Sit Investment Associates Inc. Grows Holdings in CVS Health Corp (CVS)

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Sit Investment Associates Inc. raised its stake in CVS Health Corp (NYSE:CVS) by 10.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 295,050 shares of the pharmacy operator’s stock after purchasing an additional 29,075 shares during the quarter. Sit Investment Associates Inc.’s holdings in CVS Health were worth $19,332,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in CVS. Dodge & Cox purchased a new position in CVS Health in the third quarter valued at about $1,190,694,000. Capital International Investors raised its position in CVS Health by 5,579.8% in the third quarter. Capital International Investors now owns 9,161,488 shares of the pharmacy operator’s stock valued at $721,192,000 after purchasing an additional 9,000,188 shares during the period. Diamond Hill Capital Management Inc. purchased a new position in CVS Health in the third quarter valued at about $204,536,000. BlackRock Inc. raised its position in CVS Health by 2.8% in the third quarter. BlackRock Inc. now owns 76,197,017 shares of the pharmacy operator’s stock valued at $5,998,231,000 after purchasing an additional 2,061,915 shares during the period. Finally, Bank of New York Mellon Corp raised its position in CVS Health by 15.9% in the second quarter. Bank of New York Mellon Corp now owns 12,573,338 shares of the pharmacy operator’s stock valued at $809,095,000 after purchasing an additional 1,721,683 shares during the period. 84.46% of the stock is currently owned by institutional investors.

Several research firms have commented on CVS. Barclays began coverage on CVS Health in a research report on Tuesday, December 18th. They issued an “overweight” rating and a $91.00 price objective on the stock. Leerink Swann began coverage on CVS Health in a research report on Tuesday, December 11th. They issued an “outperform” rating on the stock. Goldman Sachs Group reissued a “neutral” rating and issued a $87.00 price objective on shares of CVS Health in a research report on Thursday, November 29th. Argus raised their price objective on CVS Health to $100.00 and gave the company a “buy” rating in a research report on Tuesday, November 13th. Finally, ValuEngine raised CVS Health from a “sell” rating to a “hold” rating in a research report on Thursday, October 11th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the company. CVS Health currently has a consensus rating of “Buy” and a consensus price target of $91.98.

In related news, EVP Troyen A. Brennan sold 14,229 shares of CVS Health stock in a transaction dated Wednesday, November 14th. The stock was sold at an average price of $82.00, for a total value of $1,166,778.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Larry J. Merlo sold 166,368 shares of CVS Health stock in a transaction dated Tuesday, January 8th. The stock was sold at an average price of $69.04, for a total value of $11,486,046.72. Following the completion of the transaction, the insider now owns 496,577 shares of the company’s stock, valued at $34,283,676.08. The disclosure for this sale can be found here. Insiders sold 205,756 shares of company stock valued at $14,668,815 over the last quarter. Insiders own 0.53% of the company’s stock.

Shares of NYSE CVS traded down $0.26 during midday trading on Monday, reaching $65.55. 5,192,485 shares of the company’s stock were exchanged, compared to its average volume of 10,332,661. CVS Health Corp has a 52-week low of $60.14 and a 52-week high of $83.88. The firm has a market cap of $67.28 billion, a price-to-earnings ratio of 11.11, a PEG ratio of 0.79 and a beta of 1.12. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.94 and a current ratio of 2.44.

CVS Health (NYSE:CVS) last announced its earnings results on Tuesday, November 6th. The pharmacy operator reported $1.73 earnings per share (EPS) for the quarter, topping the Zacks’ 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 business had revenue of $47.27 billion for the quarter, compared to analyst estimates of $47.22 billion. During the same period in the previous year, the company earned $1.50 earnings per share. The company’s revenue for the quarter was up 2.4% compared to the same quarter last year. As a group, research analysts predict that CVS Health Corp will post 7.04 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 4th. Stockholders of record on Friday, January 25th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend is Thursday, January 24th. CVS Health’s payout ratio is 33.90%.

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CVS Health 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.

See Also: Cost of Capital

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

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