CVS Health Co. (NYSE:CVS) Shares Sold by Summit Global Investments

Summit Global Investments lowered its stake in shares of CVS Health Co. (NYSE:CVS) by 23.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,693 shares of the pharmacy operator’s stock after selling 2,676 shares during the quarter. Summit Global Investments’ holdings in CVS Health were worth $686,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Atticus Wealth Management LLC raised its position in CVS Health by 149.0% during the fourth quarter. Atticus Wealth Management LLC now owns 366 shares of the pharmacy operator’s stock valued at $29,000 after acquiring an additional 219 shares in the last quarter. Cornerstone Planning Group LLC grew its holdings in CVS Health by 111.5% in the third quarter. Cornerstone Planning Group LLC now owns 461 shares of the pharmacy operator’s stock valued at $32,000 after purchasing an additional 243 shares during the period. ZRC Wealth Management LLC raised its stake in shares of CVS Health by 400.0% during the 4th quarter. ZRC Wealth Management LLC now owns 500 shares of the pharmacy operator’s stock worth $39,000 after buying an additional 400 shares during the period. Coston McIsaac & Partners grew its stake in CVS Health by 42.6% in the 4th quarter. Coston McIsaac & Partners now owns 539 shares of the pharmacy operator’s stock valued at $42,000 after acquiring an additional 161 shares during the period. Finally, Tennessee Valley Asset Management Partners purchased a new stake in CVS Health in the 4th quarter worth $50,000. 80.66% of the stock is currently owned by institutional investors and hedge funds.

CVS Health Price Performance

CVS Health stock opened at $55.90 on Friday. The company’s 50 day simple moving average is $72.77 and its 200-day simple moving average is $73.26. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.63 and a current ratio of 0.81. CVS Health Co. has a 1 year low of $53.70 and a 1 year high of $83.25. The company has a market capitalization of $70.18 billion, a price-to-earnings ratio of 9.82, a price-to-earnings-growth ratio of 0.88 and a beta of 0.56.

CVS Health (NYSE:CVS) last released its quarterly earnings results on Wednesday, May 1st. The pharmacy operator reported $1.31 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.38). CVS Health had a return on equity of 13.53% and a net margin of 2.03%. The firm had revenue of $88.44 billion for the quarter, compared to analysts’ expectations of $89.33 billion. During the same quarter in the prior year, the business earned $2.20 earnings per share. The company’s quarterly revenue was up 3.7% on a year-over-year basis. As a group, equities research analysts expect that CVS Health Co. will post 7.03 earnings per share for the current year.

CVS Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 22nd were paid a $0.665 dividend. This represents a $2.66 annualized dividend and a dividend yield of 4.76%. The ex-dividend date of this dividend was Friday, April 19th. CVS Health’s payout ratio is 46.75%.

Analysts Set New Price Targets

CVS has been the topic of several research analyst reports. SVB Leerink reiterated a “market perform” rating and issued a $60.00 target price (down previously from $87.00) on shares of CVS Health in a research report on Wednesday. StockNews.com lowered CVS Health from a “buy” rating to a “hold” rating in a research note on Thursday, February 15th. Bank of America lowered their price target on CVS Health from $95.00 to $77.00 and set a “buy” rating on the stock in a research note on Thursday. The Goldman Sachs Group reduced their price objective on CVS Health from $85.00 to $74.00 and set a “buy” rating for the company in a research note on Thursday. Finally, Mizuho dropped their target price on shares of CVS Health from $86.00 to $72.00 and set a “buy” rating for the company in a report on Thursday. Eight equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $80.35.

Insider Activity at CVS Health

In related news, Director Edward J. Ludwig acquired 1,000 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were acquired at an average price of $53.88 per share, with a total value of $53,880.00. Following the completion of the transaction, the director now owns 21,630 shares of the company’s stock, valued at $1,165,424.40. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Edward J. Ludwig acquired 1,000 shares of the stock in a transaction dated Thursday, May 2nd. The stock was acquired at an average cost of $53.88 per share, with a total value of $53,880.00. Following the completion of the transaction, the director now owns 21,630 shares in the company, valued at approximately $1,165,424.40. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Prem S. Shah sold 29,473 shares of the firm’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 sale, the executive vice president now directly owns 39,765 shares in the company, valued at approximately $3,059,916.75. The disclosure for this sale can be found here. Company insiders own 0.24% of the company’s stock.

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.