Pettee Investors Inc. Buys New Holdings in CVS Health Corp (CVS)

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Pettee Investors Inc. bought a new position in shares of CVS Health Corp (NYSE:CVS) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,675 shares of the pharmacy operator’s stock, valued at approximately $211,000.

Several other institutional investors have also added to or reduced their stakes in the company. Fisher Asset Management LLC increased its position in CVS Health by 5.7% during the second quarter. Fisher Asset Management LLC now owns 317,675 shares of the pharmacy operator’s stock worth $20,442,000 after buying an additional 17,250 shares during the last quarter. Garland Capital Management Inc. increased its position in CVS Health by 4.1% during the second quarter. Garland Capital Management Inc. now owns 60,290 shares of the pharmacy operator’s stock worth $3,879,000 after buying an additional 2,350 shares during the last quarter. Personal Resources Investment & Strategic Management Inc. increased its position in CVS Health by 63.3% during the second quarter. Personal Resources Investment & Strategic Management Inc. now owns 38,739 shares of the pharmacy operator’s stock worth $2,575,000 after buying an additional 15,017 shares during the last quarter. Forte Capital LLC ADV increased its position in CVS Health by 3.9% during the second quarter. Forte Capital LLC ADV now owns 51,033 shares of the pharmacy operator’s stock worth $3,284,000 after buying an additional 1,917 shares during the last quarter. Finally, First National Bank of Mount Dora Trust Investment Services increased its position in CVS Health by 2.2% during the second quarter. First National Bank of Mount Dora Trust Investment Services now owns 38,557 shares of the pharmacy operator’s stock worth $2,481,000 after buying an additional 815 shares during the last quarter. 82.42% of the stock is owned by institutional investors and hedge funds.

In other news, EVP Lisa Bisaccia sold 21,534 shares of the company’s stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $80.00, for a total value of $1,722,720.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Kevin Hourican sold 8,564 shares of the company’s stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $75.00, for a total value of $642,300.00. Following the completion of the transaction, the executive vice president now directly owns 12,135 shares in the company, valued at approximately $910,125. The disclosure for this sale can be found here. Insiders sold 43,409 shares of company stock worth $3,392,097 in the last ninety days. 0.53% of the stock is owned by company insiders.

CVS Health stock opened at $79.83 on Friday. CVS Health Corp has a 12 month low of $60.14 and a 12 month high of $83.88. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.87 and a current ratio of 2.44. The company has a market capitalization of $81.55 billion, a PE ratio of 13.53, a PEG ratio of 1.07 and a beta of 0.98.

CVS Health (NYSE:CVS) last posted its earnings results on Tuesday, November 6th. The pharmacy operator reported $1.73 EPS for the quarter, beating the consensus estimate of $1.71 by $0.02. CVS Health had a return on equity of 18.69% and a net margin of 1.65%. The company had revenue of $47.27 billion for the quarter, compared to the consensus estimate of $47.22 billion. During the same quarter in the prior year, the business earned $1.50 earnings per share. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. On average, analysts anticipate that CVS Health Corp will post 7.04 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Wednesday, October 24th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.51%. The ex-dividend date was Tuesday, October 23rd. CVS Health’s payout ratio is 33.90%.

A number of equities analysts have weighed in on the company. Royal Bank of Canada reissued a “buy” rating and set a $90.00 price target on shares of CVS Health in a research report on Wednesday, August 8th. Leerink Swann set a $80.00 price target on CVS Health and gave the stock an “outperform” rating in a research report on Thursday, August 9th. ValuEngine raised CVS Health from a “strong sell” rating to a “sell” rating in a research report on Monday, September 10th. Wolfe Research assumed coverage on CVS Health in a research report on Thursday, October 25th. They set a “peer perform” rating on the stock. Finally, Loop Capital set a $80.00 price target on CVS Health and gave the stock a “hold” rating in a research report on Friday. One analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. CVS Health has an average rating of “Buy” and a consensus price target of $89.38.

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About CVS Health

CVS Health Corporation, together with its subsidiaries, provides integrated pharmacy health care services. It operates through Pharmacy Services and Retail/LTC segments. The Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, Medicare Part D services, mail order, specialty pharmacy and infusion services, retail pharmacy network management services, prescription management systems, clinical services, disease management programs, and medical pharmacy management services.

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

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