Federated Hermes Inc. Sells 5,139 Shares of CVS Health Corporation (NYSE:CVS)

Key Points

• Federated Hermes Inc. reduced its stake in CVS Health by 53.9% in the first quarter, now owning 4,398 shares valued at approximately $298,000.
• During the same period, other large investors significantly increased their positions, with Meeder Asset Management raising its stake by 11,769.9%.
• CVS Health reported an EPS of $1.81 for the last quarter, exceeding analyst expectations, with total revenues reaching $98.92 billion, up 8.4% year-over-year.

Federated Hermes Inc. lessened its holdings in CVS Health Corporation (NYSE:CVS - Free Report) by 53.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 4,398 shares of the pharmacy operator's stock after selling 5,139 shares during the period. Federated Hermes Inc.'s holdings in CVS Health were worth $298,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of CVS. Essex Financial Services Inc. boosted its position in shares of CVS Health by 0.8% during 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 during the period. McIlrath & Eck LLC increased its stake in shares of CVS Health by 32.6% during the fourth quarter. McIlrath & Eck LLC now owns 707 shares of the pharmacy operator's stock valued at $32,000 after acquiring an additional 174 shares during the period. Sumitomo Life Insurance Co. raised its position in 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 acquiring an additional 174 shares in the last quarter. Koshinski Asset Management Inc. lifted its holdings in CVS Health by 3.7% in the 1st quarter. Koshinski Asset Management Inc. now owns 4,930 shares of the pharmacy operator's stock valued at $334,000 after acquiring an additional 178 shares during the last quarter. Finally, Horizon Bancorp Inc. IN lifted its holdings in CVS Health by 7.4% in the 1st quarter. Horizon Bancorp Inc. IN now owns 2,610 shares of the pharmacy operator's stock valued at $177,000 after acquiring an additional 180 shares during the last quarter. Hedge funds and other institutional investors own 80.66% of the company's stock.

Insider Activity

In other CVS Health news, Director Guy P. Sansone purchased 1,570 shares of the firm's stock in a transaction that occurred on Thursday, June 5th. The shares were acquired at an average cost of $63.70 per share, for a total transaction of $100,009.00. Following the transaction, the director directly owned 12,007 shares in the company, valued at approximately $764,845.90. The trade was a 15.04% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Company insiders own 1.22% of the company's stock.

Wall Street Analysts Forecast Growth

CVS has been the topic of several research reports. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $84.00 price target (up previously from $76.00) on shares of CVS Health in a report on Tuesday, May 6th. Jefferies Financial Group upped their price objective on shares of CVS Health from $74.00 to $80.00 and gave the company a "buy" rating in a research note on Monday, June 30th. Robert W. Baird upped their price objective on shares of CVS Health from $51.00 to $71.00 and gave the company a "neutral" rating in a research note on Tuesday, April 15th. Cowen reiterated a "buy" rating on shares of CVS Health in a report on Monday, August 4th. Finally, UBS Group dropped their target price on CVS Health from $71.00 to $67.00 and set a "neutral" rating on the stock in a report on Tuesday, July 22nd. Three equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $75.11.

CVS Health Stock Performance

Shares of CVS stock traded up $0.62 during mid-day trading on Tuesday, reaching $65.50. The stock had a trading volume of 4,865,954 shares, compared to its average volume of 9,155,280. CVS Health Corporation has a one year low of $43.56 and a one year high of $72.51. The firm has a market cap of $83.08 billion, a PE ratio of 18.30, a P/E/G ratio of 0.72 and a beta of 0.58. The firm's 50 day simple moving average is $64.71 and its 200 day simple moving average is $64.45. The company has a quick ratio of 0.62, a current ratio of 0.80 and a debt-to-equity ratio of 0.74.

CVS Health (NYSE:CVS - Get Free Report) last issued its earnings results on Thursday, July 31st. The pharmacy operator reported $1.81 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 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 quarterly revenue was up 8.4% compared to the same quarter last year. During the same period last year, the business earned $1.83 earnings per share. On average, analysts forecast that CVS Health Corporation will post 5.89 EPS for the current year.

CVS Health Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 22nd were paid a $0.665 dividend. The ex-dividend date was Tuesday, July 22nd. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.1%. 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.