Comerica Bank reduced its holdings in shares of CVS Health Co. (NYSE:CVS) by 3.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 308,351 shares of the pharmacy operator’s stock after selling 11,601 shares during the quarter. Comerica Bank’s holdings in CVS Health were worth $23,450,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently bought and sold shares of CVS. Norges Bank bought a new position in CVS Health in the fourth quarter valued at about $964,912,000. Boston Partners lifted its holdings in CVS Health by 259.0% in the fourth quarter. Boston Partners now owns 3,681,480 shares of the pharmacy operator’s stock valued at $251,445,000 after acquiring an additional 2,656,101 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its holdings in CVS Health by 33.3% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 10,118,403 shares of the pharmacy operator’s stock valued at $691,087,000 after acquiring an additional 2,525,912 shares during the period. Lazard Asset Management LLC lifted its holdings in CVS Health by 50.6% in the fourth quarter. Lazard Asset Management LLC now owns 3,246,537 shares of the pharmacy operator’s stock valued at $221,736,000 after acquiring an additional 1,090,493 shares during the period. Finally, State of Tennessee Treasury Department lifted its holdings in CVS Health by 341.3% in the fourth quarter. State of Tennessee Treasury Department now owns 1,166,106 shares of the pharmacy operator’s stock valued at $79,645,000 after acquiring an additional 901,845 shares during the period. 74.21% of the stock is currently owned by institutional investors.
In related news, Director Larry J. Merlo sold 270,650 shares of the firm’s stock in a transaction that occurred on Friday, March 26th. The stock was sold at an average price of $74.73, for a total transaction of $20,225,674.50. Following the completion of the sale, the director now directly owns 794,676 shares of the company’s stock, valued at approximately $59,386,137.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Edward J. Ludwig purchased 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 17th. The shares were acquired at an average cost of $72.00 per share, with a total value of $216,000.00. Insiders sold a total of 583,892 shares of company stock valued at $43,918,083 over the last ninety days. Corporate insiders own 0.46% of the company’s stock.
A number of analysts have commented on CVS shares. Truist Securities upped their price target on CVS Health from $80.00 to $88.00 and gave the stock a “buy” rating in a research report on Tuesday, April 20th. Jefferies Financial Group upgraded CVS Health from a “hold” rating to a “buy” rating and set a $90.00 price target for the company in a research report on Friday, January 8th. Truist upped their price target on CVS Health from $80.00 to $88.00 in a research report on Wednesday, April 14th. Guggenheim restated a “neutral” rating on shares of CVS Health in a research report on Tuesday, March 23rd. Finally, Morgan Stanley upped their price target on CVS Health from $86.00 to $92.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 20th. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $84.31.
Shares of CVS Health stock opened at $77.69 on Tuesday. The stock has a 50 day moving average of $74.98 and a 200 day moving average of $70.72. CVS Health Co. has a 12 month low of $55.36 and a 12 month high of $78.22. The firm has a market cap of $101.88 billion, a PE ratio of 12.84, a PEG ratio of 1.72 and a beta of 0.82. The company has a current ratio of 0.95, a quick ratio of 0.67 and a debt-to-equity ratio of 0.89.
CVS Health (NYSE:CVS) last posted its quarterly earnings data on Monday, February 15th. The pharmacy operator reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $0.06. The business had revenue of $69.55 billion during the quarter, compared to analyst estimates of $68.67 billion. CVS Health had a return on equity of 15.60% and a net margin of 2.99%. During the same period last year, the company earned $1.73 EPS. As a group, equities research analysts forecast that CVS Health Co. will post 7.43 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, May 3rd. Stockholders of record on Friday, April 23rd were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.57%. The ex-dividend date was Thursday, April 22nd. CVS Health’s payout ratio is 28.25%.
About CVS Health
CVS Health Corporation provides health services in the United States. The company's Pharmacy Services segment offers pharmacy benefit management solutions, including plan design and administration, formulary management, retail pharmacy network management, mail order pharmacy, specialty pharmacy and infusion, clinical, and disease and medical spend management services.
Further Reading: What are some reasons analysts would give stocks a buy rating?
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