Summit Financial LLC Sells 4,032 Shares of CVS Health Corporation $CVS

Key Points

• Summit Financial LLC reduced its stock holdings in CVS Health Corporation by 12.9%, ending the quarter with 27,281 shares valued at approximately $1.85 million.
• Meanwhile, other institutional investors like Costello Asset Management and GW&K Investment Management increased their stakes significantly, indicating a positive interest in CVS Health.
• CVS Health has recently seen upgrades in stock ratings by various brokerages, with an average target price of $76.67 and a consensus rating of "Buy".

Summit Financial LLC reduced its position in CVS Health Corporation (NYSE:CVS - Free Report) by 12.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 27,281 shares of the pharmacy operator's stock after selling 4,032 shares during the quarter. Summit Financial LLC's holdings in CVS Health were worth $1,848,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CVS. Price T Rowe Associates Inc. MD increased its holdings in CVS Health by 14.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 13,366,403 shares of the pharmacy operator's stock valued at $600,019,000 after buying an additional 1,660,321 shares during the period. MGO One Seven LLC grew its holdings in shares of CVS Health by 4.2% during the 4th quarter. MGO One Seven LLC now owns 21,484 shares of the pharmacy operator's stock valued at $964,000 after purchasing an additional 868 shares during the last quarter. Coppell Advisory Solutions LLC grew its holdings in shares of CVS Health by 17.3% during the 4th quarter. Coppell Advisory Solutions LLC now owns 1,282 shares of the pharmacy operator's stock valued at $56,000 after purchasing an additional 189 shares during the last quarter. Syon Capital LLC grew its holdings in shares of CVS Health by 3.4% during the 4th quarter. Syon Capital LLC now owns 7,526 shares of the pharmacy operator's stock valued at $338,000 after purchasing an additional 247 shares during the last quarter. Finally, Voya Investment Management LLC grew its holdings in shares of CVS Health by 331.2% during the 4th quarter. Voya Investment Management LLC now owns 2,872,542 shares of the pharmacy operator's stock valued at $128,948,000 after purchasing an additional 2,206,299 shares during the last quarter. 80.66% of the stock is owned by institutional investors.

Insider Buying and Selling

In other CVS Health news, Director Guy P. Sansone purchased 1,570 shares of the firm's stock in a transaction on Thursday, June 5th. The stock was acquired 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 of the company's stock, valued at $764,845.90. This trade represents a 15.04% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.22% of the company's stock.

CVS Health Trading Up 0.5%

Shares of NYSE CVS traded up $0.39 during midday trading on Wednesday, reaching $71.94. The stock had a trading volume of 3,363,844 shares, compared to its average volume of 9,730,501. The firm has a market cap of $91.24 billion, a price-to-earnings ratio of 20.09, a price-to-earnings-growth ratio of 0.79 and a beta of 0.58. CVS Health Corporation has a twelve month low of $43.56 and a twelve month high of $72.51. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 0.80. The company's 50 day moving average price is $65.66 and its 200 day moving average price is $65.42.

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 (EPS) 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 the consensus estimate of $94.87 billion. CVS Health had a net margin of 1.17% and a return on equity of 10.51%. The company's revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.83 EPS. CVS Health has set its FY 2025 guidance at 6.300-6.400 EPS. As a group, sell-side analysts expect that CVS Health Corporation will post 5.89 EPS for the current year.

CVS Health Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 22nd were paid a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Tuesday, July 22nd. CVS Health's payout ratio is 74.30%.

Analysts Set New Price Targets

CVS has been the topic of several research reports. Robert W. Baird raised shares of CVS Health from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $71.00 to $82.00 in a report on Thursday, August 14th. Bernstein Bank decreased their price target on shares of CVS Health from $78.00 to $72.00 and set a "market perform" rating on the stock in a report on Wednesday, July 16th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $84.00 price target (up from $76.00) on shares of CVS Health in a report on Tuesday, May 6th. Morgan Stanley lifted their price target on shares of CVS Health from $80.00 to $82.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Finally, Royal Bank Of Canada lifted their price target on shares of CVS Health from $74.00 to $81.00 and gave the company an "outperform" rating in a report on Monday, May 5th. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $77.56.

CVS Health Company 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.