Coastline Trust Co reduced its position in shares of CVS Health Corp (NYSE:CVS) by 8.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 30,079 shares of the pharmacy operator’s stock after selling 2,600 shares during the quarter. Coastline Trust Co’s holdings in CVS Health were worth $1,757,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in the business. BlackRock Inc. grew its stake in shares of CVS Health by 1.3% during the 2nd quarter. BlackRock Inc. now owns 97,156,370 shares of the pharmacy operator’s stock valued at $6,312,247,000 after purchasing an additional 1,281,119 shares during the period. State Street Corp grew its stake in shares of CVS Health by 0.5% during the 1st quarter. State Street Corp now owns 56,039,417 shares of the pharmacy operator’s stock valued at $3,324,819,000 after purchasing an additional 251,722 shares during the period. Morgan Stanley grew its stake in shares of CVS Health by 19.4% during the 1st quarter. Morgan Stanley now owns 20,645,844 shares of the pharmacy operator’s stock valued at $1,224,919,000 after purchasing an additional 3,352,364 shares during the period. Nordea Investment Management AB grew its stake in shares of CVS Health by 91.3% during the 2nd quarter. Nordea Investment Management AB now owns 18,518,644 shares of the pharmacy operator’s stock valued at $1,189,082,000 after purchasing an additional 8,837,591 shares during the period. Finally, Capital World Investors grew its stake in shares of CVS Health by 12.5% during the 1st quarter. Capital World Investors now owns 12,343,789 shares of the pharmacy operator’s stock valued at $732,357,000 after purchasing an additional 1,369,061 shares during the period. Institutional investors and hedge funds own 75.88% of the company’s stock.
A number of research analysts recently issued reports on the company. Credit Suisse Group boosted their price objective on CVS Health from $75.00 to $90.00 and gave the company an “outperform” rating in a research note on Friday, August 7th. Piper Sandler assumed coverage on CVS Health in a research note on Thursday, September 17th. They set an “overweight” rating and a $72.00 price objective for the company. Deutsche Bank Aktiengesellschaft cut their price objective on CVS Health from $109.00 to $104.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. SVB Leerink boosted their price objective on CVS Health from $72.00 to $73.00 and gave the company a “market perform” rating in a research note on Thursday, August 6th. Finally, Royal Bank of Canada reiterated a “buy” rating on shares of CVS Health in a research note on Thursday, July 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $81.94.
CVS Health (NYSE:CVS) last issued its quarterly earnings data on Wednesday, August 5th. The pharmacy operator reported $2.64 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.93 by $0.71. The business had revenue of $65.30 billion for the quarter, compared to analysts’ expectations of $64.29 billion. CVS Health had a return on equity of 16.32% and a net margin of 3.13%. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.89 EPS. Sell-side analysts anticipate that CVS Health Corp will post 7.22 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Thursday, October 22nd will be issued a dividend of $0.50 per share. The ex-dividend date is Wednesday, October 21st. This represents a $2.00 annualized dividend and a dividend yield of 3.36%. CVS Health’s dividend payout ratio (DPR) is 28.25%.
CVS Health 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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