post 7.01 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 1st. Shareholders of record on Wednesday, October 24th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date is Tuesday, October 23rd. CVS Health’s payout ratio is 33.90%.

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.

Further Reading: Relative Strength Index

Want to see what other hedge funds are holding CVS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CVS Health Corp (NYSE:CVS).

Institutional Ownership by Quarter for CVS Health (NYSE:CVS)

Receive News & Ratings for CVS Health Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CVS Health and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply