Penobscot Investment Management Company Inc. lowered its stake in shares of CVS Health Corp (NYSE:CVS) by 14.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 43,015 shares of the pharmacy operator’s stock after selling 7,200 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in CVS Health were worth $2,344,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. FMR LLC increased its position in CVS Health by 30.6% during the 4th quarter. FMR LLC now owns 39,263,265 shares of the pharmacy operator’s stock worth $2,572,528,000 after purchasing an additional 9,194,005 shares in the last quarter. Geode Capital Management LLC boosted its holdings in CVS Health by 36.2% in the 4th quarter. Geode Capital Management LLC now owns 16,462,292 shares of the pharmacy operator’s stock worth $1,076,697,000 after acquiring an additional 4,376,604 shares during the period. Dimensional Fund Advisors LP boosted its holdings in CVS Health by 28.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 13,790,753 shares of the pharmacy operator’s stock worth $903,574,000 after acquiring an additional 3,041,266 shares during the period. Norges Bank purchased a new position in CVS Health in the 4th quarter worth approximately $840,254,000. Finally, Nordea Investment Management AB boosted its holdings in CVS Health by 2.8% in the 1st quarter. Nordea Investment Management AB now owns 12,426,745 shares of the pharmacy operator’s stock worth $670,172,000 after acquiring an additional 340,315 shares during the period. 77.18% of the stock is owned by institutional investors.
A number of research firms have weighed in on CVS. Raymond James decreased their price target on CVS Health from $90.00 to $75.00 and set a “strong-buy” rating for the company in a report on Thursday, April 18th. Guggenheim began coverage on CVS Health in a report on Thursday, April 18th. They issued a “buy” rating and a $75.00 price target for the company. ValuEngine cut CVS Health from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 2nd. Evercore ISI set a $63.00 price target on CVS Health and gave the stock a “buy” rating in a report on Wednesday, August 7th. Finally, Standpoint Research upgraded CVS Health from a “hold” rating to a “buy” rating in a report on Wednesday, June 5th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $75.14.
CVS Health (NYSE:CVS) last released its earnings results on Wednesday, August 7th. The pharmacy operator reported $1.89 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.70 by $0.19. The company had revenue of $63.43 billion during the quarter, compared to analysts’ expectations of $62.66 billion. CVS Health had a return on equity of 16.15% and a net margin of 1.91%. The business’s revenue was up 35.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.69 EPS. Equities research analysts forecast that CVS Health Corp will post 6.96 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Thursday, July 25th were paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.32%. The ex-dividend date of this dividend was Wednesday, July 24th. CVS Health’s dividend payout ratio (DPR) is presently 28.25%.
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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