Convergence Investment Partners LLC Has $4.09 Million Position in CVS Health Corporation (NYSE:CVS)

Convergence Investment Partners LLC lifted its stake in shares of CVS Health Corporation (NYSE:CVS) by 82.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 50,783 shares of the pharmacy operator’s stock after acquiring an additional 23,013 shares during the quarter. Convergence Investment Partners LLC’s holdings in CVS Health Corporation were worth $4,086,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Keel Point LLC lifted its holdings in CVS Health Corporation by 0.7% in the 1st quarter. Keel Point LLC now owns 3,296 shares of the pharmacy operator’s stock worth $259,000 after purchasing an additional 22 shares in the last quarter. First City Capital Management Inc. lifted its holdings in CVS Health Corporation by 0.3% in the 1st quarter. First City Capital Management Inc. now owns 12,771 shares of the pharmacy operator’s stock worth $1,003,000 after purchasing an additional 40 shares in the last quarter. Elefante Mark B lifted its holdings in CVS Health Corporation by 0.7% in the 2nd quarter. Elefante Mark B now owns 6,400 shares of the pharmacy operator’s stock worth $515,000 after purchasing an additional 45 shares in the last quarter. Traynor Capital Management Inc. lifted its holdings in CVS Health Corporation by 1.3% in the 2nd quarter. Traynor Capital Management Inc. now owns 3,676 shares of the pharmacy operator’s stock worth $290,000 after purchasing an additional 48 shares in the last quarter. Finally, Norway Savings Bank lifted its holdings in CVS Health Corporation by 0.3% in the 2nd quarter. Norway Savings Bank now owns 17,014 shares of the pharmacy operator’s stock worth $1,368,000 after purchasing an additional 50 shares in the last quarter. Institutional investors own 81.59% of the company’s stock.

In related news, EVP Thomas M. Moriarty sold 90,267 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $79.61, for a total transaction of $7,186,155.87. Following the sale, the executive vice president now owns 70,102 shares of the company’s stock, valued at $5,580,820.22. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Larry J. Merlo sold 241,150 shares of the business’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $83.07, for a total value of $20,032,330.50. Following the sale, the insider now directly owns 299,255 shares in the company, valued at approximately $24,859,112.85. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 716,625 shares of company stock worth $58,318,431. Corporate insiders own 0.61% of the company’s stock.

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Several analysts have recently issued reports on CVS shares. BidaskClub cut CVS Health Corporation from a “hold” rating to a “sell” rating in a report on Friday, August 25th. Loop Capital started coverage on CVS Health Corporation in a report on Thursday, August 24th. They set a “hold” rating and a $83.00 price objective on the stock. Guggenheim reaffirmed a “buy” rating on shares of CVS Health Corporation in a report on Monday, July 3rd. Needham & Company LLC reissued a “hold” rating on shares of CVS Health Corporation in a research report on Sunday, September 10th. Finally, Oppenheimer Holdings, Inc. reissued a “buy” rating and set a $95.00 target price on shares of CVS Health Corporation in a research report on Monday, October 9th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. CVS Health Corporation has a consensus rating of “Buy” and an average target price of $87.98.

Shares of CVS Health Corporation (NYSE CVS) opened at 68.99 on Friday. CVS Health Corporation has a 52 week low of $68.16 and a 52 week high of $87.93. The stock has a market capitalization of $70.13 billion, a PE ratio of 13.74 and a beta of 0.92. The company’s 50 day moving average price is $78.64 and its 200-day moving average price is $78.69.

CVS Health Corporation (NYSE:CVS) last issued its earnings results on Tuesday, August 8th. The pharmacy operator reported $1.33 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.31 by $0.02. The firm had revenue of $45.69 billion for the quarter, compared to analysts’ expectations of $45.36 billion. CVS Health Corporation had a net margin of 2.93% and a return on equity of 17.47%. CVS Health Corporation’s revenue was up 4.5% on a year-over-year basis. During the same quarter last year, the company posted $1.32 earnings per share. Equities research analysts predict that CVS Health Corporation will post $5.88 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 3rd. Stockholders of record on Tuesday, October 24th will be issued a dividend of $0.50 per share. The ex-dividend date is Monday, October 23rd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.90%. CVS Health Corporation’s dividend payout ratio (DPR) is presently 39.92%.

CVS Health Corporation Profile

CVS Health Corporation, together with its subsidiaries, is an integrated pharmacy healthcare company. The Company provides pharmacy care for the senior community through Omnicare, Inc (Omnicare) and Omnicare’s long-term care (LTC) operations, which include distribution of pharmaceuticals, related pharmacy consulting and other ancillary services to chronic care facilities and other care settings.

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

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