Addenda Capital Inc. Sells 5,498 Shares of CVS Health Co. (NYSE:CVS)

Addenda Capital Inc. cut its stake in shares of CVS Health Co. (NYSE:CVS) by 5.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 101,329 shares of the pharmacy operator’s stock after selling 5,498 shares during the quarter. Addenda Capital Inc.’s holdings in CVS Health were worth $8,082,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of CVS. Atticus Wealth Management LLC lifted 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 purchasing an additional 219 shares during the last quarter. USA Financial Formulas lifted its position in CVS Health by 573.2% during the fourth quarter. USA Financial Formulas now owns 377 shares of the pharmacy operator’s stock valued at $30,000 after purchasing an additional 321 shares during the last quarter. Ables Iannone Moore & Associates Inc. bought a new stake in CVS Health during the fourth quarter valued at approximately $32,000. Creekmur Asset Management LLC purchased a new position in shares of CVS Health during the fourth quarter worth approximately $34,000. Finally, Steph & Co. raised its stake in shares of CVS Health by 192.0% during the first quarter. Steph & Co. now owns 438 shares of the pharmacy operator’s stock worth $35,000 after acquiring an additional 288 shares in the last quarter. 80.66% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Baird R W raised shares of CVS Health to a “hold” rating in a research note on Thursday, May 30th. Barclays decreased their price target on shares of CVS Health from $78.00 to $63.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 2nd. Truist Financial reissued a “buy” rating and set a $66.00 price target (down from $90.00) on shares of CVS Health in a research note on Thursday, May 2nd. SVB Leerink reissued a “market perform” rating and set a $60.00 price target (down from $87.00) on shares of CVS Health in a research note on Wednesday, May 1st. Finally, UBS Group downgraded shares of CVS Health from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $85.00 to $60.00 in a research note on Thursday, May 2nd. Eleven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, CVS Health has a consensus rating of “Moderate Buy” and a consensus target price of $75.05.

Insider Activity

In other news, Director Edward J. Ludwig purchased 1,000 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were bought at an average price of $53.88 per share, for a total transaction of $53,880.00. Following the purchase, the director now directly owns 21,630 shares in the company, valued at approximately $1,165,424.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.24% of the company’s stock.

CVS Health Stock Up 1.3 %

Shares of CVS stock traded up $0.73 during mid-day trading on Friday, reaching $59.09. 14,343,233 shares of the company’s stock traded hands, compared to its average volume of 12,103,906. CVS Health Co. has a 12 month low of $52.77 and a 12 month high of $83.25. The company has a market cap of $74.18 billion, a P/E ratio of 10.38, a P/E/G ratio of 0.58 and a beta of 0.53. The company has a quick ratio of 0.61, a current ratio of 0.81 and a debt-to-equity ratio of 0.78. The company’s 50-day moving average price is $59.56 and its 200-day moving average price is $70.19.

CVS Health (NYSE:CVS) last announced its earnings results on Wednesday, May 1st. The pharmacy operator reported $1.31 EPS for the quarter, missing analysts’ consensus estimates 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 last year, the firm posted $2.20 EPS. The business’s quarterly revenue was up 3.7% on a year-over-year basis. On average, equities analysts expect that CVS Health Co. will post 7.02 earnings per share for the current fiscal year.

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.