CVS Health Corporation (NYSE:CVS) Stock Holdings Decreased by Westchester Capital Management Inc.

Key Points

• Westchester Capital Management Inc. reduced its holdings in CVS Health Corporation by 16.1%, owning 100,150 shares after selling 19,177 shares during the 1st quarter.
• Other large investors have increased their positions in CVS, with Capital World Investors raising its stake by 26.6% and Assenagon Asset Management increasing its holdings by 310.8%.
• CVS Health recently declared a quarterly dividend of $0.665 per share, reflecting an annualized dividend yield of 4.3%.

Westchester Capital Management Inc. reduced its position in shares of CVS Health Corporation (NYSE:CVS - Free Report) by 16.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 100,150 shares of the pharmacy operator's stock after selling 19,177 shares during the period. CVS Health makes up approximately 1.7% of Westchester Capital Management Inc.'s portfolio, making the stock its 23rd largest position. Westchester Capital Management Inc.'s holdings in CVS Health were worth $6,785,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. GW&K Investment Management LLC increased its holdings in CVS Health by 39.4% in 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 in the last quarter. McIlrath & Eck LLC increased its stake in shares of CVS Health by 32.6% during the 4th quarter. McIlrath & Eck LLC now owns 707 shares of the pharmacy operator's stock worth $32,000 after purchasing an additional 174 shares in the last quarter. Sierra Ocean LLC increased its stake in shares of CVS Health by 584.8% during the 1st quarter. Sierra Ocean LLC now owns 719 shares of the pharmacy operator's stock worth $49,000 after purchasing an additional 614 shares in the last quarter. MV Capital Management Inc. increased its stake in shares of CVS Health by 63.9% during the 1st quarter. MV Capital Management Inc. now owns 741 shares of the pharmacy operator's stock worth $50,000 after purchasing an additional 289 shares in the last quarter. Finally, Dunhill Financial LLC increased its stake in shares of CVS Health by 147.2% during the 1st quarter. Dunhill Financial LLC now owns 749 shares of the pharmacy operator's stock worth $51,000 after purchasing an additional 446 shares in the last quarter. 80.66% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at CVS Health

In other news, Director Guy P. Sansone purchased 1,570 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The shares were purchased at an average price of $63.70 per share, with a total value of $100,009.00. Following the purchase, the director directly owned 12,007 shares of the company's stock, valued at approximately $764,845.90. This represents a 15.04% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.22% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Truist Financial raised their price objective 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. Wall Street Zen raised shares of CVS Health from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Bernstein Bank dropped their price objective 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. Royal Bank Of Canada raised their price objective 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. Finally, Robert W. Baird raised their target price on shares of CVS Health from $51.00 to $71.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 15th. 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 stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $75.11.

CVS Health Trading Up 0.7%

Shares of CVS stock traded up $0.42 during mid-day trading on Friday, reaching $62.52. The company's stock had a trading volume of 11,376,286 shares, compared to its average volume of 9,079,778. The company's 50 day simple moving average is $64.56 and its 200-day simple moving average is $64.01. CVS Health Corporation has a 12-month low of $43.56 and a 12-month high of $72.51. 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 firm has a market capitalization of $79.30 billion, a PE ratio of 17.46, a price-to-earnings-growth ratio of 0.86 and a beta of 0.58.

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, 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 for 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 for the quarter was up 8.4% compared to the same quarter last year. On average, research analysts predict 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 paid 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 yield of 4.3%. 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.