Intact Investment Management Inc. Reduces Stake in CVS Health Corporation (NYSE:CVS)

Intact Investment Management Inc. lowered its holdings in CVS Health Corporation (NYSE:CVS) by 20.1% during the first quarter, HoldingsChannel reports. The fund owned 218,900 shares of the pharmacy operator’s stock after selling 55,100 shares during the period. Intact Investment Management Inc.’s holdings in CVS Health were worth $14,830,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Dodge & Cox increased its holdings in shares of CVS Health by 11.2% in the 4th quarter. Dodge & Cox now owns 70,105,899 shares of the pharmacy operator’s stock valued at $3,147,054,000 after acquiring an additional 7,075,209 shares during the last quarter. Capital World Investors increased its holdings in shares of CVS Health by 26.6% in the 4th quarter. Capital World Investors now owns 61,039,777 shares of the pharmacy operator’s stock valued at $2,739,927,000 after acquiring an additional 12,819,148 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of CVS Health by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 27,051,540 shares of the pharmacy operator’s stock valued at $1,211,582,000 after acquiring an additional 689,867 shares during the last quarter. Capital International Investors grew its stake in CVS Health by 4.8% during the 4th quarter. Capital International Investors now owns 26,666,401 shares of the pharmacy operator’s stock worth $1,196,989,000 after buying an additional 1,212,126 shares during the last quarter. Finally, Pzena Investment Management LLC grew its stake in CVS Health by 49.3% during the 4th quarter. Pzena Investment Management LLC now owns 19,610,579 shares of the pharmacy operator’s stock worth $880,319,000 after buying an additional 6,475,271 shares during the last quarter. Hedge funds and other institutional investors own 80.66% of the company’s stock.

CVS Health Stock Down 0.2%

CVS opened at $66.69 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.82 and a quick ratio of 0.63. The business has a 50 day simple moving average of $64.92 and a 200-day simple moving average of $60.40. The stock has a market capitalization of $84.36 billion, a P/E ratio of 15.92, a P/E/G ratio of 0.96 and a beta of 0.56. CVS Health Corporation has a 12 month low of $43.56 and a 12 month high of $72.51.

CVS Health (NYSE:CVS) last posted its quarterly earnings results on Thursday, May 1st. The pharmacy operator reported $2.25 EPS for the quarter, beating the consensus estimate of $1.62 by $0.63. The business had revenue of $94.59 billion during the quarter, compared to analysts’ expectations of $93.07 billion. CVS Health had a return on equity of 10.59% and a net margin of 1.39%. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period last year, the firm earned $1.31 EPS. On average, equities analysts anticipate that CVS Health Corporation will post 5.89 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Morgan Stanley restated an “overweight” rating on shares of CVS Health in a research note on Tuesday, April 15th. Truist Financial raised their price target on CVS Health from $82.00 to $84.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. Robert W. Baird raised their price target on CVS Health from $51.00 to $71.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 15th. Wells Fargo & Company restated an “overweight” rating and set a $84.00 price target (up previously from $76.00) on shares of CVS Health in a research note on Tuesday, May 6th. Finally, Piper Sandler raised their price target on CVS Health from $72.00 to $74.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. Two analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, CVS Health currently has a consensus rating of “Moderate Buy” and an average price target of $74.75.

Insider Activity

In other CVS Health news, Director Guy P. Sansone purchased 1,570 shares of CVS Health stock in a transaction dated Thursday, June 5th. The stock was acquired at an average cost of $63.70 per share, with a total value of $100,009.00. Following the acquisition, the director now directly owns 12,007 shares of the company’s stock, valued at $764,845.90. This represents a 15.04% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.22% of the company’s stock.

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.