8 Knots Management LLC Has $21.77 Million Stake in CVS Health Co. (NYSE:CVS)

8 Knots Management LLC reduced its holdings in CVS Health Co. (NYSE:CVS - Free Report) by 57.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 484,918 shares of the pharmacy operator's stock after selling 647,286 shares during the quarter. CVS Health comprises 2.2% of 8 Knots Management LLC's portfolio, making the stock its 15th biggest holding. 8 Knots Management LLC's holdings in CVS Health were worth $21,768,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in CVS. Morse Asset Management Inc acquired a new stake in CVS Health in the 3rd quarter worth $409,000. Westside Investment Management Inc. lifted its stake in shares of CVS Health by 4.6% in the third quarter. Westside Investment Management Inc. now owns 64,517 shares of the pharmacy operator's stock valued at $4,041,000 after buying an additional 2,856 shares during the period. World Investment Advisors LLC grew its position in CVS Health by 280.7% during the third quarter. World Investment Advisors LLC now owns 27,543 shares of the pharmacy operator's stock worth $1,732,000 after buying an additional 20,308 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in CVS Health in the 3rd quarter valued at approximately $2,071,000. Finally, Tidal Investments LLC lifted its position in shares of CVS Health by 52.2% in the 3rd quarter. Tidal Investments LLC now owns 112,010 shares of the pharmacy operator's stock worth $7,043,000 after acquiring an additional 38,408 shares during the period. 80.66% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CVS has been the subject of a number of recent research reports. Piper Sandler upped their target price on CVS Health from $72.00 to $74.00 and gave the company an "overweight" rating in a research note on Friday, March 21st. Leerink Partners raised shares of CVS Health from a "market perform" rating to an "outperform" rating and raised their price objective for the stock from $55.00 to $75.00 in a report on Thursday, February 13th. Barclays upped their target price on shares of CVS Health from $71.00 to $73.00 and gave the company an "overweight" rating in a research note on Thursday, February 13th. Edward Jones raised CVS Health from a "hold" rating to a "buy" rating in a report on Thursday, January 30th. Finally, Evercore ISI boosted their price target on CVS Health from $60.00 to $65.00 and gave the company an "outperform" rating in a research note on Monday, January 27th. Four analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $71.83.

Insider Buying and Selling

In other CVS Health news, Director Michael F. Mahoney bought 30,000 shares of the firm's stock in a transaction on Tuesday, February 18th. The stock was purchased at an average cost of $66.70 per share, with a total value of $2,001,000.00. Following the completion of the purchase, the director now owns 39,356 shares in the company, valued at approximately $2,625,045.20. The trade was a 320.65 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP James David Clark sold 7,513 shares of the firm's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $66.35, for a total transaction of $498,487.55. Following the sale, the senior vice president now owns 8,394 shares in the company, valued at approximately $556,941.90. The trade was a 47.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.22% of the stock is owned by insiders.

CVS Health Stock Down 0.6 %

Shares of CVS opened at $64.91 on Tuesday. The firm has a market capitalization of $81.84 billion, a price-to-earnings ratio of 17.74, a PEG ratio of 0.98 and a beta of 0.57. CVS Health Co. has a 52 week low of $43.56 and a 52 week high of $71.45. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.60 and a current ratio of 0.81. The business's fifty day moving average price is $66.45 and its two-hundred day moving average price is $58.75.

CVS Health (NYSE:CVS - Get Free Report) last issued its earnings results on Wednesday, February 12th. The pharmacy operator reported $1.19 EPS for the quarter, beating the consensus estimate of $0.89 by $0.30. CVS Health had a net margin of 1.24% and a return on equity of 9.11%. On average, analysts predict that CVS Health Co. will post 5.89 earnings per share for the current year.

CVS Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 22nd will be paid a $0.665 dividend. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.10%. CVS Health's dividend payout ratio (DPR) is presently 72.68%.

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.

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