Corebridge Financial Inc. Sells 13,753 Shares of CVS Health Co. (NYSE:CVS)

Corebridge Financial Inc. reduced its position in CVS Health Co. (NYSE:CVS) by 4.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 318,074 shares of the pharmacy operator’s stock after selling 13,753 shares during the quarter. Corebridge Financial Inc.’s holdings in CVS Health were worth $14,278,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Legacy Investment Solutions LLC purchased a new stake in CVS Health in the 3rd quarter worth $31,000. Ridgewood Investments LLC grew 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 purchasing an additional 450 shares in the last quarter. Stonebridge Financial Group LLC bought a new stake in CVS Health during the 4th quarter valued at approximately $28,000. RPg Family Wealth Advisory LLC purchased a new position in CVS Health in the 3rd quarter worth approximately $40,000. Finally, Hopwood Financial Services Inc. bought a new position in CVS Health in the 4th quarter worth approximately $29,000. 80.66% of the stock is currently owned by institutional investors.

Insider Activity at CVS Health

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

CVS Health Stock Down 1.5 %

Shares of NYSE:CVS 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 business’s 50 day moving average is $61.22 and its 200 day moving average is $57.46. The stock has a market cap of $83.89 billion, a P/E 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.

CVS Health (NYSE:CVS) last announced its quarterly earnings results on Wednesday, February 12th. The pharmacy operator reported $1.19 EPS for the quarter, beating the consensus estimate of $0.89 by $0.30. CVS Health had a return on equity of 9.11% and a net margin of 1.24%. Sell-side analysts predict that CVS Health Co. will post 5.89 EPS for the current year.

CVS Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 22nd will be paid a dividend of $0.665 per share. The ex-dividend date of this dividend 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%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Cantor Fitzgerald raised shares of CVS Health from a “neutral” rating to an “overweight” rating in a report on Wednesday, February 12th. Wells Fargo & Company boosted their price target 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. Truist Financial lifted their target price on CVS Health from $60.00 to $76.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Evercore ISI increased their price target on CVS Health from $60.00 to $65.00 and gave the company an “outperform” rating in a research note on Monday, January 27th. Finally, Edward Jones raised CVS Health from a “hold” rating to a “buy” rating in a report on Thursday, January 30th. Four analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target 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.