Pettyjohn Wood & White Inc. Sells 8,864 Shares of CVS Health Corporation (NYSE:CVS)

Key Points

• Pettyjohn Wood & White Inc. reduced its holdings in CVS Health Corporation by 12.1% during the first quarter, selling 8,864 shares and owning 64,128 shares worth approximately $4.35 million afterwards.
• Multiple hedge funds have increased their positions in CVS Health, with BCGM Wealth Management boosting its holdings by 13.6% and Nicolet Advisory Services by 63.0%.
• CVS Health recently announced a quarterly dividend of $0.665, with an annualized dividend yield of 4.3%, set to be paid on August 1st.

Pettyjohn Wood & White Inc. lessened its holdings in shares of CVS Health Corporation (NYSE:CVS - Free Report) by 12.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 64,128 shares of the pharmacy operator's stock after selling 8,864 shares during the period. Pettyjohn Wood & White Inc.'s holdings in CVS Health were worth $4,345,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. BCGM Wealth Management LLC boosted its holdings in shares of CVS Health by 13.6% during the 1st quarter. BCGM Wealth Management LLC now owns 26,595 shares of the pharmacy operator's stock valued at $1,802,000 after buying an additional 3,194 shares in the last quarter. Nicolet Advisory Services LLC boosted its holdings in shares of CVS Health by 63.0% during the 1st quarter. Nicolet Advisory Services LLC now owns 12,341 shares of the pharmacy operator's stock valued at $851,000 after buying an additional 4,768 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in CVS Health in the 1st quarter worth about $229,000. Harbour Investments Inc. boosted its stake in CVS Health by 8.5% in the 1st quarter. Harbour Investments Inc. now owns 5,877 shares of the pharmacy operator's stock worth $398,000 after purchasing an additional 461 shares in the last quarter. Finally, Sound View Wealth Advisors Group LLC bought a new position in CVS Health in the 1st quarter worth about $286,000. Institutional investors own 80.66% of the company's stock.

Analyst Upgrades and Downgrades

CVS has been the topic of a number of analyst reports. Wall Street Zen upgraded shares of CVS Health from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Jefferies Financial Group upped their price target on shares of CVS Health from $74.00 to $80.00 and gave the stock a "buy" rating in a research note on Monday, June 30th. Royal Bank Of Canada upped their price target on shares of CVS Health from $74.00 to $81.00 and gave the stock an "outperform" rating in a research note on Monday, May 5th. Truist Financial upped their price target on shares of CVS Health from $82.00 to $84.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Finally, Wells Fargo & Company reiterated an "overweight" rating and issued a $84.00 price target (up previously from $76.00) on shares of CVS Health in a research note on Tuesday, May 6th. Three 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 data from MarketBeat.com, CVS Health presently has a consensus rating of "Moderate Buy" and a consensus target price of $74.67.

Insider Transactions at CVS Health

In other news, Director Guy P. Sansone bought 1,570 shares of CVS Health stock in a transaction that occurred on Thursday, June 5th. The stock was bought at an average cost of $63.70 per share, with a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.22% of the company's stock.

CVS Health Price Performance

NYSE CVS opened at $62.11 on Friday. The company has a 50-day moving average price of $64.52 and a 200-day moving average price of $63.77. The firm has a market capitalization of $78.57 billion, a P/E ratio of 14.82, a PEG ratio of 0.89 and a beta of 0.57. CVS Health Corporation has a 52 week low of $43.56 and a 52 week high of $72.51. The company has a quick ratio of 0.63, a current ratio of 0.82 and a debt-to-equity ratio of 0.77.

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 company had revenue of $98.92 billion during the quarter, compared to analyst estimates of $94.87 billion. CVS Health had a net margin of 1.39% and a return on equity of 10.59%. The firm's quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.83 EPS. Equities research analysts anticipate that CVS Health Corporation will post 5.89 earnings per share for the current year.

CVS Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 22nd will be issued a $0.665 dividend. This represents a $2.66 annualized dividend and a yield of 4.3%. The ex-dividend date of this dividend is Tuesday, July 22nd. CVS Health's dividend payout ratio is currently 63.48%.

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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