CVS Health Corporation (NYSE:CVS) Shares Sold by Associated Banc Corp

Key Points

• Associated Banc Corp reduced its stake in CVS Health by 27.7%, holding 60,265 shares valued at approximately $4.08 million after selling 23,093 shares.
• CVS Health reported a strong quarterly performance with earnings per share of $1.81, exceeding analysts' estimates by $0.35, and revenue of $98.92 billion, up 8.4% year-over-year.
• The company recently announced a quarterly dividend of $0.665 per share, representing a 4.2% yield, and has a dividend payout ratio of 74.30%.

Associated Banc Corp lessened its holdings in CVS Health Corporation (NYSE:CVS - Free Report) by 27.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 60,265 shares of the pharmacy operator's stock after selling 23,093 shares during the period. Associated Banc Corp's holdings in CVS Health were worth $4,083,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of CVS. McIlrath & Eck LLC boosted its stake in CVS Health by 32.6% in the fourth quarter. McIlrath & Eck LLC now owns 707 shares of the pharmacy operator's stock valued at $32,000 after acquiring an additional 174 shares in the last quarter. Costello Asset Management INC lifted its holdings in shares of CVS Health by 281.3% in the 1st quarter. Costello Asset Management INC now owns 572 shares of the pharmacy operator's stock valued at $39,000 after purchasing an additional 422 shares during the last quarter. Park Square Financial Group LLC acquired a new stake in shares of CVS Health in the 4th quarter valued at about $43,000. GW&K Investment Management LLC grew its stake in CVS Health by 39.4% during the 1st quarter. GW&K Investment Management LLC now owns 637 shares of the pharmacy operator's stock worth $43,000 after buying an additional 180 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL increased its position in CVS Health by 77.2% during the fourth quarter. Strategic Investment Solutions Inc. IL now owns 1,024 shares of the pharmacy operator's stock worth $46,000 after buying an additional 446 shares during the period. Hedge funds and other institutional investors own 80.66% of the company's stock.

CVS Health Price Performance

Shares of CVS traded up $0.69 during mid-day trading on Friday, reaching $64.27. 441,559 shares of the company's stock were exchanged, compared to its average volume of 10,026,527. The company has a quick ratio of 0.62, a current ratio of 0.80 and a debt-to-equity ratio of 0.74. CVS Health Corporation has a 52-week low of $43.56 and a 52-week high of $72.51. The company has a market cap of $81.52 billion, a price-to-earnings ratio of 17.95, a PEG ratio of 0.70 and a beta of 0.58. The company has a 50-day simple moving average of $64.65 and a two-hundred day simple moving average of $64.14.

CVS Health (NYSE:CVS - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The pharmacy operator reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.35. CVS Health had a return on equity of 10.51% and a net margin of 1.17%. The company had revenue of $98.92 billion during the quarter, compared to the consensus estimate of $94.87 billion. During the same quarter last year, the business posted $1.83 earnings per share. CVS Health's revenue was up 8.4% compared to the same quarter last year. On average, sell-side analysts predict that CVS Health Corporation will post 5.89 EPS for the current fiscal year.

CVS Health Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 22nd were paid a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend was Tuesday, July 22nd. CVS Health's dividend payout ratio (DPR) is currently 74.30%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CVS shares. Barclays boosted their price objective on CVS Health from $79.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Jefferies Financial Group raised their price target on CVS Health from $74.00 to $80.00 and gave the company a "buy" rating in a report on Monday, June 30th. UBS Group dropped their price objective on CVS Health from $71.00 to $67.00 and set a "neutral" rating on the stock in a report on Tuesday, July 22nd. Wells Fargo & Company reissued an "overweight" rating and issued a $84.00 target price (up previously from $76.00) on shares of CVS Health in a report on Tuesday, May 6th. Finally, Royal Bank Of Canada upped their price target on shares of CVS Health from $74.00 to $81.00 and gave the stock an "outperform" rating in a research note on Monday, May 5th. Three research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $75.11.

Insider Activity

In other news, Director Guy P. Sansone purchased 1,570 shares of the stock in a transaction dated Thursday, June 5th. The stock was acquired at an average cost of $63.70 per share, for a total transaction of $100,009.00. Following the completion of the acquisition, the director directly owned 12,007 shares in the company, valued at $764,845.90. This represents a 15.04% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.22% of the stock is owned by corporate insiders.

CVS Health 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.