CVS Health Co. (NYSE:CVS) Position Reduced by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC reduced its position in CVS Health Co. (NYSE:CVS) by 9.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 77,829 shares of the pharmacy operator’s stock after selling 7,750 shares during the period. CIBC Private Wealth Group LLC’s holdings in CVS Health were worth $3,581,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CVS. Norges Bank acquired a new stake in CVS Health during the 4th quarter valued at $839,574,000. Davis Selected Advisers raised its position in CVS Health by 2,998.1% during the fourth quarter. Davis Selected Advisers now owns 11,385,950 shares of the pharmacy operator’s stock valued at $511,115,000 after buying an additional 11,018,438 shares during the period. Pzena Investment Management LLC boosted its position in CVS Health by 49.3% during the 4th quarter. Pzena Investment Management LLC now owns 19,610,579 shares of the pharmacy operator’s stock worth $880,319,000 after acquiring an additional 6,475,271 shares during the period. Raymond James Financial Inc. purchased a new position in CVS Health during the 4th quarter valued at about $116,033,000. Finally, ARGA Investment Management LP increased its holdings in shares of CVS Health by 7,567.7% in the 4th quarter. ARGA Investment Management LP now owns 2,402,901 shares of the pharmacy operator’s stock valued at $107,866,000 after purchasing an additional 2,371,563 shares during the period. Hedge funds and other institutional investors own 80.66% of the company’s stock.

CVS Health Stock Up 0.2 %

Shares of CVS stock opened at $68.14 on Thursday. The stock has a 50 day moving average of $63.02 and a 200-day moving average of $57.91. The firm has a market cap of $85.91 billion, a PE ratio of 18.62, a price-to-earnings-growth 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. CVS Health Co. has a 12 month low of $43.56 and a 12 month high of $75.27.

CVS Health (NYSE:CVS) last issued its quarterly earnings results on Wednesday, February 12th. The pharmacy operator reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.30. CVS Health had a net margin of 1.24% and a return on equity of 9.11%. On average, equities analysts predict that CVS Health Co. will post 5.89 EPS for the current year.

CVS Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Tuesday, April 22nd will be given a $0.665 dividend. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a $2.66 dividend on an annualized basis and a dividend yield of 3.90%. CVS Health’s dividend payout ratio is currently 72.68%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on CVS shares. Leerink Partnrs upgraded shares of CVS Health from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 12th. UBS Group reduced their price objective 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. Piper Sandler upped their target price on CVS Health from $72.00 to $74.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. Evercore ISI lifted their price target on CVS Health from $60.00 to $65.00 and gave the company an “outperform” rating in a report on Monday, January 27th. Finally, Wells Fargo & Company increased their price objective on CVS Health from $68.00 to $73.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Four equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $70.39.

Insider Activity

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

CVS Health 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.