Te Ahumairangi Investment Management Ltd Sells 29,802 Shares of CVS Health Corporation $CVS

Key Points

• Te Ahumairangi Investment Management Ltd trimmed its position in CVS Health by 32.4%, owning 62,060 shares after selling 29,802 shares in Q1, reflecting a holding worth $4,205,000.
• CVS Health reported $1.81 earnings per share during its last quarter, exceeding analysts' expectations, with revenue of $98.92 billion—an increase of 8.4% year-over-year.
• The company announced a quarterly dividend of $0.665 per share, yielding 3.7%, with a payout ratio of 74.3% as investors received this payment on August 1st.

Te Ahumairangi Investment Management Ltd decreased its stake in shares of CVS Health Corporation (NYSE:CVS - Free Report) by 32.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 62,060 shares of the pharmacy operator's stock after selling 29,802 shares during the quarter. Te Ahumairangi Investment Management Ltd's holdings in CVS Health were worth $4,205,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Essex Financial Services Inc. lifted its position in shares of CVS Health by 0.8% in the first quarter. Essex Financial Services Inc. now owns 20,705 shares of the pharmacy operator's stock worth $1,403,000 after buying an additional 166 shares in the last quarter. Hemington Wealth Management lifted its position in shares of CVS Health by 33.7% in the first quarter. Hemington Wealth Management now owns 682 shares of the pharmacy operator's stock worth $46,000 after buying an additional 172 shares in the last quarter. McIlrath & Eck LLC lifted its position in shares of CVS Health by 32.6% in the fourth quarter. McIlrath & Eck LLC now owns 707 shares of the pharmacy operator's stock worth $32,000 after buying an additional 174 shares in the last quarter. Sumitomo Life Insurance Co. lifted its position in shares of CVS Health by 1.0% in the first quarter. Sumitomo Life Insurance Co. now owns 17,114 shares of the pharmacy operator's stock worth $1,159,000 after buying an additional 174 shares in the last quarter. Finally, Koshinski Asset Management Inc. lifted its position in CVS Health by 3.7% during the first quarter. Koshinski Asset Management Inc. now owns 4,930 shares of the pharmacy operator's stock valued at $334,000 after purchasing an additional 178 shares during the last quarter. 80.66% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Anne A. Finucane sold 7,500 shares of the company's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $71.02, for a total value of $532,650.00. Following the completion of the sale, the director owned 22,156 shares of the company's stock, valued at approximately $1,573,519.12. This represents a 25.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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, with a total value of $100,009.00. Following the transaction, the director directly owned 12,007 shares in the company, valued at approximately $764,845.90. This trade represents a 15.04% increase in their position. The disclosure for this purchase can be found here. 1.22% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have commented on CVS. Robert W. Baird upgraded shares of CVS Health from a "neutral" rating to an "outperform" rating and increased their price objective for the company from $71.00 to $82.00 in a research report on Thursday, August 14th. Jefferies Financial Group increased their price objective 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. Royal Bank Of Canada increased their price objective on shares of CVS Health from $74.00 to $81.00 and gave the company an "outperform" rating in a research report on Monday, May 5th. UBS Group upgraded shares of CVS Health from a "neutral" rating to a "buy" rating and increased their price objective for the company from $67.00 to $79.00 in a research report on Monday, August 18th. Finally, Morgan Stanley increased their price objective on shares of CVS Health from $80.00 to $82.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $77.56.

CVS Health Trading Up 1.4%

Shares of CVS Health stock traded up $1.03 during trading on Monday, hitting $73.17. The stock had a trading volume of 6,391,563 shares, compared to its average volume of 6,107,539. The firm's fifty day simple moving average is $66.00 and its 200-day simple moving average is $65.72. The stock has a market cap of $92.80 billion, a PE ratio of 20.44, a PEG ratio of 0.81 and a beta of 0.62. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.80 and a quick ratio of 0.62. CVS Health Corporation has a 12 month low of $43.56 and a 12 month high of $73.23.

CVS Health (NYSE:CVS - Get Free Report) last released its earnings results on Thursday, July 31st. The pharmacy operator reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.35. The firm had revenue of $98.92 billion during the quarter, compared to analyst estimates of $94.87 billion. CVS Health had a net margin of 1.17% and a return on equity of 10.51%. The business's revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the business earned $1.83 EPS. CVS Health has set its FY 2025 guidance at 6.300-6.400 EPS. As a group, sell-side analysts expect 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 was paid on Friday, August 1st. Shareholders of record on Tuesday, July 22nd were given a $0.665 dividend. This represents a $2.66 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, July 22nd. CVS Health's payout ratio is 74.30%.

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.