National Bank of Canada FI Lowers Position in CVS Health Corporation (NYSE:CVS)

Key Points

• National Bank of Canada FI reduced its stake in CVS Health by 53.0%, selling over 1.4 million shares and retaining approximately 1.26 million shares valued at $85.5 million.
• CVS Health recently reported better-than-expected quarterly earnings of $1.81 per share, surpassing the consensus estimate of $1.46 and showing year-over-year revenue growth of 8.4%.
• The company declared a quarterly dividend of $0.665 per share, reflecting an annual yield of 4.1%, with a dividend payout ratio of 74.30%.

National Bank of Canada FI decreased its stake in shares of CVS Health Corporation (NYSE:CVS - Free Report) by 53.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,261,535 shares of the pharmacy operator's stock after selling 1,421,037 shares during the quarter. National Bank of Canada FI owned approximately 0.10% of CVS Health worth $85,472,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. AlphaCore Capital LLC purchased a new stake in CVS Health during the 1st quarter worth approximately $194,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in CVS Health by 11.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,238,084 shares of the pharmacy operator's stock worth $151,630,000 after purchasing an additional 226,997 shares during the last quarter. 1834 Investment Advisors Co. grew its position in CVS Health by 4.7% during the 1st quarter. 1834 Investment Advisors Co. now owns 121,439 shares of the pharmacy operator's stock worth $8,227,000 after purchasing an additional 5,436 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in CVS Health by 5.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 13,647,873 shares of the pharmacy operator's stock worth $924,643,000 after purchasing an additional 728,924 shares during the last quarter. Finally, ASR Vermogensbeheer N.V. purchased a new stake in shares of CVS Health in the 1st quarter valued at $9,030,000. Institutional investors own 80.66% of the company's stock.

CVS Health Stock Performance

Shares of NYSE CVS traded up $0.39 during midday trading on Wednesday, reaching $65.90. 2,897,450 shares of the company traded hands, compared to its average volume of 9,956,894. The stock has a 50-day moving average price of $64.74 and a 200 day moving average price of $64.46. The company has a market cap of $83.58 billion, a price-to-earnings ratio of 18.41, a PEG ratio of 0.72 and a beta of 0.58. CVS Health Corporation has a 52 week low of $43.56 and a 52 week high of $72.51. 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 (NYSE:CVS - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The pharmacy operator reported $1.81 earnings per share for the quarter, topping analysts' consensus estimates of $1.46 by $0.35. The firm had revenue of $98.92 billion for the quarter, compared to analysts' expectations of $94.87 billion. CVS Health had a return on equity of 10.51% and a net margin of 1.17%. CVS Health's revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the business posted $1.83 EPS. Sell-side analysts anticipate that CVS Health Corporation will post 5.89 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 22nd were given a dividend of $0.665 per share. The ex-dividend date of this dividend was Tuesday, July 22nd. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.0%. CVS Health's dividend payout ratio (DPR) is currently 74.30%.

Insider Activity at CVS Health

In other CVS Health news, Director Guy P. Sansone purchased 1,570 shares of the firm's stock in a transaction dated Thursday, June 5th. The shares were bought at an average price of $63.70 per share, for a total transaction of $100,009.00. Following the purchase, the director owned 12,007 shares in the company, valued at approximately $764,845.90. This trade represents a 15.04% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.22% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on CVS shares. Wall Street Zen raised shares of CVS Health from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Morgan Stanley boosted their target price on shares of CVS Health from $80.00 to $82.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Bernstein Bank decreased their target price on shares of CVS Health from $78.00 to $72.00 and set a "market perform" rating for the company in a research note on Wednesday, July 16th. Barclays boosted their target price on shares of CVS Health from $79.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, UBS Group decreased their target price on shares of CVS Health from $71.00 to $67.00 and set a "neutral" rating for the company in a research note on Tuesday, July 22nd. Three analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $75.11.

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.