Sumitomo Life Insurance Co. Lowers Holdings in CVS Health Co. (NYSE:CVS)

Sumitomo Life Insurance Co. reduced its stake in shares of CVS Health Co. (NYSE:CVS) by 4.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,940 shares of the pharmacy operator’s stock after selling 752 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in CVS Health were worth $760,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Hotchkis & Wiley Capital Management LLC increased its holdings in CVS Health by 34.8% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 11,897,034 shares of the pharmacy operator’s stock valued at $748,085,000 after acquiring an additional 3,071,613 shares during the last quarter. State Street Corp grew its position in shares of CVS Health by 3.6% during the third quarter. State Street Corp now owns 56,527,909 shares of the pharmacy operator’s stock valued at $3,554,475,000 after purchasing an additional 1,989,066 shares in the last quarter. TOMS Capital Investment Management LP bought a new stake in shares of CVS Health in the third quarter worth about $121,987,000. Pathway Financial Advisers LLC boosted its stake in CVS Health by 5,864.2% during the third quarter. Pathway Financial Advisers LLC now owns 1,730,343 shares of the pharmacy operator’s stock valued at $108,804,000 after buying an additional 1,701,331 shares during the last quarter. Finally, Mizuho Markets Americas LLC grew its holdings in CVS Health by 1,470.2% during the 3rd quarter. Mizuho Markets Americas LLC now owns 1,396,464 shares of the pharmacy operator’s stock valued at $87,810,000 after buying an additional 1,307,531 shares in the last quarter. Institutional investors own 80.66% of the company’s stock.

CVS Health Trading Down 0.6 %

Shares of CVS opened at $57.00 on Thursday. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.80 and a quick ratio of 0.59. The firm has a market capitalization of $71.73 billion, a price-to-earnings ratio of 14.47, a PEG ratio of 0.80 and a beta of 0.59. The company has a 50-day moving average of $51.27 and a 200 day moving average of $56.18. CVS Health Co. has a 1-year low of $43.56 and a 1-year high of $80.75.

CVS Health (NYSE:CVS) last announced its quarterly earnings results on Wednesday, November 6th. The pharmacy operator reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.01. The firm had revenue of $95.43 billion during the quarter, compared to analyst estimates of $92.72 billion. CVS Health had a return on equity of 10.72% and a net margin of 1.36%. CVS Health’s quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.21 earnings per share. On average, research analysts expect that CVS Health Co. will post 5.22 EPS for the current year.

CVS Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Thursday, January 23rd will be issued a $0.665 dividend. The ex-dividend date is Thursday, January 23rd. This represents a $2.66 annualized dividend and a dividend yield of 4.67%. CVS Health’s payout ratio is currently 67.51%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. StockNews.com downgraded CVS Health from a “hold” rating to a “sell” rating in a research report on Thursday, November 14th. Evercore ISI lifted their price objective on shares of CVS Health from $60.00 to $65.00 and gave the stock an “outperform” rating in a research note on Monday. Truist Financial reduced their target price on shares of CVS Health from $67.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Deutsche Bank Aktiengesellschaft upgraded CVS Health from a “hold” rating to a “buy” rating and set a $66.00 price target for the company in a research report on Tuesday, December 3rd. Finally, Mizuho decreased their price objective on CVS Health from $73.00 to $66.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $68.12.

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.