Morey & Quinn Wealth Partners LLC Buys Shares of 17,539 CVS Health Co. (NYSE:CVS)

Morey & Quinn Wealth Partners LLC purchased a new position in shares of CVS Health Co. (NYSE:CVS) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 17,539 shares of the pharmacy operator’s stock, valued at approximately $787,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Legacy Investment Solutions LLC acquired a new stake in CVS Health during the 3rd quarter worth approximately $31,000. Ridgewood Investments LLC increased its position in shares of CVS Health by 255.7% during the fourth quarter. Ridgewood Investments LLC now owns 626 shares of the pharmacy operator’s stock worth $28,000 after acquiring an additional 450 shares during the period. Stonebridge Financial Group LLC purchased a new position in CVS Health in the fourth quarter valued at $28,000. RPg Family Wealth Advisory LLC purchased a new stake in CVS Health during the 3rd quarter worth about $40,000. Finally, Hopwood Financial Services Inc. acquired a new stake in CVS Health in the 4th quarter valued at about $29,000. Hedge funds and other institutional investors own 80.66% of the company’s stock.

CVS Health Trading Down 1.5 %

Shares of CVS Health stock opened at $66.54 on Wednesday. The company has a quick ratio of 0.60, a current ratio of 0.81 and a debt-to-equity ratio of 0.80. The firm has a market cap of $83.89 billion, a price-to-earnings ratio of 18.18, a price-to-earnings-growth ratio of 0.98 and a beta of 0.54. CVS Health Co. has a 52-week low of $43.56 and a 52-week high of $80.75. The company’s 50-day simple moving average is $61.22 and its 200-day simple moving average is $57.46.

CVS Health (NYSE:CVS) last issued its earnings results on Wednesday, February 12th. The pharmacy operator reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.30. CVS Health had a return on equity of 9.11% and a net margin of 1.24%. As a group, equities research analysts anticipate that CVS Health Co. will post 5.89 earnings per share for the current year.

CVS Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 22nd will be issued a $0.665 dividend. The ex-dividend date is Tuesday, April 22nd. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.00%. CVS Health’s dividend payout ratio is presently 72.68%.

Insider Buying and Selling

In related news, SVP James David Clark sold 7,513 shares of CVS Health stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $66.35, for a total transaction of $498,487.55. Following the completion of the transaction, the senior vice president now directly owns 8,394 shares of the company’s stock, valued at approximately $556,941.90. The trade was a 47.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Michael F. Mahoney purchased 30,000 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was purchased at an average price of $66.70 per share, with a total value of $2,001,000.00. Following the transaction, the director now owns 39,356 shares of the company’s stock, valued at approximately $2,625,045.20. This represents a 320.65 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.24% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on CVS shares. Wells Fargo & Company upped their target price on shares of CVS Health from $68.00 to $73.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Cantor Fitzgerald upgraded shares of CVS Health from a “neutral” rating to an “overweight” rating in a report on Wednesday, February 12th. Truist Financial increased their target price on CVS Health from $60.00 to $76.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Deutsche Bank Aktiengesellschaft raised CVS Health from a “hold” rating to a “buy” rating and set a $66.00 price objective for the company in a research report on Tuesday, December 3rd. Finally, Piper Sandler raised their target price on CVS Health from $72.00 to $74.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. Four research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $70.39.

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.