CVS Health Corp (CVS) Sees Significant Increase in Short Interest

CVS Health Corp (NYSE:CVS) saw a large increase in short interest during the month of January. As of January 31st, there was short interest totalling 14,420,741 shares, an increase of 35.1% from the January 15th total of 10,671,652 shares. Currently, 1.1% of the shares of the stock are sold short. Based on an average daily volume of 9,924,659 shares, the days-to-cover ratio is currently 1.5 days.

CVS has been the subject of several research analyst reports. ValuEngine upgraded shares of CVS Health from a “sell” rating to a “hold” rating in a report on Tuesday, November 6th. Loop Capital set a $80.00 price objective on shares of CVS Health and gave the company a “hold” rating in a report on Wednesday, November 28th. Cantor Fitzgerald began coverage on shares of CVS Health in a report on Monday, November 26th. They issued an “overweight” rating and a $96.00 target price for the company. Royal Bank of Canada set a $100.00 price objective on shares of CVS Health and gave the company a “buy” rating in a research note on Wednesday, November 7th. Finally, Goldman Sachs Group reaffirmed a “neutral” rating and issued a $87.00 target price on shares of CVS Health in a research report on Thursday, November 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $91.79.

NYSE:CVS opened at $67.79 on Thursday. The stock has a market capitalization of $66.34 billion, a price-to-earnings ratio of 11.49, a price-to-earnings-growth ratio of 0.88 and a beta of 1.03. The company has a quick ratio of 1.94, a current ratio of 2.44 and a debt-to-equity ratio of 1.66. CVS Health has a 1 year low of $60.14 and a 1 year high of $82.15.

The business also recently declared a quarterly dividend, which was paid on Monday, February 4th. Investors of record on Friday, January 25th were issued a $0.50 dividend. The ex-dividend date was Thursday, January 24th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.95%. CVS Health’s dividend payout ratio (DPR) is presently 33.90%.

In other CVS Health news, insider Larry J. Merlo sold 166,368 shares of the business’s stock in a transaction on Tuesday, January 8th. The stock was sold at an average price of $69.04, for a total transaction of $11,486,046.72. Following the completion of the transaction, the insider now owns 496,577 shares in the company, valued at approximately $34,283,676.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO David M. Denton sold 25,159 shares of the business’s stock in a transaction on Thursday, November 29th. The stock was sold at an average price of $80.13, for a total value of $2,015,990.67. Following the sale, the chief financial officer now directly owns 403 shares in the company, valued at $32,292.39. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 435,534 shares of company stock worth $29,245,258. 0.53% of the stock is currently owned by corporate insiders.

Several large investors have recently modified their holdings of the company. Brookmont Capital Management raised its position in CVS Health by 3.0% during the fourth quarter. Brookmont Capital Management now owns 5,184 shares of the pharmacy operator’s stock worth $340,000 after acquiring an additional 152 shares during the period. Avestar Capital LLC increased its position in CVS Health by 19.6% in the fourth quarter. Avestar Capital LLC now owns 951 shares of the pharmacy operator’s stock worth $57,000 after buying an additional 156 shares during the period. Clarus Wealth Advisors boosted its stake in CVS Health by 6.9% during the fourth quarter. Clarus Wealth Advisors now owns 2,456 shares of the pharmacy operator’s stock valued at $161,000 after buying an additional 158 shares in the last quarter. Griffin Asset Management Inc. raised its stake in shares of CVS Health by 1.4% during the 3rd quarter. Griffin Asset Management Inc. now owns 11,438 shares of the pharmacy operator’s stock worth $900,000 after purchasing an additional 160 shares in the last quarter. Finally, Adviser Investments LLC grew its holdings in CVS Health by 5.4% in the 4th quarter. Adviser Investments LLC now owns 3,163 shares of the pharmacy operator’s stock valued at $207,000 after buying an additional 162 shares during the last quarter. 87.22% of the stock is owned by hedge funds and other institutional investors.

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About CVS Health

CVS Health Corporation, together with its subsidiaries, provides integrated pharmacy health care services. It operates through Pharmacy Services and Retail/LTC segments. The Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, Medicare Part D services, mail order, specialty pharmacy and infusion services, retail pharmacy network management services, prescription management systems, clinical services, disease management programs, and medical pharmacy management services.

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