CVS Health Co. (NYSE:CVS) Position Lifted by Summit Financial LLC

Summit Financial LLC grew its stake in CVS Health Co. (NYSE:CVS) by 185.1% during the fourth quarter, HoldingsChannel.com reports. The firm owned 31,313 shares of the pharmacy operator’s stock after purchasing an additional 20,329 shares during the period. Summit Financial LLC’s holdings in CVS Health were worth $1,406,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of CVS. Legacy Investment Solutions LLC bought a new position in CVS Health during the 3rd quarter worth approximately $31,000. Ridgewood Investments LLC lifted its stake in 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 during the last quarter. Stonebridge Financial Group LLC acquired a new position in CVS Health in the fourth quarter worth $28,000. Hopwood Financial Services Inc. bought a new stake in CVS Health during the fourth quarter valued at $29,000. Finally, Financial Perspectives Inc lifted its position in shares of CVS Health by 137.5% in the 4th quarter. Financial Perspectives Inc now owns 805 shares of the pharmacy operator’s stock worth $36,000 after buying an additional 466 shares during the last quarter. 80.66% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Piper Sandler boosted their price objective on shares of CVS Health from $72.00 to $74.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. StockNews.com upgraded CVS Health from a “sell” rating to a “hold” rating in a research report on Thursday, February 13th. Truist Financial upped their price objective on CVS Health from $60.00 to $76.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Argus set a $77.00 target price on CVS Health in a research note on Tuesday, February 18th. Finally, JPMorgan Chase & Co. upped their price target on shares of CVS Health from $80.00 to $81.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Four research 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. According to data from MarketBeat, CVS Health currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.39.

Insider Buying and Selling

In other news, SVP James David Clark sold 7,513 shares of CVS Health stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $66.35, for a total value of $498,487.55. Following the transaction, the senior vice president now directly owns 8,394 shares of the company’s stock, valued at $556,941.90. This trade represents a 47.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael F. Mahoney purchased 30,000 shares of CVS Health stock in a transaction that occurred on 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 in the company, valued at $2,625,045.20. This represents a 320.65 % increase in their position. The disclosure for this purchase can be found here. Insiders own 0.24% of the company’s stock.

CVS Health Trading Up 0.2 %

Shares of CVS stock opened at $67.88 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 stock has a 50-day simple moving average of $62.72 and a 200 day simple moving average of $57.83. CVS Health Co. has a fifty-two week low of $43.56 and a fifty-two week high of $75.27. The stock has a market capitalization of $85.59 billion, a P/E ratio of 18.55, a P/E/G ratio of 0.98 and a beta of 0.54.

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

CVS Health Dividend Announcement

The business 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. This represents a $2.66 annualized dividend and a dividend yield of 3.92%. The ex-dividend date of this dividend is Tuesday, April 22nd. CVS Health’s dividend payout ratio is presently 72.68%.

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.