Concurrent Investment Advisors LLC Decreases Stake in CVS Health Corporation (NYSE:CVS)

Concurrent Investment Advisors LLC reduced its stake in shares of CVS Health Corporation (NYSE:CVS - Free Report) by 71.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. 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 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Dodge & Cox grew its stake in shares of CVS Health by 11.2% in the fourth quarter. Dodge & Cox now owns 70,105,899 shares of the pharmacy operator's stock worth $3,147,054,000 after purchasing an additional 7,075,209 shares during the last quarter. Capital World Investors grew its stake in shares of CVS Health by 26.6% in the fourth quarter. Capital World Investors now owns 61,039,777 shares of the pharmacy operator's stock worth $2,739,927,000 after purchasing an additional 12,819,148 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of CVS Health by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 27,051,540 shares of the pharmacy operator's stock worth $1,211,582,000 after purchasing an additional 689,867 shares during the last quarter. Capital International Investors grew its stake in shares of CVS Health by 4.8% in the fourth quarter. Capital International Investors now owns 26,666,401 shares of the pharmacy operator's stock worth $1,196,989,000 after purchasing an additional 1,212,126 shares during the last quarter. Finally, Pzena Investment Management LLC grew its stake in shares of CVS Health by 49.3% in the fourth quarter. Pzena Investment Management LLC now owns 19,610,579 shares of the pharmacy operator's stock worth $880,319,000 after purchasing an additional 6,475,271 shares during the last quarter. 80.66% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Guy P. Sansone bought 1,570 shares of the firm's stock in a transaction that occurred on 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 completion of the transaction, the director directly owned 12,007 shares of the company's stock, valued at approximately $764,845.90. The trade was a 15.04% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.22% of the company's stock.

CVS Health Price Performance

Shares of NYSE CVS traded down $0.89 during mid-day trading on Friday, hitting $64.73. 7,020,831 shares of the company's stock traded hands, compared to its average volume of 10,796,063. The company's 50-day moving average is $65.05 and its two-hundred day moving average is $62.22. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.82 and a quick ratio of 0.63. The company has a market capitalization of $81.88 billion, a P/E ratio of 15.45, a PEG ratio of 0.94 and a beta of 0.57. CVS Health Corporation has a 1 year low of $43.56 and a 1 year high of $72.51.

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, beating the consensus estimate of $1.62 by $0.63. The company 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 1.39% and a return on equity of 10.59%. The firm's revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.31 EPS. On average, equities analysts anticipate that CVS Health Corporation will post 5.89 EPS for the current fiscal year.

CVS Health Announces Dividend

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 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 4.11%. CVS Health's dividend payout ratio is presently 63.48%.

Wall Street Analyst Weigh In

CVS has been the subject of several research analyst reports. Jefferies Financial Group raised their price objective on shares of CVS Health from $74.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, June 30th. Truist Financial boosted their price objective on shares of CVS Health from $82.00 to $84.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Barclays set a $79.00 target price on shares of CVS Health and gave the stock an "overweight" rating in a research report on Monday, June 2nd. UBS Group lifted their target price on shares of CVS Health from $67.00 to $71.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. Finally, Cowen reaffirmed a "buy" rating on shares of CVS Health in a research report on Monday, May 5th. Two 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. According to data from MarketBeat.com, CVS Health presently has a consensus rating of "Moderate Buy" and a consensus target price of $75.06.

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.