RNC Capital Management LLC Increases Holdings in CVS Health Co. (NYSE:CVS)

RNC Capital Management LLC boosted its position in CVS Health Co. (NYSE:CVS) by 14.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 652,562 shares of the pharmacy operator’s stock after acquiring an additional 83,680 shares during the quarter. CVS Health accounts for 3.1% of RNC Capital Management LLC’s holdings, making the stock its 9th largest holding. RNC Capital Management LLC owned 0.05% of CVS Health worth $51,526,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Live Oak Investment Partners bought a new stake in shares of CVS Health during the fourth quarter worth $25,000. Atticus Wealth Management LLC lifted its holdings in shares of CVS Health by 149.0% during the fourth quarter. Atticus Wealth Management LLC now owns 366 shares of the pharmacy operator’s stock worth $29,000 after purchasing an additional 219 shares during the period. Cornerstone Planning Group LLC lifted its holdings in shares of CVS Health by 111.5% during the third quarter. Cornerstone Planning Group LLC now owns 461 shares of the pharmacy operator’s stock worth $32,000 after purchasing an additional 243 shares during the period. PCA Investment Advisory Services Inc. acquired a new position in shares of CVS Health during the second quarter worth $37,000. Finally, ZRC Wealth Management LLC lifted its holdings in shares of CVS Health by 400.0% during the fourth quarter. ZRC Wealth Management LLC now owns 500 shares of the pharmacy operator’s stock worth $39,000 after purchasing an additional 400 shares during the period. 80.66% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Prem S. Shah sold 29,473 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now directly owns 39,765 shares of the company’s stock, valued at $3,059,916.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.25% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CVS. StockNews.com lowered shares of CVS Health from a “buy” rating to a “hold” rating in a report on Thursday, February 15th. Barclays began coverage on shares of CVS Health in a report on Wednesday, March 6th. They issued an “equal weight” rating and a $78.00 target price on the stock. HSBC began coverage on shares of CVS Health in a report on Friday, December 22nd. They issued a “buy” rating and a $94.00 target price on the stock. Piper Sandler boosted their target price on shares of CVS Health from $93.00 to $94.00 and gave the company an “overweight” rating in a report on Friday, March 15th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $87.00 price objective on shares of CVS Health in a research report on Thursday, February 8th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, CVS Health has a consensus rating of “Moderate Buy” and an average price target of $90.21.

CVS Health Trading Up 0.1 %

NYSE:CVS opened at $79.43 on Thursday. CVS Health Co. has a one year low of $64.41 and a one year high of $83.25. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.86 and a quick ratio of 0.63. The company’s 50-day simple moving average is $75.61 and its 200 day simple moving average is $73.42. The firm has a market capitalization of $99.96 billion, a P/E ratio of 12.30, a PEG ratio of 1.05 and a beta of 0.51.

CVS Health (NYSE:CVS) last posted its quarterly earnings data on Wednesday, February 7th. The pharmacy operator reported $2.12 EPS for the quarter, topping the consensus estimate of $2.01 by $0.11. The business had revenue of $93.81 billion for the quarter, compared to analyst estimates of $90.58 billion. CVS Health had a net margin of 2.33% and a return on equity of 15.25%. CVS Health’s quarterly revenue was up 11.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.99 earnings per share. As a group, analysts forecast that CVS Health Co. will post 8.33 EPS for the current fiscal year.

CVS Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 22nd will be issued a dividend of $0.665 per share. The ex-dividend date is Friday, April 19th. This represents a $2.66 annualized dividend and a dividend yield of 3.35%. CVS Health’s payout ratio is 41.18%.

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.