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

Concurrent Investment Advisors LLC lessened its holdings in CVS Health Corporation (NYSE:CVS - Free Report) by 71.6% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 13,422 shares of the pharmacy operator's stock after selling 33,826 shares during the period. Concurrent Investment Advisors LLC's holdings in CVS Health were worth $909,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. VAUGHAN & Co SECURITIES INC. purchased a new position in shares of CVS Health in the 1st quarter worth approximately $899,000. Bank of New York Mellon Corp boosted its stake in shares of CVS Health by 2.1% in the 1st quarter. Bank of New York Mellon Corp now owns 8,981,262 shares of the pharmacy operator's stock worth $608,481,000 after buying 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 approximately $54,000. Capital Investment Advisory Services LLC lifted 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 purchasing an additional 1,815 shares during the last quarter. Finally, Argyle Capital Management LLC lifted 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 purchasing an additional 900 shares during the last quarter. Hedge funds and other institutional investors own 80.66% of the company's stock.

CVS Health Price Performance

CVS traded down $1.08 during trading on Thursday, reaching $65.58. The stock had a trading volume of 6,326,674 shares, compared to its average volume of 10,798,099. The stock has a market cap of $82.96 billion, a PE ratio of 15.65, a PEG ratio of 0.95 and a beta of 0.57. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.63 and a current ratio of 0.82. CVS Health Corporation has a one year low of $43.56 and a one year high of $72.51. The business has a 50-day moving average of $65.18 and a 200-day moving average of $61.93.

CVS Health (NYSE:CVS - Get Free Report) last released its earnings results on Thursday, May 1st. The pharmacy operator reported $2.25 EPS for the quarter, beating analysts' consensus estimates of $1.62 by $0.63. CVS Health had a return on equity of 10.59% and a net margin of 1.39%. The business had revenue of $94.59 billion for the quarter, compared to analysts' expectations of $93.07 billion. During the same quarter in the prior year, the firm earned $1.31 earnings per share. The firm's revenue was up 7.0% on a year-over-year basis. As a group, equities research analysts anticipate that CVS Health Corporation will post 5.89 EPS for the current fiscal year.

CVS Health Announces Dividend

The business 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 dividend of $0.665 per share. The ex-dividend date of this dividend is Tuesday, July 22nd. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.06%. CVS Health's dividend payout ratio (DPR) is currently 63.48%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CVS. Robert W. Baird upped their price objective on CVS Health from $51.00 to $71.00 and gave the company a "neutral" rating in a research note on Tuesday, April 15th. Wall Street Zen upgraded CVS Health from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Jefferies Financial Group upped their price objective on CVS Health from $74.00 to $80.00 and gave the company a "buy" rating in a research note on Monday, June 30th. Truist Financial upped their price objective on CVS Health from $82.00 to $84.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Finally, Mizuho upped their price objective on CVS Health from $70.00 to $76.00 and gave the company an "outperform" rating in a research note on Wednesday, April 9th. Two equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $75.06.

Insider Activity

In related news, Director Guy P. Sansone acquired 1,570 shares of CVS Health stock in a transaction dated Thursday, June 5th. The shares were purchased at an average cost of $63.70 per share, with a total value of $100,009.00. Following the completion of the purchase, the director owned 12,007 shares of the company's stock, valued at $764,845.90. This represents a 15.04% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.22% of the company's stock.

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.