Rhumbline Advisers Trims Stock Position in CVS Health Co. (NYSE:CVS)

Rhumbline Advisers cut its stake in shares of CVS Health Co. (NYSE:CVS) by 9.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,413,999 shares of the pharmacy operator’s stock after selling 238,429 shares during the period. Rhumbline Advisers’ holdings in CVS Health were worth $163,548,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Fifth Third Wealth Advisors LLC raised its stake in CVS Health by 13.6% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 12,578 shares of the pharmacy operator’s stock valued at $852,000 after acquiring an additional 1,509 shares during the last quarter. Stolper Co raised its stake in CVS Health by 15.7% during the 1st quarter. Stolper Co now owns 24,798 shares of the pharmacy operator’s stock valued at $1,680,000 after acquiring an additional 3,369 shares during the last quarter. Beese Fulmer Investment Management Inc. purchased a new stake in CVS Health during the 1st quarter valued at approximately $276,000. Investors Research Corp raised its stake in CVS Health by 2.1% during the 1st quarter. Investors Research Corp now owns 20,537 shares of the pharmacy operator’s stock valued at $1,391,000 after acquiring an additional 425 shares during the last quarter. Finally, Winthrop Advisory Group LLC purchased a new stake in CVS Health during the 1st quarter valued at approximately $219,000. 80.66% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at CVS Health

In other CVS Health news, SVP James David Clark sold 7,513 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $66.35, for a total transaction of $498,487.55. Following the sale, the senior vice president now owns 8,394 shares in the company, valued at approximately $556,941.90. This represents a 47.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.22% of the stock is owned by insiders.

Analysts Set New Price Targets

CVS has been the subject of a number of analyst reports. Morgan Stanley reissued an “overweight” rating on shares of CVS Health in a research note on Tuesday, April 15th. Leerink Partnrs raised CVS Health from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 12th. JPMorgan Chase & Co. increased their target price on CVS Health from $80.00 to $81.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Truist Financial increased their target price on CVS Health from $82.00 to $84.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. Finally, Barclays increased their target price on CVS Health from $73.00 to $82.00 and gave the stock an “overweight” rating in a research note on Friday, May 2nd. Two investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.94.

CVS Health Stock Performance

CVS opened at $63.99 on Monday. The stock has a market cap of $80.95 billion, a P/E ratio of 17.48, a P/E/G ratio of 0.98 and a beta of 0.60. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.81 and a quick ratio of 0.60. The stock’s 50 day simple moving average is $65.62 and its 200 day simple moving average is $59.67. CVS Health Co. has a 1-year low of $43.56 and a 1-year high of $72.51.

CVS Health (NYSE:CVS) last announced its earnings results on Thursday, May 1st. The pharmacy operator reported $2.25 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.63. The firm had revenue of $94.59 billion for the quarter, compared to analysts’ expectations of $93.07 billion. CVS Health had a return on equity of 9.11% and a net margin of 1.24%. CVS Health’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.31 EPS. As a group, equities analysts anticipate that CVS Health Co. will post 5.89 EPS for the current fiscal year.

CVS Health Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 22nd were issued a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a yield of 4.16%. The ex-dividend date of this dividend was Tuesday, April 22nd. CVS Health’s dividend payout ratio (DPR) is presently 63.48%.

About CVS Health

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.