Cary Street Partners Asset Management LLC Has $5.77 Million Stock Holdings in CVS Health Co. (NYSE:CVS)

Cary Street Partners Asset Management LLC decreased its holdings in CVS Health Co. (NYSE:CVS) by 0.7% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 73,020 shares of the pharmacy operator’s stock after selling 543 shares during the period. CVS Health makes up 1.0% of Cary Street Partners Asset Management LLC’s portfolio, making the stock its 25th biggest position. Cary Street Partners Asset Management LLC’s holdings in CVS Health were worth $5,766,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CVS. Vanguard Group Inc. increased its position in shares of CVS Health by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 117,162,626 shares of the pharmacy operator’s stock worth $8,180,295,000 after purchasing an additional 485,744 shares in the last quarter. FMR LLC increased its position in CVS Health by 29.1% in the 3rd quarter. FMR LLC now owns 27,487,238 shares of the pharmacy operator’s stock valued at $1,919,159,000 after acquiring an additional 6,194,441 shares in the last quarter. Northern Trust Corp increased its position in CVS Health by 2.2% in the 3rd quarter. Northern Trust Corp now owns 14,214,296 shares of the pharmacy operator’s stock valued at $992,442,000 after acquiring an additional 305,564 shares in the last quarter. Royal Bank of Canada increased its position in CVS Health by 2.2% in the 3rd quarter. Royal Bank of Canada now owns 14,136,920 shares of the pharmacy operator’s stock valued at $987,041,000 after acquiring an additional 303,512 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of CVS Health by 2.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 12,717,825 shares of the pharmacy operator’s stock valued at $864,821,000 after purchasing an additional 324,391 shares during the last quarter. Institutional investors and hedge funds own 80.66% of the company’s stock.

CVS Health Stock Performance

CVS stock traded down $11.23 during midday trading on Wednesday, reaching $56.48. 36,100,306 shares of the company were exchanged, compared to its average volume of 10,910,134. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.86 and a quick ratio of 0.63. The business has a 50-day moving average price of $74.05 and a two-hundred day moving average price of $73.62. CVS Health Co. has a one year low of $54.00 and a one year high of $83.25. The firm has a market capitalization of $71.19 billion, a price-to-earnings ratio of 8.58, a price-to-earnings-growth ratio of 0.89 and a beta of 0.52.

CVS Health (NYSE:CVS) last released its quarterly earnings data on Wednesday, February 7th. The pharmacy operator reported $2.12 EPS for the quarter, topping analysts’ consensus estimates of $2.01 by $0.11. CVS Health had a net margin of 2.33% and a return on equity of 15.25%. The firm had revenue of $93.81 billion during the quarter, compared to analysts’ expectations of $90.58 billion. During the same period in the previous year, the business posted $1.99 earnings per share. The company’s revenue for the quarter was up 11.9% compared to the same quarter last year. Equities research analysts forecast that CVS Health Co. will post 8.31 EPS for the current year.

CVS Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 22nd will be given a dividend of $0.665 per share. The ex-dividend date of this dividend is Friday, April 19th. This represents a $2.66 dividend on an annualized basis and a yield of 4.71%. CVS Health’s dividend payout ratio (DPR) is 41.18%.

Insider Activity at CVS Health

In related news, EVP Prem S. Shah sold 29,473 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $76.95, for a total value of $2,267,947.35. Following the transaction, the executive vice president now directly owns 39,765 shares in the company, valued at $3,059,916.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.24% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CVS. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $87.00 target price on shares of CVS Health in a research note on Wednesday, April 10th. Barclays started coverage on shares of CVS Health in a research note on Wednesday, March 6th. They issued an “equal weight” rating and a $78.00 price target on the stock. Piper Sandler lifted their price target on shares of CVS Health from $93.00 to $94.00 and gave the company an “overweight” rating in a research note on Friday, March 15th. Wells Fargo & Company cut their price target on shares of CVS Health from $83.00 to $76.00 and set an “equal weight” rating on the stock in a research note on Monday, April 8th. Finally, SVB Leerink initiated coverage on shares of CVS Health in a report on Monday, February 26th. They issued an “outperform” rating and a $88.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $89.44.

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.