NEW YORK (TheStreet) -- Shares of CVS Health Corp (CVS) closed higher by 0.57% to $99.98 in Tuesday's regular trading session, after the company had coverage initiated with "outperform" by analysts at Macquarie this morning.
Analysts at the firm also issued a price target of $115.
CVS director C. David Brown sold 10,000 shares of the stock on June 1 at an average price of $102.57, for a total transaction of $1.025 million, according to a legal filing with the SEC.
Woonsocket, R.I.-based CVS Health is a pharmacy healthcare provider with business segments in pharmacy services, retail pharmacy and corporate, providing pharmacy benefit management services throughout the U.S.
Insight from TheStreet's Research Team:
CVS Health (CVS:NYSE, $101.83, 182 shares, 5.01%) slid 1% since our last summary update. With reports that Humana (HUM:NYSE) may be up for sale, Wall Street has been trying to game the impact from any potential deal on the standalone pharmacy benefits managers: CVS and Express Scripts (ESRX:Nasdaq).
Analysts at J.P. Morgan view outsourcing the PBM function as highly likely and view a Humana takeout by Aetna (AET:NYSE) or Cigna (CI:NYSE) as positive for CVS, and by Anthem (ANTH:NYSE) as positive for ESRX based on prior relationships.