Confluence Wealth Services Inc. Sells 1,330 Shares of CVS Health Co. (NYSE:CVS)

Confluence Wealth Services Inc. lessened its stake in shares of CVS Health Co. (NYSE:CVS) by 11.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,338 shares of the pharmacy operator’s stock after selling 1,330 shares during the period. Confluence Wealth Services Inc.’s holdings in CVS Health were worth $825,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Nilsine Partners LLC boosted its holdings in shares of CVS Health by 9.1% during the 1st quarter. Nilsine Partners LLC now owns 9,197 shares of the pharmacy operator’s stock valued at $734,000 after purchasing an additional 770 shares during the last quarter. HF Advisory Group LLC grew its position in CVS Health by 5.1% in the first quarter. HF Advisory Group LLC now owns 14,634 shares of the pharmacy operator’s stock worth $1,167,000 after acquiring an additional 708 shares in the last quarter. PFG Investments LLC grew its position in CVS Health by 37.1% in the first quarter. PFG Investments LLC now owns 33,208 shares of the pharmacy operator’s stock worth $2,649,000 after acquiring an additional 8,989 shares in the last quarter. CKW Financial Group grew its position in CVS Health by 53.1% in the first quarter. CKW Financial Group now owns 2,306 shares of the pharmacy operator’s stock worth $183,000 after acquiring an additional 800 shares in the last quarter. Finally, Benchmark Financial Wealth Advisors LLC purchased a new position in CVS Health in the first quarter worth about $209,000. Institutional investors own 80.66% of the company’s stock.

CVS Health Trading Up 0.4 %

Shares of CVS Health stock traded up $0.28 on Tuesday, hitting $67.73. 13,476,347 shares of the company traded hands, compared to its average volume of 10,639,692. The stock’s 50 day moving average price is $74.05 and its 200-day moving average price is $73.62. The company has a current ratio of 0.86, a quick ratio of 0.63 and a debt-to-equity ratio of 0.77. CVS Health Co. has a 52 week low of $64.41 and a 52 week high of $83.25. The company has a market cap of $85.37 billion, a PE ratio of 10.48, a PEG ratio of 0.89 and a beta of 0.52.

CVS Health (NYSE:CVS) last posted its quarterly earnings results on Wednesday, February 7th. The pharmacy operator reported $2.12 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.11. The firm had revenue of $93.81 billion during the quarter, compared to the consensus estimate of $90.58 billion. CVS Health had a net margin of 2.33% and a return on equity of 15.25%. The company’s revenue was up 11.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.99 earnings per share. Equities research analysts predict that CVS Health Co. will post 8.31 EPS for the current year.

CVS Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 22nd will be paid a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a yield of 3.93%. The ex-dividend date is Friday, April 19th. CVS Health’s dividend payout ratio (DPR) is 41.18%.

Insider Buying and Selling

In related news, EVP Prem S. Shah sold 29,473 shares of the business’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 value of $2,267,947.35. Following the completion of the transaction, the executive vice president now owns 39,765 shares of the company’s stock, valued at $3,059,916.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.24% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts recently commented on the company. Wells Fargo & Company dropped their price target on CVS Health from $83.00 to $76.00 and set an “equal weight” rating for the company in a research report on Monday, April 8th. Piper Sandler lifted their price target on CVS Health from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Friday, March 15th. Cantor Fitzgerald reissued an “overweight” rating and issued a $87.00 price objective on shares of CVS Health in a research note on Wednesday, April 10th. SVB Leerink began coverage on shares of CVS Health in a research note on Monday, February 26th. They issued an “outperform” rating and a $88.00 price objective for the company. Finally, Barclays began coverage on shares of CVS Health in a research note on Wednesday, March 6th. They issued an “equal weight” rating and a $78.00 price objective for the company. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, CVS Health currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.44.

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.