Carnegie Capital Asset Management LLC Trims Holdings in CVS Health Corp (NYSE:CVS)

Carnegie Capital Asset Management LLC trimmed its stake in CVS Health Corp (NYSE:CVS) by 39.3% during the first quarter, Holdings Channel.com reports. The fund owned 5,995 shares of the pharmacy operator’s stock after selling 3,879 shares during the period. Carnegie Capital Asset Management LLC’s holdings in CVS Health were worth $354,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the company. Wealth Quarterback LLC acquired a new position in shares of CVS Health in the fourth quarter valued at approximately $12,665,010,000. Capital International Investors grew its holdings in shares of CVS Health by 1.8% in the fourth quarter. Capital International Investors now owns 24,743,087 shares of the pharmacy operator’s stock valued at $1,838,162,000 after purchasing an additional 444,995 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of CVS Health by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 18,668,143 shares of the pharmacy operator’s stock valued at $1,384,017,000 after purchasing an additional 337,843 shares in the last quarter. Norges Bank acquired a new position in shares of CVS Health in the fourth quarter valued at approximately $955,672,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of CVS Health by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 11,897,473 shares of the pharmacy operator’s stock valued at $883,864,000 after purchasing an additional 220,868 shares in the last quarter. 76.44% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:CVS opened at $63.33 on Friday. The company has a market capitalization of $82.79 billion, a PE ratio of 8.59, a P/E/G ratio of 1.42 and a beta of 0.73. The company has a current ratio of 0.99, a quick ratio of 0.70 and a debt-to-equity ratio of 1.29. CVS Health Corp has a twelve month low of $52.04 and a twelve month high of $77.03. The firm has a 50 day simple moving average of $61.11 and a 200-day simple moving average of $67.62.

CVS Health (NYSE:CVS) last issued its quarterly earnings data on Wednesday, May 6th. The pharmacy operator reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.28. The business had revenue of $66.76 billion during the quarter, compared to the consensus estimate of $64.11 billion. CVS Health had a net margin of 2.76% and a return on equity of 15.17%. The company’s revenue was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.62 EPS. As a group, equities research analysts predict that CVS Health Corp will post 7.08 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 4th. Stockholders of record on Thursday, April 23rd were given a dividend of $0.50 per share. The ex-dividend date was Wednesday, April 22nd. This represents a $2.00 annualized dividend and a dividend yield of 3.16%. CVS Health’s dividend payout ratio is presently 28.25%.

In other CVS Health news, SVP James David Clark sold 6,234 shares of the company’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $65.00, for a total transaction of $405,210.00. Following the completion of the transaction, the senior vice president now owns 4,817 shares in the company, valued at approximately $313,105. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Alan Lotvin acquired 5,000 shares of the business’s stock in a transaction on Monday, May 11th. The shares were purchased at an average price of $63.14 per share, with a total value of $315,700.00. Following the transaction, the executive vice president now owns 15,161 shares in the company, valued at approximately $957,265.54. The disclosure for this purchase can be found here. 0.46% of the stock is owned by corporate insiders.

CVS has been the subject of a number of research reports. SunTrust Banks dropped their price objective on shares of CVS Health from $90.00 to $80.00 and set a “buy” rating for the company in a report on Monday, April 13th. Citigroup dropped their price objective on shares of CVS Health from $86.00 to $75.00 and set a “buy” rating for the company in a report on Thursday, May 7th. Cantor Fitzgerald boosted their price target on shares of CVS Health from $85.00 to $90.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Cfra boosted their price target on shares of CVS Health from $85.00 to $86.00 and gave the stock a “strong-buy” rating in a report on Wednesday, February 12th. Finally, Royal Bank of Canada reiterated a “buy” rating and set a $77.00 price target on shares of CVS Health in a report on Wednesday, May 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $80.88.

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.

Featured Story: Cash Flow

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.