Concurrent Investment Advisors LLC Reduces Stock Position in CVS Health Corporation (NYSE:CVS)

Concurrent Investment Advisors LLC cut its position in shares of CVS Health Corporation (NYSE:CVS - Free Report) by 71.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 13,422 shares of the pharmacy operator's stock after selling 33,826 shares during the quarter. Concurrent Investment Advisors LLC's holdings in CVS Health were worth $909,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. VAUGHAN & Co SECURITIES INC. purchased a new position in CVS Health in the first quarter valued at about $899,000. Bank of New York Mellon Corp boosted its stake in CVS Health by 2.1% in the first quarter. Bank of New York Mellon Corp now owns 8,981,262 shares of the pharmacy operator's stock valued at $608,481,000 after acquiring an additional 183,813 shares during the last quarter. Wayfinding Financial LLC purchased a new position in CVS Health in the first quarter valued at about $54,000. Capital Investment Advisory Services LLC boosted its stake in CVS Health by 12.8% in the first quarter. Capital Investment Advisory Services LLC now owns 16,031 shares of the pharmacy operator's stock valued at $1,086,000 after acquiring an additional 1,815 shares during the last quarter. Finally, Argyle Capital Management LLC boosted its stake in CVS Health by 3.1% in the first quarter. Argyle Capital Management LLC now owns 30,217 shares of the pharmacy operator's stock valued at $2,047,000 after acquiring an additional 900 shares during the last quarter. 80.66% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other CVS Health news, Director Guy P. Sansone acquired 1,570 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was bought at an average price of $63.70 per share, with a total value of $100,009.00. Following the purchase, the director owned 12,007 shares of the company's stock, valued at approximately $764,845.90. This trade represents a 15.04% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.22% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CVS shares. Piper Sandler boosted their target price on shares of CVS Health from $72.00 to $74.00 and gave the company an "overweight" rating in a research note on Friday, March 21st. Barclays set a $79.00 price target on shares of CVS Health and gave the company an "overweight" rating in a research report on Monday, June 2nd. Morgan Stanley reissued an "overweight" rating on shares of CVS Health in a research report on Tuesday, April 15th. Wells Fargo & Company reissued an "overweight" rating and issued a $84.00 price target (up previously from $76.00) on shares of CVS Health in a research report on Tuesday, May 6th. Finally, Jefferies Financial Group boosted their price target on shares of CVS Health from $74.00 to $80.00 and gave the company a "buy" rating in a research report on Monday, June 30th. Two investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $75.06.

CVS Health Price Performance

Shares of NYSE:CVS traded down $1.01 during trading on Thursday, reaching $65.65. The company had a trading volume of 1,898,614 shares, compared to its average volume of 10,782,178. The company has a fifty day moving average of $65.18 and a two-hundred day moving average of $61.93. The stock has a market capitalization of $83.05 billion, a P/E ratio of 15.71, a price-to-earnings-growth ratio of 0.96 and a beta of 0.57. CVS Health Corporation has a 12 month low of $43.56 and a 12 month high of $72.51. The company has a current ratio of 0.82, a quick ratio of 0.63 and a debt-to-equity ratio of 0.77.

CVS Health (NYSE:CVS - Get Free Report) last issued its quarterly earnings results 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 analyst estimates of $93.07 billion. CVS Health had a net margin of 1.39% and a return on equity of 10.59%. The business's revenue for the quarter was up 7.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.31 EPS. Equities research analysts forecast that CVS Health Corporation will post 5.89 earnings per share for the current year.

CVS Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Tuesday, July 22nd will be paid a $0.665 dividend. The ex-dividend date is Tuesday, July 22nd. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.05%. CVS Health's dividend payout ratio (DPR) is 63.48%.

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.