Pzena Investment Management LLC Increases Stock Position in CVS Health Co. (NYSE:CVS)

Pzena Investment Management LLC raised its position in shares of CVS Health Co. (NYSE:CVS) by 49.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 19,610,579 shares of the pharmacy operator’s stock after buying an additional 6,475,271 shares during the quarter. CVS Health comprises approximately 3.0% of Pzena Investment Management LLC’s portfolio, making the stock its 11th biggest position. Pzena Investment Management LLC owned 1.56% of CVS Health worth $880,319,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CVS. MidAtlantic Capital Management Inc. purchased a new position in CVS Health during the third quarter valued at $25,000. Ridgewood Investments LLC raised its position in shares of CVS Health by 255.7% in the 4th quarter. Ridgewood Investments LLC now owns 626 shares of the pharmacy operator’s stock worth $28,000 after purchasing an additional 450 shares during the last quarter. Stonebridge Financial Group LLC purchased a new position in shares of CVS Health in the 4th quarter worth about $28,000. Legacy Investment Solutions LLC purchased a new position in shares of CVS Health in the 3rd quarter worth about $31,000. Finally, Financial Perspectives Inc raised its position in shares of CVS Health by 137.5% in the 4th quarter. Financial Perspectives Inc now owns 805 shares of the pharmacy operator’s stock worth $36,000 after purchasing an additional 466 shares during the last quarter. Hedge funds and other institutional investors own 80.66% of the company’s stock.

Insider Buying and Selling

In related news, SVP James David Clark sold 7,513 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $66.35, for a total value of $498,487.55. Following the completion of the sale, the senior vice president now directly owns 8,394 shares of the company’s stock, valued at approximately $556,941.90. This represents a 47.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Michael F. Mahoney bought 30,000 shares of CVS Health stock in a transaction that occurred on Tuesday, February 18th. The stock was purchased at an average cost of $66.70 per share, with a total value of $2,001,000.00. Following the completion of the acquisition, the director now directly owns 39,356 shares in the company, valued at $2,625,045.20. This represents a 320.65 % increase in their position. The disclosure for this purchase can be found here. 0.24% of the stock is currently owned by insiders.

CVS Health Price Performance

NYSE CVS opened at $65.13 on Tuesday. CVS Health Co. has a 52 week low of $43.56 and a 52 week high of $80.75. The firm has a market capitalization of $82.11 billion, a P/E ratio of 17.79, a PEG ratio of 0.98 and a beta of 0.54. The company has a quick ratio of 0.60, a current ratio of 0.81 and a debt-to-equity ratio of 0.80. The company has a 50-day moving average price of $56.84 and a 200-day moving average price of $56.78.

CVS Health (NYSE:CVS) last released its earnings results on Wednesday, February 12th. The pharmacy operator reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.30. CVS Health had a net margin of 1.24% and a return on equity of 9.11%. Equities research analysts anticipate that CVS Health Co. will post 5.89 earnings per share for the current year.

CVS Health Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Investors of record on Thursday, January 23rd were issued a $0.665 dividend. This represents a $2.66 annualized dividend and a yield of 4.08%. The ex-dividend date was Thursday, January 23rd. CVS Health’s dividend payout ratio is 72.68%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. UBS Group lowered their price target on CVS Health from $62.00 to $59.00 and set a “neutral” rating for the company in a research report on Tuesday, February 11th. Cantor Fitzgerald raised CVS Health from a “neutral” rating to an “overweight” rating in a research report on Wednesday, February 12th. TD Cowen lifted their price target on CVS Health from $73.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Edward Jones upgraded CVS Health from a “hold” rating to a “buy” rating in a report on Thursday, January 30th. Finally, Leerink Partnrs upgraded CVS Health from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 12th. Four analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $69.83.

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.