CVS Health Co. (NYSE:CVS) Stake Lessened by Element Wealth LLC

Element Wealth LLC cut its stake in CVS Health Co. (NYSE:CVS) by 4.9% during the fourth quarter, HoldingsChannel reports. The fund owned 7,604 shares of the pharmacy operator’s stock after selling 388 shares during the quarter. Element Wealth LLC’s holdings in CVS Health were worth $600,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CVS. FMR LLC increased its stake in shares of CVS Health by 29.1% in the third quarter. FMR LLC now owns 27,487,238 shares of the pharmacy operator’s stock worth $1,919,159,000 after acquiring an additional 6,194,441 shares during the last quarter. International Assets Investment Management LLC increased its position in CVS Health by 8,697.2% during the fourth quarter. International Assets Investment Management LLC now owns 1,322,129 shares of the pharmacy operator’s stock worth $104,395,000 after buying an additional 1,307,100 shares during the last quarter. Canada Pension Plan Investment Board increased its position in CVS Health by 49.9% during the third quarter. Canada Pension Plan Investment Board now owns 2,095,978 shares of the pharmacy operator’s stock worth $146,341,000 after buying an additional 698,054 shares during the last quarter. Pacer Advisors Inc. increased its position in CVS Health by 12.6% during the fourth quarter. Pacer Advisors Inc. now owns 5,513,230 shares of the pharmacy operator’s stock worth $435,325,000 after buying an additional 616,785 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC acquired a new position in CVS Health during the third quarter worth $34,379,000. 80.66% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CVS has been the topic of several research analyst reports. StockNews.com downgraded CVS Health from a “buy” rating to a “hold” rating in a research report on Thursday, February 15th. Piper Sandler increased their target price on shares of CVS Health from $93.00 to $94.00 and gave the company an “overweight” rating in a research note on Friday, March 15th. Wells Fargo & Company reduced their target price on shares of CVS Health from $83.00 to $76.00 and set an “equal weight” rating for the company in a research note on Monday, April 8th. Royal Bank of Canada cut their price target on shares of CVS Health from $86.00 to $84.00 and set an “outperform” rating for the company in a research note on Thursday, February 8th. Finally, SVB Leerink began coverage on shares of CVS Health in a research note on Monday, February 26th. They set an “outperform” rating and a $88.00 price target for the company. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $89.44.

Insider Transactions at CVS Health

In other news, EVP Prem S. Shah sold 29,473 shares of CVS Health stock in a transaction on Friday, February 16th. The shares were sold at an average price of $76.95, for a total transaction of $2,267,947.35. Following the transaction, the executive vice president now directly owns 39,765 shares of the company’s stock, valued at $3,059,916.75. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.24% of the company’s stock.

CVS Health Trading Down 1.6 %

CVS traded down $1.13 during trading on Tuesday, reaching $68.50. 8,434,809 shares of the company’s stock were exchanged, compared to its average volume of 10,726,036. The company’s fifty day moving average price is $75.13 and its 200-day moving average price is $73.77. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.63 and a current ratio of 0.86. CVS Health Co. has a fifty-two week low of $64.41 and a fifty-two week high of $83.25. The firm has a market capitalization of $86.34 billion, a PE ratio of 10.74, a P/E/G ratio of 0.92 and a beta of 0.52.

CVS Health (NYSE:CVS) last released its earnings results on Wednesday, February 7th. The pharmacy operator reported $2.12 EPS for the quarter, topping analysts’ consensus estimates of $2.01 by $0.11. The firm had revenue of $93.81 billion during the quarter, compared to analyst estimates of $90.58 billion. CVS Health had a net margin of 2.33% and a return on equity of 15.25%. The business’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.99 EPS. As a group, equities analysts forecast that CVS Health Co. will post 8.32 EPS for the current year.

CVS Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 22nd will be given a dividend of $0.665 per share. The ex-dividend date of this dividend is Friday, April 19th. This represents a $2.66 dividend on an annualized basis and a dividend yield of 3.88%. CVS Health’s dividend payout ratio is 41.18%.

CVS Health Profile

CVS Health Corporation provides health solutions in the United States. It operates through Health Care Benefits, Health Services, and Pharmacy & Consumer Wellness segments. The Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services.