Redwood Investment Management LLC trimmed its position in CVS Health Co. (NYSE:CVS - Free Report) by 27.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,108 shares of the pharmacy operator's stock after selling 9,323 shares during the quarter. Redwood Investment Management LLC's holdings in CVS Health were worth $1,127,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of CVS. Norges Bank acquired a new stake in CVS Health during the 4th quarter worth $839,574,000. Capital World Investors raised its stake in CVS Health by 26.6% during the 4th quarter. Capital World Investors now owns 61,039,777 shares of the pharmacy operator's stock worth $2,739,927,000 after acquiring an additional 12,819,148 shares in the last quarter. Davis Selected Advisers raised its stake in CVS Health by 2,998.1% during the 4th quarter. Davis Selected Advisers now owns 11,385,950 shares of the pharmacy operator's stock worth $511,115,000 after acquiring an additional 11,018,438 shares in the last quarter. Dodge & Cox raised its stake in CVS Health by 11.2% during the 4th quarter. Dodge & Cox now owns 70,105,899 shares of the pharmacy operator's stock worth $3,147,054,000 after acquiring an additional 7,075,209 shares in the last quarter. Finally, Pzena Investment Management LLC raised its stake in CVS Health by 49.3% during the 4th quarter. Pzena Investment Management LLC now owns 19,610,579 shares of the pharmacy operator's stock worth $880,319,000 after acquiring an additional 6,475,271 shares in the last quarter. 80.66% of the stock is currently owned by institutional investors and hedge funds.
CVS Health Stock Up 3.4%
Shares of NYSE:CVS opened at $62.51 on Friday. The company has a market cap of $79.07 billion, a price-to-earnings ratio of 17.08, a PEG ratio of 0.98 and a beta of 0.60. CVS Health Co. has a fifty-two week low of $43.56 and a fifty-two week high of $72.51. The firm's 50-day simple moving average is $66.57 and its 200-day simple moving average is $59.20. The company has a quick ratio of 0.60, a current ratio of 0.81 and a debt-to-equity ratio of 0.80.
CVS Health (NYSE:CVS - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The pharmacy operator reported $2.25 EPS for the quarter, topping analysts' consensus estimates of $1.62 by $0.63. The firm had revenue of $94.59 billion for the quarter, compared to the consensus estimate of $93.07 billion. CVS Health had a net margin of 1.24% and a return on equity of 9.11%. The firm's revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.31 earnings per share. As a group, equities research 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 disclosed a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Tuesday, April 22nd were issued a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a yield of 4.26%. The ex-dividend date of this dividend was Tuesday, April 22nd. CVS Health's dividend payout ratio is currently 63.48%.
Analyst Ratings Changes
Several research analysts have issued reports on CVS shares. Wells Fargo & Company reissued an "overweight" rating and set a $84.00 price objective (up from $76.00) on shares of CVS Health in a research report on Tuesday, May 6th. Argus set a $77.00 price objective on shares of CVS Health in a research report on Tuesday, February 18th. Robert W. Baird raised their price objective on shares of CVS Health from $51.00 to $71.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 15th. Truist Financial raised their price objective on shares of CVS Health from $82.00 to $84.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Finally, Piper Sandler raised their price objective on shares of CVS Health from $72.00 to $74.00 and gave the stock an "overweight" rating in a research report on Friday, March 21st. Three analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $74.94.
Read Our Latest Research Report on CVS
Insider Buying and Selling
In related news, Director Michael F. Mahoney acquired 30,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The shares were purchased at an average price of $66.70 per share, with a total value of $2,001,000.00. Following the completion of the acquisition, the director now owns 39,356 shares in the company, valued at approximately $2,625,045.20. This represents a 320.65% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP James David Clark sold 7,513 shares of CVS Health stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $66.35, for a total transaction of $498,487.55. Following the transaction, the senior vice president now owns 8,394 shares of the company's stock, valued at approximately $556,941.90. The trade was a 47.23% decrease in their position. The disclosure for this sale can be found here. 1.22% of the stock is owned by insiders.
CVS Health Profile
(
Free Report)
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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