Truvestments Capital LLC Purchases Shares of 22,907 CVS Health Corp (CVS)
Truvestments Capital LLC bought a new stake in CVS Health Corp (NYSE:CVS) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 22,907 shares of the pharmacy operator’s stock, valued at approximately $1,474,000. CVS Health comprises approximately 0.9% of Truvestments Capital LLC’s holdings, making the stock its 27th biggest holding.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. BlackRock Inc. raised its holdings in CVS Health by 5.9% in the second quarter. BlackRock Inc. now owns 74,135,102 shares of the pharmacy operator’s stock valued at $4,770,597,000 after acquiring an additional 4,121,620 shares in the last quarter. Charles Schwab Investment Advisory Inc. purchased a new position in CVS Health in the second quarter valued at approximately $190,701,000. Boston Partners increased its stake in CVS Health by 41.9% in the second quarter. Boston Partners now owns 9,908,888 shares of the pharmacy operator’s stock valued at $637,637,000 after purchasing an additional 2,924,875 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in CVS Health by 63.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 7,031,778 shares of the pharmacy operator’s stock valued at $437,447,000 after purchasing an additional 2,720,334 shares during the last quarter. Finally, Carmignac Gestion purchased a new position in CVS Health in the first quarter valued at approximately $165,735,000. 82.75% of the stock is currently owned by institutional investors.
Shares of CVS traded up $1.39 during mid-day trading on Friday, reaching $74.58. 9,475,196 shares of the company’s stock were exchanged, compared to its average volume of 8,231,727. The company has a current ratio of 2.34, a quick ratio of 1.87 and a debt-to-equity ratio of 1.73. The firm has a market cap of $80.14 billion, a PE ratio of 12.64, a price-to-earnings-growth ratio of 1.05 and a beta of 1.02. CVS Health Corp has a 52-week low of $60.14 and a 52-week high of $83.88.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 24th will be issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend is Tuesday, October 23rd. CVS Health’s dividend payout ratio is presently 33.90%.
In related news, EVP Kevin Hourican sold 8,564 shares of the stock in a transaction on Monday, August 27th. The stock was sold at an average price of $75.00, for a total transaction of $642,300.00. Following the completion of the sale, the executive vice president now directly owns 12,135 shares of the company’s stock, valued at $910,125. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Eva C. Boratto sold 13,311 shares of the stock in a transaction on Monday, September 17th. The stock was sold at an average price of $77.16, for a total value of $1,027,076.76. Following the sale, the executive vice president now directly owns 55,162 shares of the company’s stock, valued at $4,256,299.92. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,409 shares of company stock valued at $3,392,097. Corporate insiders own 0.53% of the company’s stock.
Several brokerages have commented on CVS. ValuEngine upgraded shares of CVS Health from a “sell” rating to a “hold” rating in a research note on Thursday. Mizuho reiterated a “buy” rating on shares of CVS Health in a research note on Saturday, June 30th. Royal Bank of Canada dropped their price target on shares of CVS Health to $84.00 and set an “outperform” rating on the stock in a research note on Friday, June 29th. Morgan Stanley dropped their price target on shares of CVS Health from $88.00 to $80.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 3rd. Finally, Leerink Swann set a $80.00 price target on shares of CVS Health and gave the company an “outperform” rating in a research note on Thursday, August 9th. One investment 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. The stock presently has an average rating of “Buy” and an average target price of $86.31.
CVS Health Company Profile
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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