CVS Health Corporation (NYSE:CVS) Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group Inc. reduced its stake in CVS Health Corporation by 6.7%, owning 559,769 shares after selling 40,292 shares during the first quarter.
• CVS Health reported a quarterly EPS of $1.81, exceeding analysts' expectations and indicating a revenue increase to $98.92 billion, up 8.4% year-over-year.
• The company announced a quarterly dividend of $0.665 per share, representing an annualized yield of 4.3% with a payout ratio of 74.30%.

PNC Financial Services Group Inc. decreased its stake in CVS Health Corporation (NYSE:CVS - Free Report) by 6.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 559,769 shares of the pharmacy operator's stock after selling 40,292 shares during the period. PNC Financial Services Group Inc.'s holdings in CVS Health were worth $37,924,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. IFG Advisory LLC boosted its stake in CVS Health by 10.4% during the 1st quarter. IFG Advisory LLC now owns 18,056 shares of the pharmacy operator's stock worth $1,223,000 after purchasing an additional 1,702 shares during the period. SPC Financial Inc. boosted its stake in CVS Health by 10.9% during the 1st quarter. SPC Financial Inc. now owns 9,125 shares of the pharmacy operator's stock worth $618,000 after purchasing an additional 900 shares during the period. BCGM Wealth Management LLC boosted its stake in CVS Health by 13.6% during the 1st quarter. BCGM Wealth Management LLC now owns 26,595 shares of the pharmacy operator's stock worth $1,802,000 after purchasing an additional 3,194 shares during the period. Nicolet Advisory Services LLC boosted its stake in CVS Health by 63.0% during the 1st quarter. Nicolet Advisory Services LLC now owns 12,341 shares of the pharmacy operator's stock worth $851,000 after purchasing an additional 4,768 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new stake in CVS Health during the 1st quarter worth $229,000. Institutional investors and hedge funds own 80.66% of the company's stock.

CVS Health Stock Performance

Shares of CVS opened at $62.52 on Monday. The company has a 50-day simple moving average of $64.56 and a 200-day simple moving average of $64.01. The company has a quick ratio of 0.62, a current ratio of 0.80 and a debt-to-equity ratio of 0.74. The company has a market capitalization of $79.30 billion, a PE ratio of 17.46, a P/E/G ratio of 0.86 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.

CVS Health (NYSE:CVS - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The pharmacy operator reported $1.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.46 by $0.35. CVS Health had a net margin of 1.17% and a return on equity of 10.51%. The business had revenue of $98.92 billion during the quarter, compared to the consensus estimate of $94.87 billion. During the same quarter last year, the firm posted $1.83 EPS. The business's revenue was up 8.4% compared to the same quarter last year. Equities research analysts predict that CVS Health Corporation will post 5.89 earnings per share for the current fiscal year.

CVS Health Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 22nd were issued a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a yield of 4.3%. The ex-dividend date was Tuesday, July 22nd. CVS Health's dividend payout ratio (DPR) is 74.30%.

Insiders Place Their Bets

In other CVS Health news, Director Guy P. Sansone bought 1,570 shares of the company's stock in a transaction on Thursday, June 5th. The stock was purchased at an average cost of $63.70 per share, for a total transaction of $100,009.00. Following the acquisition, the director owned 12,007 shares of the company's stock, valued at $764,845.90. The trade was a 15.04% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 1.22% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CVS. Bernstein Bank decreased their price target 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. Truist Financial upped their price objective on shares of CVS Health from $82.00 to $84.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Barclays upped their price objective on shares of CVS Health from $79.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday. Cowen restated a "buy" rating on shares of CVS Health in a research report on Monday, May 5th. Finally, Mizuho upped their price objective on shares of CVS Health from $70.00 to $76.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 9th. Three 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 company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average 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.

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