Public Sector Pension investment Board trimmed its position in shares of CVS Health Corp (NYSE:CVS) by 50.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 115,973 shares of the pharmacy operator’s stock after selling 117,600 shares during the period. Public Sector Pension investment Board’s holdings in CVS Health were worth $9,331,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Pathstone Family Office LLC increased its stake in shares of CVS Health by 341.0% during the second quarter. Pathstone Family Office LLC now owns 1,270 shares of the pharmacy operator’s stock worth $2,353,000 after buying an additional 982 shares during the period. TB Alternative Assets Ltd. purchased a new position in CVS Health in the second quarter valued at approximately $121,000. Gemmer Asset Management LLC increased its stake in CVS Health by 15.3% in the second quarter. Gemmer Asset Management LLC now owns 1,509 shares of the pharmacy operator’s stock valued at $121,000 after purchasing an additional 200 shares during the last quarter. Captrust Financial Advisors purchased a new position in CVS Health in the second quarter valued at approximately $155,000. Finally, SRS Capital Advisors Inc. increased its stake in CVS Health by 48.2% in the first quarter. SRS Capital Advisors Inc. now owns 2,256 shares of the pharmacy operator’s stock valued at $177,000 after purchasing an additional 734 shares during the last quarter. Hedge funds and other institutional investors own 82.60% of the company’s stock.
Shares of CVS Health Corp (NYSE:CVS) opened at $75.12 on Friday. The firm has a market capitalization of $76,095.96, a P/E ratio of 13.16, a PEG ratio of 1.29 and a beta of 0.89. CVS Health Corp has a fifty-two week low of $66.45 and a fifty-two week high of $84.72. The company has a quick ratio of 0.55, a current ratio of 1.05 and a debt-to-equity ratio of 0.67.
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 3rd. Stockholders of record on Tuesday, October 24th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.66%. The ex-dividend date was Monday, October 23rd. CVS Health’s payout ratio is currently 41.32%.
In other news, insider Larry J. Merlo sold 241,150 shares of the stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $83.07, for a total value of $20,032,330.50. Following the completion of the sale, the insider now directly owns 299,255 shares of the company’s stock, valued at $24,859,112.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Thomas M. Moriarty sold 20,547 shares of the stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $81.17, for a total value of $1,667,799.99. Following the sale, the executive vice president now directly owns 43,178 shares of the company’s stock, valued at $3,504,758.26. The disclosure for this sale can be found here. Insiders sold 714,125 shares of company stock valued at $58,119,381 over the last three months. Corporate insiders own 0.61% of the company’s stock.
CVS has been the topic of several recent analyst reports. Robert W. Baird reiterated a “hold” rating and issued a $77.00 price target on shares of CVS Health in a research note on Friday, October 27th. Needham & Company LLC upgraded shares of CVS Health from a “hold” rating to a “buy” rating and increased their price target for the company from $69.02 to $79.00 in a research note on Friday, November 10th. Mizuho set a $90.00 price target on shares of CVS Health and gave the company a “buy” rating in a research note on Tuesday, October 24th. BidaskClub lowered shares of CVS Health from a “hold” rating to a “sell” rating in a research note on Friday, August 25th. Finally, Loop Capital initiated coverage on shares of CVS Health in a research note on Thursday, August 24th. They issued a “hold” rating and a $83.00 price target on the stock. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and fourteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $85.82.
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CVS Health Company Profile
CVS Health Corporation, together with its subsidiaries, is an integrated pharmacy healthcare company. The Company provides pharmacy care for the senior community through Omnicare, Inc (Omnicare) and Omnicare’s long-term care (LTC) operations, which include distribution of pharmaceuticals, related pharmacy consulting and other ancillary services to chronic care facilities and other care settings.
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