Highstreet Asset Management Inc. Cuts Stake in CVS Health Corp (CVS)

Highstreet Asset Management Inc. lessened its holdings in CVS Health Corp (NYSE:CVS) by 4.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,552 shares of the pharmacy operator’s stock after selling 1,718 shares during the quarter. Highstreet Asset Management Inc.’s holdings in CVS Health were worth $3,135,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Parsec Financial Management Inc. raised its position in CVS Health by 0.8% during the third quarter. Parsec Financial Management Inc. now owns 283,392 shares of the pharmacy operator’s stock worth $23,045,000 after acquiring an additional 2,155 shares in the last quarter. Meyer Handelman Co. raised its position in CVS Health by 4.1% during the third quarter. Meyer Handelman Co. now owns 166,833 shares of the pharmacy operator’s stock worth $13,567,000 after acquiring an additional 6,600 shares in the last quarter. Duncker Streett & Co. Inc. raised its position in CVS Health by 2.5% during the third quarter. Duncker Streett & Co. Inc. now owns 31,585 shares of the pharmacy operator’s stock worth $2,568,000 after acquiring an additional 781 shares in the last quarter. Aperio Group LLC raised its position in CVS Health by 8.0% during the third quarter. Aperio Group LLC now owns 813,347 shares of the pharmacy operator’s stock worth $66,141,000 after acquiring an additional 60,058 shares in the last quarter. Finally, Davis R M Inc. raised its position in CVS Health by 40.7% during the third quarter. Davis R M Inc. now owns 9,270 shares of the pharmacy operator’s stock worth $754,000 after acquiring an additional 2,683 shares in the last quarter. 81.63% of the stock is currently owned by institutional investors and hedge funds.

CVS Health Corp (NYSE:CVS) opened at $73.68 on Wednesday. The firm has a market cap of $74,640.00, a PE ratio of 15.22, a PEG ratio of 1.38 and a beta of 0.89. CVS Health Corp has a 1 year low of $66.45 and a 1 year high of $84.72. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.05 and a quick ratio of 0.55.

CVS Health (NYSE:CVS) last released its quarterly earnings results on Monday, November 6th. The pharmacy operator reported $1.50 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.49 by $0.01. CVS Health had a net margin of 2.78% and a return on equity of 14.90%. The business had revenue of $46.18 billion for the quarter, compared to the consensus estimate of $46.17 billion. During the same period in the prior year, the company posted $1.64 earnings per share. CVS Health’s revenue was up 3.5% compared to the same quarter last year. sell-side analysts predict that CVS Health Corp will post 5.9 EPS for the current fiscal year.

In related news, EVP Thomas M. Moriarty sold 20,547 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $81.17, for a total value of $1,667,799.99. Following the transaction, the executive vice president now directly owns 43,178 shares in the company, valued at $3,504,758.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Lisa Bisaccia sold 29,445 shares of the company’s stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $75.00, for a total transaction of $2,208,375.00. Following the completion of the transaction, the executive vice president now owns 15,556 shares in the company, valued at $1,166,700. The disclosure for this sale can be found here. Corporate insiders own 0.61% of the company’s stock.

Several analysts have issued reports on the stock. Loop Capital dropped their price target on shares of CVS Health from $83.00 to $73.00 and set a “hold” rating on the stock in a research report on Tuesday, November 7th. Needham & Company LLC upped their price target on shares of CVS Health from $79.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, December 4th. Jefferies Group dropped their price target on shares of CVS Health from $86.00 to $76.00 and set a “hold” rating on the stock in a research report on Tuesday, November 7th. Deutsche Bank assumed coverage on shares of CVS Health in a research report on Monday, December 4th. They set a “buy” rating and a $90.00 price target on the stock. Finally, Raymond James Financial reissued a “buy” rating on shares of CVS Health in a research report on Monday, December 4th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and fourteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $86.35.

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About CVS Health

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.

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

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