CVS Health Co. (NYSE:CVS – Get Rating) benefited from a sharp drop in short-term interest rates in August. As of August 31, there was short interest totaling 13,480,000 shares, down 10.4% from the total of 15,040,000 shares as of August 15. Based on an average daily volume of 4,770,000 shares, the day-to-cover ratio is currently 2.8 days. Currently, 1.0% of the company’s shares are sold short.
Insider Activity at CVS Health
In other news, Executive Vice Chairman Thomas M. Moriarty sold 138,654 shares of the company in a trade on Tuesday, June 28. The shares were sold at an average price of $95.00, for a total value of $13,172,130.00. Following the sale, the executive vice president now owns 626,273 shares of the company, valued at $59,495,935. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Separately, Executive Vice President Thomas M. Moriarty sold 138,654 shares of the company in a transaction dated Tuesday, June 28. The shares were sold at an average price of $95.00, for a total transaction of $13,172,130.00. Following completion of the transaction, the executive vice president now directly owns 626,273 shares of the company, valued at approximately $59,495,935. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available via this hyperlink. Additionally, Executive Vice President Alan Lotvin sold 22,541 shares in a trade dated Thursday, August 4. The stock was sold at an average price of $104.00, for a total transaction of $2,344,264.00. Following completion of the transaction, the executive vice president now directly owns 109,183 shares of the company, valued at approximately $11,355,032. The disclosure of this sale can be found here. 0.69% of the shares are held by insiders.
Hedge Funds Weigh on CVS Health
Large investors have recently changed their stock holdings. Macroview Investment Management LLC increased its stake in CVS Health by 128.3% in Q1. Macroview Investment Management LLC now owns 242 shares of the drugstore operator worth $25,000 after buying 136 additional shares in the last quarter. Claremont Financial Group Inc. bought a new position in CVS Health during the fourth quarter worth approximately $26,000. Stuart Chaussee & Associates Inc. increased its stake in CVS Health by 123.0% in the 1st quarter. Stuart Chaussee & Associates Inc. now owns 310 shares of the drugstore operator worth $31,000 after buying 171 additional shares in the last quarter. Win Advisors Inc. increased its equity stake in CVS Health by 60.1% during the second quarter. Win Advisors Inc. now owns 405 shares of the drugstore operator worth $38,000 after purchasing an additional 152 shares during the period. Finally, Rise Advisors LLC acquired a new stake in CVS Health during the fourth quarter worth approximately $41,000. 77.64% of the shares are held by institutional investors.
Wall Street analysts predict growth
CVS has been the subject of several research analyst reports. Evercore ISI raised its price target on CVS Health shares from $120.00 to $125.00 and gave the company an “outperform” rating in a Wednesday, September 7 research note. UBS Group raised its price target on CVS Health shares from $118.00 to $127.00 and gave the company a “buy” rating in a Thursday, Aug. 4 research report. Deutsche Bank Aktiengesellschaft raised its price target on CVS Health from $113.00 to $120.00 in a Thursday, August 4 research report. Sanford C. Bernstein downgraded CVS Health from an ‘outperforming’ rating to a ‘market performing’ rating and lowered its target price for the stock from $122.00 to $112.00 in a research report Thursday, May 26. Finally, Credit Suisse Group raised its price target on CVS Health shares from $113.00 to $117.00 and gave the stock an “outperform” rating in a Monday, August 8 research note. . Four analysts gave the stock a hold rating, nineteen gave the stock a buy rating and one gave the stock a strong buy rating. Based on MarketBeat data, CVS Health currently has an average rating of “Moderate Buy” and an average price target of $117.59.
CVS Health Stock down 1.6%
Shares of NYSE:CVS traded at $1.65 during midday trading on Monday, hitting $100.41. The company had a trading volume of 34,333 shares, compared to an average volume of 5,629,656. The company’s 50-day moving average price is $99.60 and its 200-day moving average price is 99 $.32. CVS Health has a 1-year minimum of $81.78 and a 1-year maximum of $111.25. The company has a quick ratio of 0.65, a current ratio of 0.91 and a debt ratio of 0.67. The stock has a market capitalization of $131.82 billion, a PE ratio of 16.60, a P/E/G ratio of 1.56 and a beta of 0.73.
CVS Health (NYSE:CVS – Get Rating) last released its results on Wednesday, August 3. The drugstore operator reported earnings per share of $2.40 for the quarter, beating the consensus estimate of $2.16 by $0.24. CVS Health had a net margin of 2.65% and a return on equity of 15.19%. The company posted revenue of $80.64 billion in the quarter, compared to $76.38 billion expected by analysts. During the same period last year, the company earned earnings per share of $2.42. The company’s revenue increased 11.0% year over year. Research analysts expect CVS Health to post an EPS of 8.53 for the current fiscal year.
CVS Health Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, August 1. Shareholders of record on Friday, July 22 received a dividend of $0.55 per share. The ex-dividend date was Thursday July 21. This represents an annualized dividend of $2.20 and a dividend yield of 2.19%. CVS Health’s dividend payout ratio is currently 35.77%.
CVS Health Company Profile
(Get a rating)
CVS Health Corporation provides healthcare services in the United States. The Company’s Healthcare Benefits segment offers traditional, voluntary and consumer health insurance products and related services. It serves groups of employers, individuals, students, part-time and hourly workers, health plans, health care providers, government units, government-sponsored plans, labor groups and expatriates.
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