FormulaFolio Investments LLC Invests $267,000 in CVS Health Corporation (NYSE:CVS)

FormulaFolio Investments LLC bought a new stake in shares of CVS Health Corporation (NYSE:CVS) during the first quarter, according to its most recent filing with the SEC. The firm bought 3,401 shares of the pharmacy operator’s stock, valued at approximately $267,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Mercer Capital Advisers Inc. purchased a new position in shares of CVS Health Corporation during the first quarter valued at approximately $118,000. D Orazio & Associates Inc. boosted its position in shares of CVS Health Corporation by 34.5% in the fourth quarter. D Orazio & Associates Inc. now owns 1,560 shares of the pharmacy operator’s stock valued at $123,000 after buying an additional 400 shares during the last quarter. Sowell Financial Services LLC purchased a new position in shares of CVS Health Corporation during the fourth quarter valued at approximately $140,000. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of CVS Health Corporation during the fourth quarter valued at approximately $156,000. Finally, Orrstown Financial Services Inc. boosted its position in shares of CVS Health Corporation by 2,000.0% in the first quarter. Orrstown Financial Services Inc. now owns 2,100 shares of the pharmacy operator’s stock valued at $165,000 after buying an additional 2,000 shares during the last quarter. 81.92% of the stock is currently owned by hedge funds and other institutional investors.

The company also recently declared a quarterly dividend, which was paid on Thursday, August 3rd. Stockholders of record on Monday, July 24th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date of this dividend was Thursday, July 20th. CVS Health Corporation’s payout ratio is 41.67%.

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Several research analysts have commented on the stock. Vetr cut shares of CVS Health Corporation from a “strong-buy” rating to a “buy” rating and set a $88.97 target price for the company. in a report on Monday, June 12th. Guggenheim restated a “buy” rating on shares of CVS Health Corporation in a report on Monday, July 3rd. Needham & Company LLC initiated coverage on shares of CVS Health Corporation in a report on Tuesday, June 27th. They set a “hold” rating for the company. Jefferies Group LLC reaffirmed a “hold” rating and set a $82.00 price objective on shares of CVS Health Corporation in a research report on Friday, July 14th. Finally, BidaskClub lowered shares of CVS Health Corporation from a “hold” rating to a “sell” rating in a research report on Monday, July 24th. Nine investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $92.20.

In other news, CFO David M. Denton sold 230,510 shares of CVS Health Corporation stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $80.00, for a total transaction of $18,440,800.00. Following the sale, the chief financial officer now directly owns 176,983 shares of the company’s stock, valued at $14,158,640. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Helena Foulkes sold 20,333 shares of CVS Health Corporation stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $80.00, for a total value of $1,626,640.00. Following the sale, the executive vice president now directly owns 59,301 shares in the company, valued at $4,744,080. The disclosure for this sale can be found here. Insiders have sold 271,175 shares of company stock worth $21,632,597 over the last three months. Insiders own 0.61% of the company’s stock.

About CVS Health Corporation

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.