Zurcher Kantonalbank Zurich Cantonalbank Reduces Stock Holdings in CVS Health Corporation (NYSE:CVS)

Key Points

• Zurcher Kantonalbank has reduced its stake in CVS Health by 10.8%, now holding 283,672 shares worth approximately $19.2 million after selling 34,417 shares in the first quarter.
• Institutional investors own 80.66% of CVS stock, with notable increases in holdings from firms like TD Asset Management (up 34.7%) and HB Wealth Management (up 64.2%) during the same period.
• CVS Health recently announced a $0.665 quarterly dividend payable on August 1st, reflecting an annualized yield of 4.43% and a payout ratio of 63.48%.

Zurcher Kantonalbank Zurich Cantonalbank lessened its position in shares of CVS Health Corporation (NYSE:CVS - Free Report) by 10.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 283,672 shares of the pharmacy operator's stock after selling 34,417 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in CVS Health were worth $19,219,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. McIlrath & Eck LLC raised 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 purchasing an additional 174 shares in the last quarter. Park Square Financial Group LLC acquired a new position in shares of CVS Health during the fourth quarter worth $43,000. GW&K Investment Management LLC increased its holdings in shares of CVS Health by 39.4% during the first quarter. GW&K Investment Management LLC now owns 637 shares of the pharmacy operator's stock worth $43,000 after buying an additional 180 shares in the last quarter. PARK CIRCLE Co increased its holdings in shares of CVS Health by 42.9% during the fourth quarter. PARK CIRCLE Co now owns 1,000 shares of the pharmacy operator's stock worth $45,000 after buying an additional 300 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL increased its holdings in shares of CVS Health by 77.2% during the fourth quarter. Strategic Investment Solutions Inc. IL now owns 1,024 shares of the pharmacy operator's stock worth $46,000 after buying an additional 446 shares in the last quarter. Institutional investors own 80.66% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CVS shares. Royal Bank Of Canada boosted 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. Cowen reissued a "buy" rating on shares of CVS Health in a research report on Monday, May 5th. Wall Street Zen upgraded shares of CVS Health from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Barclays raised their price target on shares of CVS Health from $79.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday. Finally, Bernstein Bank dropped their target price on CVS Health from $78.00 to $72.00 and set a "market perform" rating on the stock in a research report on Wednesday, July 16th. Three research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $75.11.

Insiders Place Their Bets

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 shares were purchased at an average price of $63.70 per share, with a total value of $100,009.00. Following the completion of the acquisition, the director directly owned 12,007 shares in the company, valued at $764,845.90. The trade was a 15.04% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.22% of the stock is currently owned by company insiders.

CVS Health Trading Down 1.3%

Shares of CVS traded down $0.80 during mid-day trading on Friday, reaching $61.30. The stock had a trading volume of 5,695,026 shares, compared to its average volume of 10,143,964. CVS Health Corporation has a 52-week low of $43.56 and a 52-week high of $72.51. The firm has a market cap of $77.55 billion, a price-to-earnings ratio of 14.62, a P/E/G ratio of 0.89 and a beta of 0.57. The business's fifty day moving average is $64.52 and its 200 day moving average is $63.77. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.82 and a quick ratio of 0.63.

CVS Health (NYSE:CVS - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $98.92 billion during the quarter, compared to analysts' expectations of $94.87 billion. CVS Health had a net margin of 1.39% and a return on equity of 10.59%. CVS Health's 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, sell-side analysts predict that CVS Health Corporation will post 5.89 EPS for the current fiscal 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. The ex-dividend date of this dividend is Tuesday, July 22nd. This represents a $2.66 annualized dividend and a yield of 4.3%. CVS Health's dividend payout ratio (DPR) is 63.48%.

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.