Regent Investment Management LLC raised its position in CVS Health Corp (NYSE:CVS) by 9.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 76,404 shares of the pharmacy operator’s stock after purchasing an additional 6,475 shares during the quarter. CVS Health accounts for approximately 1.6% of Regent Investment Management LLC’s portfolio, making the stock its 12th largest holding. Regent Investment Management LLC’s holdings in CVS Health were worth $4,819,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. NEXT Financial Group Inc raised its holdings in shares of CVS Health by 33.4% during the 3rd quarter. NEXT Financial Group Inc now owns 15,242 shares of the pharmacy operator’s stock valued at $962,000 after buying an additional 3,817 shares during the period. LexAurum Advisors LLC purchased a new stake in shares of CVS Health during the 3rd quarter valued at about $221,000. Wedbush Securities Inc. raised its holdings in shares of CVS Health by 29.5% during the 3rd quarter. Wedbush Securities Inc. now owns 53,910 shares of the pharmacy operator’s stock valued at $3,400,000 after buying an additional 12,292 shares during the period. Envestnet Asset Management Inc. raised its holdings in shares of CVS Health by 3.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 900,998 shares of the pharmacy operator’s stock valued at $56,826,000 after buying an additional 28,192 shares during the period. Finally, Cordasco Financial Network purchased a new stake in shares of CVS Health during the 3rd quarter valued at about $44,000. Institutional investors own 75.98% of the company’s stock.
Several equities research analysts recently commented on CVS shares. ValuEngine upgraded CVS Health from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 2nd. Cowen reiterated an “outperform” rating and set a $76.00 target price (up from $69.00) on shares of CVS Health in a report on Tuesday, August 27th. Citigroup raised their target price on CVS Health from $68.00 to $72.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Evercore ISI set a $63.00 target price on CVS Health and gave the company a “buy” rating in a report on Wednesday, August 7th. Finally, Bank of America raised their target price on CVS Health from $72.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, September 12th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $75.39.
CVS Health (NYSE:CVS) last posted its quarterly earnings data on Wednesday, August 7th. The pharmacy operator reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.19. CVS Health had a return on equity of 16.15% and a net margin of 1.91%. The company had revenue of $63.43 billion for the quarter, compared to the consensus estimate of $62.66 billion. During the same period in the previous year, the business earned $1.69 EPS. CVS Health’s revenue for the quarter was up 35.2% compared to the same quarter last year. On average, sell-side analysts forecast that CVS Health Corp will post 6.97 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 4th. Stockholders of record on Thursday, October 24th will be given a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, October 23rd. This represents a $2.00 annualized dividend and a dividend yield of 3.03%. CVS Health’s payout ratio is 28.25%.
In other news, CFO Eva C. Boratto sold 8,130 shares of CVS Health stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $65.00, for a total value of $528,450.00. Following the completion of the transaction, the chief financial officer now owns 55,273 shares in the company, valued at approximately $3,592,745. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Joshua Matthew Flum sold 17,703 shares of CVS Health stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $63.00, for a total value of $1,115,289.00. Following the completion of the transaction, the executive vice president now owns 36,163 shares of the company’s stock, valued at approximately $2,278,269. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by company insiders.
CVS Health Company Profile
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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