CVS Health Co. (NYSE:CVS) Position Cut by National Bank of Canada FI

National Bank of Canada FI lessened its position in CVS Health Co. (NYSE:CVS) by 27.1% during the fourth quarter, Holdings Channel reports. The fund owned 1,122,168 shares of the pharmacy operator’s stock after selling 416,194 shares during the quarter. National Bank of Canada FI’s holdings in CVS Health were worth $90,683,000 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 business. Atticus Wealth Management LLC lifted its stake in shares of CVS Health by 149.0% in the 4th quarter. Atticus Wealth Management LLC now owns 366 shares of the pharmacy operator’s stock worth $29,000 after acquiring an additional 219 shares during the period. Cornerstone Planning Group LLC lifted its position in CVS Health by 111.5% in the third quarter. Cornerstone Planning Group LLC now owns 461 shares of the pharmacy operator’s stock worth $32,000 after purchasing an additional 243 shares during the period. ZRC Wealth Management LLC increased its position 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 valued at $39,000 after purchasing an additional 400 shares during the period. Coston McIsaac & Partners lifted its holdings in shares of CVS Health by 42.6% in the fourth quarter. Coston McIsaac & Partners now owns 539 shares of the pharmacy operator’s stock valued at $42,000 after buying an additional 161 shares during the period. Finally, Tennessee Valley Asset Management Partners bought a new position in CVS Health during the fourth quarter valued at about $50,000. 80.66% of the stock is currently owned by institutional investors and hedge funds.

CVS Health Stock Performance

CVS stock traded up $0.75 during midday trading on Friday, hitting $55.90. 23,946,075 shares of the company traded hands, compared to its average volume of 12,498,538. The business has a 50 day simple moving average of $72.77 and a 200-day simple moving average of $73.29. The company has a quick ratio of 0.63, a current ratio of 0.81 and a debt-to-equity ratio of 0.78. CVS Health Co. has a twelve month low of $53.70 and a twelve month high of $83.25. The stock 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 announced its earnings results on Wednesday, May 1st. The pharmacy operator reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.69 by ($0.38). CVS Health had a net margin of 2.03% and a return on equity of 13.53%. The business had revenue of $88.44 billion for the quarter, compared to the consensus estimate of $89.33 billion. During the same quarter in the previous year, the company earned $2.20 EPS. CVS Health’s revenue for the quarter was up 3.7% compared to the same quarter last year. As a group, equities research analysts predict that CVS Health Co. will post 7.03 earnings per share for the current year.

CVS Health Dividend Announcement

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

Analyst Upgrades and Downgrades

CVS has been the subject of a number of research analyst reports. Cantor Fitzgerald downgraded shares of CVS Health from an “overweight” rating to a “neutral” rating and cut their price target for the company from $87.00 to $58.00 in a report on Wednesday. Leerink Partnrs lowered shares of CVS Health from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Royal Bank of Canada decreased their price target on CVS Health from $86.00 to $84.00 and set an “outperform” rating for the company in a research report on Thursday, February 8th. SVB Leerink reaffirmed a “market perform” rating and set a $60.00 price objective (down from $87.00) on shares of CVS Health in a research note on Wednesday. Finally, Piper Sandler lifted their target price on shares of CVS Health from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Friday, March 15th. Eight investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $80.35.

Insider Buying and Selling

In other news, Director Edward J. Ludwig bought 1,000 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was acquired at an average cost of $53.88 per share, for a total transaction of $53,880.00. Following the completion of the purchase, the director now owns 21,630 shares of the company’s stock, valued at approximately $1,165,424.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other CVS Health news, Director Edward J. Ludwig purchased 1,000 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was purchased at an average price of $53.88 per share, for a total transaction of $53,880.00. Following the completion of the purchase, the director now directly owns 21,630 shares in the company, valued at $1,165,424.40. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Prem S. Shah sold 29,473 shares of the company’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 sale, the executive vice president now owns 39,765 shares in the company, valued at $3,059,916.75. The disclosure for this sale can be found here. 0.24% of the stock is owned by company 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.