Summit Financial LLC Boosts Stake in CVS Health Co. (NYSE:CVS)

Summit Financial LLC raised its holdings in CVS Health Co. (NYSE:CVS) by 185.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 31,313 shares of the pharmacy operator’s stock after acquiring an additional 20,329 shares during the quarter. Summit Financial LLC’s holdings in CVS Health were worth $1,406,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in CVS. Ridgewood Investments LLC boosted its holdings in CVS Health by 255.7% during the fourth quarter. Ridgewood Investments LLC now owns 626 shares of the pharmacy operator’s stock worth $28,000 after buying an additional 450 shares in the last quarter. Stonebridge Financial Group LLC purchased a new stake in shares of CVS Health during the 4th quarter worth approximately $28,000. Hopwood Financial Services Inc. purchased a new position in CVS Health in the 4th quarter valued at approximately $29,000. Legacy Investment Solutions LLC purchased a new stake in CVS Health during the third quarter worth $31,000. Finally, Financial Perspectives Inc grew its holdings in CVS Health by 137.5% in the fourth quarter. Financial Perspectives Inc now owns 805 shares of the pharmacy operator’s stock valued at $36,000 after purchasing an additional 466 shares during the last quarter. 80.66% of the stock is currently owned by hedge funds and other institutional investors.

CVS Health Stock Performance

Shares of NYSE:CVS opened at $67.88 on Wednesday. The firm has a market capitalization of $85.59 billion, a PE ratio of 18.55, a P/E/G ratio of 0.98 and a beta of 0.54. CVS Health Co. has a 12 month low of $43.56 and a 12 month high of $75.27. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.81 and a quick ratio of 0.60. The business has a 50-day moving average of $62.72 and a two-hundred day moving average of $57.83.

CVS Health (NYSE:CVS) last posted its quarterly earnings results on Wednesday, February 12th. The pharmacy operator reported $1.19 EPS for the quarter, beating 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%. As a group, research analysts forecast that CVS Health Co. will post 5.89 earnings per share for the current year.

CVS Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 22nd will be issued a dividend of $0.665 per share. The ex-dividend date is Tuesday, April 22nd. This represents a $2.66 annualized dividend and a dividend yield of 3.92%. CVS Health’s payout ratio is currently 72.68%.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CVS shares. Wells Fargo & Company boosted their price objective on shares of CVS Health from $68.00 to $73.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Leerink Partners upgraded shares of CVS Health from a “market perform” rating to an “outperform” rating and increased their price target for the company from $55.00 to $75.00 in a research report on Thursday, February 13th. Leerink Partnrs raised CVS Health from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 12th. Argus set a $77.00 price objective on CVS Health in a research report on Tuesday, February 18th. Finally, Evercore ISI lifted their price objective on CVS Health from $60.00 to $65.00 and gave the stock an “outperform” rating in a research report on Monday, January 27th. Four research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $70.39.

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.