Douglas Lane & Associates LLC lifted its stake in shares of CVS Health Co. (NYSE:CVS) by 6.2% during the fourth quarter, Holdings Channel.com reports. The fund owned 544,824 shares of the pharmacy operator’s stock after purchasing an additional 31,668 shares during the period. Douglas Lane & Associates LLC’s holdings in CVS Health were worth $37,212,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of CVS. United Bank increased its position in shares of CVS Health by 25.1% during the second quarter. United Bank now owns 11,731 shares of the pharmacy operator’s stock worth $762,000 after acquiring an additional 2,353 shares during the period. PNC Financial Services Group Inc. increased its stake in CVS Health by 2.6% during the 2nd quarter. PNC Financial Services Group Inc. now owns 2,124,772 shares of the pharmacy operator’s stock worth $138,049,000 after buying an additional 53,819 shares in the last quarter. Orion Portfolio Solutions LLC grew its position in CVS Health by 47.4% in the second quarter. Orion Portfolio Solutions LLC now owns 5,042 shares of the pharmacy operator’s stock worth $328,000 after acquiring an additional 1,621 shares during the period. RMR Wealth Builders purchased a new position in shares of CVS Health during the 2nd quarter worth $88,000. Finally, Asset Dedication LLC grew its position in shares of CVS Health by 15.1% in the second quarter. Asset Dedication LLC now owns 3,761 shares of the pharmacy operator’s stock valued at $244,000 after purchasing an additional 492 shares during the period. Institutional investors own 74.21% of the company’s stock.
Shares of CVS traded up $0.15 during trading on Thursday, reaching $75.07. The company’s stock had a trading volume of 127,063 shares, compared to its average volume of 8,405,203. The company has a market cap of $98.26 billion, a price-to-earnings ratio of 12.38, a P/E/G ratio of 1.69 and a beta of 0.82. The company has a quick ratio of 0.67, a current ratio of 0.95 and a debt-to-equity ratio of 0.89. The company has a fifty day moving average of $70.55 and a two-hundred day moving average of $64.33. CVS Health Co. has a twelve month low of $52.04 and a twelve month high of $77.23.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 1st. Investors of record on Friday, January 22nd will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.66%. The ex-dividend date of this dividend is Thursday, January 21st. CVS Health’s dividend payout ratio (DPR) is presently 28.25%.
In other news, EVP Lisa Bisaccia sold 25,177 shares of the firm’s stock in a transaction on Tuesday, January 12th. The stock was sold at an average price of $77.00, for a total transaction of $1,938,629.00. Following the transaction, the executive vice president now directly owns 71,765 shares of the company’s stock, valued at $5,525,905. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Alan Lotvin sold 7,138 shares of the company’s stock in a transaction dated Friday, November 13th. The stock was sold at an average price of $70.00, for a total transaction of $499,660.00. Following the completion of the sale, the executive vice president now directly owns 8,023 shares of the company’s stock, valued at approximately $561,610. The disclosure for this sale can be found here. Insiders sold 58,151 shares of company stock worth $4,375,989 in the last three months. 0.46% of the stock is currently owned by corporate insiders.
A number of research firms have recently commented on CVS. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of CVS Health from $104.00 to $101.00 and set a “buy” rating for the company in a research note on Monday, November 9th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of CVS Health in a research note on Monday, November 9th. Piper Sandler boosted their price objective on shares of CVS Health from $72.00 to $76.00 and gave the company an “overweight” rating in a research note on Wednesday, November 11th. Jefferies Financial Group raised CVS Health from a “hold” rating to a “buy” rating and set a $90.00 target price on the stock in a research report on Friday, January 8th. Finally, SVB Leerink boosted their target price on CVS Health from $73.00 to $80.00 and gave the stock a “market perform” rating in a report on Monday, December 14th. Three analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $82.93.
CVS Health Profile
CVS Health Corporation provides health services and plans in the United States. The company's Pharmacy Services segment offers pharmacy benefit management solutions, including plan design and administration, formulary management, retail pharmacy network management, mail order pharmacy, specialty pharmacy and infusion, clinical, and disease and medical spend management services.
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