Prudential PLC Sells 33,509 Shares of CVS Health Corporation (NYSE:CVS)

Key Points

• Prudential PLC decreased its stake in CVS Health Corporation by 64.8%, selling 33,509 shares and retaining 18,165 shares valued at approximately $1.23 million.
• Several analysts have raised their price targets for CVS Health, with estimates ranging from $72.00 to $84.00, and the overall average rating for the stock is currently "Buy".
• CVS Health reported earnings of $1.81 per share, exceeding analyst expectations and showing an increase in revenue of 8.4% year-over-year.

Prudential PLC lessened its position in CVS Health Corporation (NYSE:CVS - Free Report) by 64.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,165 shares of the pharmacy operator's stock after selling 33,509 shares during the quarter. Prudential PLC's holdings in CVS Health were worth $1,231,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. McIlrath & Eck LLC boosted its position in 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 buying an additional 174 shares during the period. Costello Asset Management INC boosted its position in CVS Health by 281.3% during the first quarter. Costello Asset Management INC now owns 572 shares of the pharmacy operator's stock valued at $39,000 after buying an additional 422 shares during the period. Stone House Investment Management LLC purchased a new stake in CVS Health during the first quarter valued at about $39,000. Park Square Financial Group LLC purchased a new stake in CVS Health during the fourth quarter valued at about $43,000. Finally, GW&K Investment Management LLC boosted its position in CVS Health by 39.4% during the first quarter. GW&K Investment Management LLC now owns 637 shares of the pharmacy operator's stock valued at $43,000 after buying an additional 180 shares during the period. Institutional investors own 80.66% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CVS shares. Truist Financial upped their price target on shares of CVS Health from $82.00 to $84.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Royal Bank Of Canada increased their target price on shares of CVS Health from $74.00 to $81.00 and gave the stock an "outperform" rating in a report on Monday, May 5th. Cowen reiterated a "buy" rating on shares of CVS Health in a report on Monday, August 4th. Morgan Stanley increased their target price on shares of CVS Health from $80.00 to $82.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, Bernstein Bank dropped 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 report on Wednesday, July 16th. Two analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $75.68.

CVS Health Price Performance

Shares of NYSE CVS opened at $68.56 on Friday. CVS Health Corporation has a fifty-two week low of $43.56 and a fifty-two week high of $72.51. The company has a 50 day simple moving average of $64.96 and a two-hundred day simple moving average of $64.62. The company has a market capitalization of $86.96 billion, a price-to-earnings ratio of 19.15, a P/E/G ratio of 0.74 and a beta of 0.58. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 0.80.

CVS Health (NYSE:CVS - Get Free Report) last announced its earnings results on Thursday, July 31st. The pharmacy operator reported $1.81 earnings per share 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 earned $1.83 earnings per share. The business's revenue for the quarter was up 8.4% on a year-over-year basis. Analysts expect that CVS Health Corporation will post 5.89 EPS for the current fiscal year.

CVS Health Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors 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 annualized dividend and a dividend yield of 3.9%. CVS Health's dividend payout ratio (DPR) is 74.30%.

Insider Buying and Selling at CVS Health

In other news, Director Guy P. Sansone purchased 1,570 shares of CVS Health stock in a transaction that occurred on Thursday, June 5th. The stock was bought at an average price of $63.70 per share, with a total value of $100,009.00. Following the completion of the transaction, the director directly owned 12,007 shares of the company's stock, valued at approximately $764,845.90. The trade was a 15.04% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.22% of the stock is owned by company insiders.

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.

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