Westchester Capital Management Inc. Acquires 5,740 Shares of CVS Health Corp (NYSE:CVS)

Westchester Capital Management Inc. lifted its holdings in CVS Health Corp (NYSE:CVS) by 5.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 120,587 shares of the pharmacy operator’s stock after buying an additional 5,740 shares during the period. CVS Health comprises approximately 3.0% of Westchester Capital Management Inc.’s holdings, making the stock its 22nd largest position. Westchester Capital Management Inc.’s holdings in CVS Health were worth $7,605,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of CVS. Baldwin Brothers Inc. MA boosted its stake in CVS Health by 1.1% during the 3rd quarter. Baldwin Brothers Inc. MA now owns 14,911 shares of the pharmacy operator’s stock valued at $941,000 after purchasing an additional 165 shares during the last quarter. Mutual Advisors LLC boosted its stake in CVS Health by 0.8% during the 2nd quarter. Mutual Advisors LLC now owns 20,641 shares of the pharmacy operator’s stock valued at $1,125,000 after purchasing an additional 172 shares during the last quarter. Enterprise Financial Services Corp boosted its stake in CVS Health by 3.7% during the 3rd quarter. Enterprise Financial Services Corp now owns 5,156 shares of the pharmacy operator’s stock valued at $325,000 after purchasing an additional 185 shares during the last quarter. Fiduciary Group LLC boosted its stake in CVS Health by 3.2% during the 2nd quarter. Fiduciary Group LLC now owns 6,485 shares of the pharmacy operator’s stock valued at $353,000 after purchasing an additional 200 shares during the last quarter. Finally, Legacy Advisors LLC boosted its stake in CVS Health by 2.5% during the 3rd quarter. Legacy Advisors LLC now owns 8,048 shares of the pharmacy operator’s stock valued at $508,000 after purchasing an additional 200 shares during the last quarter. 76.17% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE CVS traded up $0.69 during midday trading on Friday, reaching $72.47. The company’s stock had a trading volume of 9,079,719 shares, compared to its average volume of 6,966,567. CVS Health Corp has a 12-month low of $51.72 and a 12-month high of $82.15. The firm has a 50 day moving average price of $64.66 and a 200-day moving average price of $58.54. The stock has a market capitalization of $87.55 billion, a P/E ratio of 10.24, a PEG ratio of 1.46 and a beta of 0.86. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.95 and a quick ratio of 0.64.

CVS Health (NYSE:CVS) last announced its earnings results on Wednesday, November 6th. The pharmacy operator reported $1.84 earnings per share for the quarter, topping analysts’ consensus estimates of $1.77 by $0.07. CVS Health had a return on equity of 16.15% and a net margin of 1.91%. The firm had revenue of $64.81 billion for the quarter, compared to the consensus estimate of $62.99 billion. During the same quarter in the previous year, the business earned $1.73 EPS. The company’s revenue was up 36.5% compared to the same quarter last year. On average, equities analysts predict that CVS Health Corp will post 6.99 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, November 4th. Investors of record on Thursday, October 24th were issued a $0.50 dividend. The ex-dividend date was Wednesday, October 23rd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.76%. CVS Health’s dividend payout ratio (DPR) is presently 28.25%.

A number of research firms have issued reports on CVS. Mizuho lifted their price target on CVS Health from $71.00 to $82.00 and gave the company a “buy” rating in a research note on Friday. Evercore ISI set a $63.00 price target on CVS Health and gave the company a “buy” rating in a research note on Wednesday, August 7th. Barclays lifted their price target on CVS Health from $75.00 to $79.00 and gave the company an “overweight” rating in a research note on Thursday. Morgan Stanley lifted their price target on CVS Health from $74.00 to $77.00 and gave the company an “overweight” rating in a research note on Thursday, September 26th. Finally, Deutsche Bank began coverage on CVS Health in a research note on Thursday, September 12th. They set a “buy” rating and a $91.00 price target for the company. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. CVS Health has an average rating of “Buy” and a consensus price target of $77.59.

In related news, EVP Troyen A. Brennan sold 23,604 shares of CVS Health stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $68.00, for a total value of $1,605,072.00. Following the sale, the executive vice president now owns 107,921 shares of the company’s stock, valued at approximately $7,338,628. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction of $1,115,289.00. Following the completion of the sale, the executive vice president now directly owns 36,163 shares in the company, valued at approximately $2,278,269. The disclosure for this sale can be found here. Insiders sold a total of 49,437 shares of company stock worth $3,248,811 in the last ninety days. 0.53% of the stock is currently owned by insiders.

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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Institutional Ownership by Quarter for CVS Health (NYSE:CVS)

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