NewEdge Advisors LLC Sells 4,749 Shares of CVS Health Co. (NYSE:CVS)

NewEdge Advisors LLC lowered its stake in shares of CVS Health Co. (NYSE:CVS) by 7.7% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 57,305 shares of the pharmacy operator’s stock after selling 4,749 shares during the quarter. NewEdge Advisors LLC’s holdings in CVS Health were worth $2,572,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Ridgewood Investments LLC raised its stake in CVS Health by 255.7% during the 4th quarter. Ridgewood Investments LLC now owns 626 shares of the pharmacy operator’s stock worth $28,000 after buying an additional 450 shares during the period. Stonebridge Financial Group LLC acquired a new position in shares of CVS Health in the 4th quarter valued at approximately $28,000. Hopwood Financial Services Inc. bought a new position in CVS Health in the fourth quarter valued at approximately $29,000. Financial Perspectives Inc raised its holdings in shares of CVS Health by 137.5% during the fourth quarter. Financial Perspectives Inc now owns 805 shares of the pharmacy operator’s stock worth $36,000 after acquiring an additional 466 shares during the period. Finally, MidAtlantic Capital Management Inc. raised its stake in shares of CVS Health by 112.1% in the 4th quarter. MidAtlantic Capital Management Inc. now owns 827 shares of the pharmacy operator’s stock valued at $37,000 after purchasing an additional 437 shares during the period. Institutional investors own 80.66% of the company’s stock.

CVS Health Stock Performance

CVS opened at $65.38 on Tuesday. The business has a fifty day simple moving average of $66.50 and a 200 day simple moving average of $58.76. The company has a market capitalization of $82.43 billion, a PE ratio of 17.86, a price-to-earnings-growth ratio of 0.98 and a beta of 0.57. CVS Health Co. has a 1 year low of $43.56 and a 1 year high of $71.45. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.81 and a quick ratio of 0.60.

CVS Health (NYSE:CVS) last announced its earnings results on Wednesday, February 12th. The pharmacy operator reported $1.19 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%. Research analysts expect that CVS Health Co. will post 5.89 EPS for the current year.

CVS Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Tuesday, April 22nd will be issued a $0.665 dividend. This represents a $2.66 annualized dividend and a yield of 4.07%. The ex-dividend date of this dividend is Tuesday, April 22nd. CVS Health’s dividend payout ratio is currently 72.68%.

Wall Street Analysts Forecast Growth

Several research firms have commented on CVS. Edward Jones upgraded CVS Health from a “hold” rating to a “buy” rating in a research note on Thursday, January 30th. Evercore ISI increased their target price on shares of CVS Health from $60.00 to $65.00 and gave the stock an “outperform” rating in a report on Monday, January 27th. Piper Sandler lifted their price target on shares of CVS Health from $72.00 to $74.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. JPMorgan Chase & Co. raised their price objective on CVS Health from $80.00 to $81.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Finally, Truist Financial upped their target price on CVS Health from $76.00 to $82.00 and gave the stock a “buy” rating in a report on Friday, April 11th. Four investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $71.83.

Insider Buying and Selling

In other CVS Health news, Director Michael F. Mahoney acquired 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was acquired at an average cost of $66.70 per share, for a total transaction of $2,001,000.00. Following the transaction, the director now directly owns 39,356 shares in the company, valued at $2,625,045.20. This represents a 320.65 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP James David Clark sold 7,513 shares of the business’s 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 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 position. The disclosure for this sale can be found here. 1.22% of the stock is currently owned by company insiders.

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.