Voloridge Investment Management LLC Lowers Stock Holdings in CVS Health Co. (NYSE:CVS)

Voloridge Investment Management LLC lessened its stake in shares of CVS Health Co. (NYSE:CVS) by 53.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 903,736 shares of the pharmacy operator’s stock after selling 1,032,197 shares during the quarter. Voloridge Investment Management LLC’s holdings in CVS Health were worth $40,569,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of CVS. Norges Bank acquired a new stake in shares of CVS Health in the 4th quarter worth $839,574,000. Capital World Investors lifted its position in CVS Health by 26.6% in the fourth quarter. Capital World Investors now owns 61,039,777 shares of the pharmacy operator’s stock valued at $2,739,927,000 after purchasing an additional 12,819,148 shares during the period. Davis Selected Advisers boosted its holdings in CVS Health by 2,998.1% in the 4th quarter. Davis Selected Advisers now owns 11,385,950 shares of the pharmacy operator’s stock valued at $511,115,000 after purchasing an additional 11,018,438 shares in the last quarter. Dodge & Cox increased its position in CVS Health by 11.2% during the 4th quarter. Dodge & Cox now owns 70,105,899 shares of the pharmacy operator’s stock worth $3,147,054,000 after purchasing an additional 7,075,209 shares during the period. Finally, Pzena Investment Management LLC lifted its holdings in shares of CVS Health by 49.3% in the 4th quarter. Pzena Investment Management LLC now owns 19,610,579 shares of the pharmacy operator’s stock valued at $880,319,000 after buying an additional 6,475,271 shares during the period. 80.66% of the stock is owned by institutional investors and hedge funds.

CVS Health Trading Up 1.5%

Shares of CVS Health stock opened at $63.73 on Wednesday. CVS Health Co. has a 1 year low of $43.56 and a 1 year high of $72.51. 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 price of $66.48 and a 200 day moving average price of $59.32. The company has a market capitalization of $80.62 billion, a P/E ratio of 17.41, a P/E/G ratio of 0.98 and a beta of 0.60.

CVS Health (NYSE:CVS) last released its quarterly earnings results on Thursday, May 1st. The pharmacy operator reported $2.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.62 by $0.63. The company had revenue of $94.59 billion during the quarter, compared to analysts’ expectations of $93.07 billion. CVS Health had a return on equity of 9.11% and a net margin of 1.24%. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.31 earnings per share. Sell-side analysts anticipate that CVS Health Co. will post 5.89 EPS for the current fiscal year.

CVS Health Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 22nd were issued a $0.665 dividend. The ex-dividend date was Tuesday, April 22nd. This represents a $2.66 dividend on an annualized basis and a yield of 4.17%. CVS Health’s dividend payout ratio (DPR) is 63.48%.

Wall Street Analyst Weigh In

CVS has been the topic of a number of recent analyst reports. Argus set a $77.00 price objective on CVS Health in a report on Tuesday, February 18th. Evercore ISI upped their price target on shares of CVS Health from $60.00 to $65.00 and gave the stock an “outperform” rating in a research note on Monday, January 27th. Royal Bank of Canada raised their price objective on shares of CVS Health from $74.00 to $81.00 and gave the company an “outperform” rating in a research note on Monday, May 5th. Robert W. Baird boosted their price objective on shares of CVS Health from $51.00 to $71.00 and gave the stock a “neutral” rating in a report on Tuesday, April 15th. Finally, Truist Financial lifted their price target on shares of CVS Health from $82.00 to $84.00 and gave the company a “buy” rating in a research report on Monday, May 12th. Three analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $74.94.

Insiders Place Their Bets

In related news, SVP James David Clark sold 7,513 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $66.35, for a total transaction of $498,487.55. Following the transaction, the senior vice president now owns 8,394 shares of the company’s stock, valued at approximately $556,941.90. This represents a 47.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.22% of the stock is owned by corporate insiders.

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.