Norway Savings Bank lifted its position in shares of CVS Health Co. (NYSE:CVS – Free Report) by 4.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,346 shares of the pharmacy operator’s stock after buying an additional 1,330 shares during the period. CVS Health makes up about 1.2% of Norway Savings Bank’s holdings, making the stock its 28th biggest holding. Norway Savings Bank’s holdings in CVS Health were worth $2,236,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in CVS. Live Oak Investment Partners acquired a new stake in CVS Health in the 4th quarter valued at $25,000. Freedom Wealth Alliance LLC purchased a new position in CVS Health in the 4th quarter valued at about $40,000. True Wealth Design LLC purchased a new position in CVS Health in the 4th quarter valued at about $48,000. 25 LLC purchased a new position in CVS Health in the 1st quarter valued at about $39,000. Finally, General Partner Inc. purchased a new position in CVS Health in the 1st quarter valued at about $47,000. 75.99% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, SVP James David Clark sold 25,759 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $74.92, for a total transaction of $1,929,864.28. Following the completion of the sale, the senior vice president now directly owns 4,698 shares in the company, valued at $351,974.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.25% of the stock is currently owned by insiders.
CVS Health Price Performance
CVS Health (NYSE:CVS – Get Free Report) last posted its quarterly earnings data on Wednesday, August 2nd. The pharmacy operator reported $2.21 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.09. CVS Health had a net margin of 0.86% and a return on equity of 15.43%. The business had revenue of $88.92 billion for the quarter, compared to analyst estimates of $86.41 billion. During the same quarter last year, the business earned $2.40 earnings per share. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. Equities research analysts anticipate that CVS Health Co. will post 8.61 EPS for the current fiscal year.
CVS Health Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Friday, July 21st were issued a dividend of $0.605 per share. This represents a $2.42 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date was Thursday, July 20th. CVS Health’s payout ratio is 106.14%.
Analysts Set New Price Targets
A number of equities analysts have weighed in on CVS shares. Morgan Stanley decreased their price objective on shares of CVS Health from $120.00 to $110.00 and set an “overweight” rating for the company in a research report on Thursday, August 3rd. Raymond James reduced their price target on shares of CVS Health from $90.00 to $85.00 and set an “outperform” rating on the stock in a research report on Friday, August 4th. Mizuho reduced their price target on shares of CVS Health from $120.00 to $88.00 in a research report on Tuesday, July 11th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $87.00 price target on shares of CVS Health in a research report on Thursday. Finally, JPMorgan Chase & Co. reduced their price target on shares of CVS Health from $114.00 to $106.00 in a research report on Friday, July 7th. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $96.00.
CVS Health Company Profile
CVS Health Corporation provides health services in the United States. It operates through Health Care Benefits, Pharmacy Services, and Retail/LTC segments. The Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services. It serves employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups, and expatriates.
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