Truist Financial Corp reduced its stake in shares of CVS Health Co. (NYSE:CVS – Free Report) by 2.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,591,148 shares of the pharmacy operator’s stock after selling 77,699 shares during the quarter. Truist Financial Corp owned approximately 0.20% of CVS Health worth $180,914,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in the stock. Cantor Fitzgerald Investment Advisor L.P boosted its holdings in shares of CVS Health by 92.9% during the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 377,875 shares of the pharmacy operator’s stock valued at $38,245,000 after buying an additional 181,966 shares in the last quarter. United Bank boosted its holdings in shares of CVS Health by 7.2% during the 1st quarter. United Bank now owns 18,658 shares of the pharmacy operator’s stock valued at $1,888,000 after buying an additional 1,260 shares in the last quarter. Loomis Sayles & Co. L P boosted its holdings in shares of CVS Health by 4,063.8% during the 1st quarter. Loomis Sayles & Co. L P now owns 12,075 shares of the pharmacy operator’s stock valued at $1,222,000 after buying an additional 11,785 shares in the last quarter. Zions Bancorporation N.A. boosted its holdings in shares of CVS Health by 116.9% during the 1st quarter. Zions Bancorporation N.A. now owns 2,572 shares of the pharmacy operator’s stock valued at $260,000 after buying an additional 1,386 shares in the last quarter. Finally, Ergoteles LLC bought a new stake in shares of CVS Health during the 1st quarter valued at $1,551,000. 75.99% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
CVS has been the topic of a number of research reports. Leerink Partnrs restated an “outperform” rating on shares of CVS Health in a report on Monday. SVB Leerink began coverage on shares of CVS Health in a report on Monday. They set an “outperform” rating and a $88.00 price target on the stock. StockNews.com downgraded shares of CVS Health from a “buy” rating to a “hold” rating in a research report on Thursday, February 15th. HSBC assumed coverage on CVS Health in a research note on Friday, December 22nd. They issued a “buy” rating and a $94.00 price target on the stock. Finally, TD Cowen decreased their target price on CVS Health from $102.00 to $99.00 and set an “outperform” rating on the stock in a report on Monday, December 11th. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $90.00.
Get Our Latest Research Report on CVS
Insider Buying and Selling at CVS Health
In other news, EVP Prem S. Shah sold 29,473 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now directly owns 39,765 shares in the company, valued at approximately $3,059,916.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.25% of the company’s stock.
CVS Health Price Performance
Shares of CVS traded down $0.43 during midday trading on Friday, hitting $73.94. 5,496,266 shares of the company traded hands, compared to its average volume of 12,296,184. The firm has a 50 day moving average of $76.63 and a 200-day moving average of $72.22. CVS Health Co. has a 52 week low of $64.41 and a 52 week high of $83.25. The stock has a market cap of $93.05 billion, a price-to-earnings ratio of 11.51, a PEG ratio of 1.11 and a beta of 0.50. 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 (NYSE:CVS – Get Free Report) last released its quarterly earnings data on Wednesday, February 7th. The pharmacy operator reported $2.12 EPS for the quarter, beating the consensus estimate of $2.01 by $0.11. CVS Health had a net margin of 2.33% and a return on equity of 15.25%. The business had revenue of $93.81 billion during the quarter, compared to the consensus estimate of $90.58 billion. During the same quarter in the prior year, the firm earned $1.99 EPS. The business’s revenue was up 11.9% on a year-over-year basis. On average, analysts forecast that CVS Health Co. will post 8.33 EPS for the current fiscal year.
CVS Health Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 1st. Shareholders of record on Monday, January 22nd were issued a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a dividend yield of 3.60%. The ex-dividend date of this dividend was Friday, January 19th. This is an increase from CVS Health’s previous quarterly dividend of $0.61. CVS Health’s dividend payout ratio is 41.18%.
CVS Health Company 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.
Further Reading
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