Summit Financial Wealth Advisors LLC Reduces Stock Position in CVS Health Co. (NYSE:CVS)

Summit Financial Wealth Advisors LLC cut its position in shares of CVS Health Co. (NYSE:CVSFree Report) by 4.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 20,094 shares of the pharmacy operator’s stock after selling 864 shares during the quarter. Summit Financial Wealth Advisors LLC’s holdings in CVS Health were worth $1,587,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of CVS Health by 0.4% in the third quarter. Vanguard Group Inc. now owns 117,162,626 shares of the pharmacy operator’s stock valued at $8,180,295,000 after purchasing an additional 485,744 shares in the last quarter. State Street Corp lifted its stake in CVS Health by 1.6% in the 2nd quarter. State Street Corp now owns 55,877,387 shares of the pharmacy operator’s stock valued at $3,862,804,000 after buying an additional 855,269 shares in the last quarter. Morgan Stanley grew its holdings in CVS Health by 10.9% during the 4th quarter. Morgan Stanley now owns 33,576,388 shares of the pharmacy operator’s stock valued at $3,128,984,000 after buying an additional 3,311,928 shares during the last quarter. FMR LLC raised its holdings in shares of CVS Health by 29.1% in the third quarter. FMR LLC now owns 27,487,238 shares of the pharmacy operator’s stock worth $1,919,159,000 after acquiring an additional 6,194,441 shares during the last quarter. Finally, Moneta Group Investment Advisors LLC lifted its position in shares of CVS Health by 103,371.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 15,547,559 shares of the pharmacy operator’s stock valued at $1,448,877,000 after acquiring an additional 15,532,533 shares in the last quarter. Institutional investors and hedge funds own 80.66% of the company’s stock.

Insider Transactions at CVS Health

In other news, EVP Prem S. Shah sold 29,473 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $76.95, for a total transaction of $2,267,947.35. Following the completion of the transaction, the executive vice president now directly owns 39,765 shares in the company, valued at $3,059,916.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CVS shares. TD Cowen decreased their price target on shares of CVS Health from $102.00 to $99.00 and set an “outperform” rating on the stock in a research note on Monday, December 11th. Royal Bank of Canada decreased their price objective on CVS Health from $86.00 to $84.00 and set an “outperform” rating on the stock in a report on Thursday, February 8th. HSBC began coverage on CVS Health in a report on Friday, December 22nd. They issued a “buy” rating and a $94.00 target price on the stock. Piper Sandler lifted their target price on CVS Health from $93.00 to $94.00 and gave the company an “overweight” rating in a report on Friday, March 15th. Finally, Leerink Partnrs reissued an “outperform” rating on shares of CVS Health in a research report on Monday, February 26th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $90.21.

Check Out Our Latest Research Report on CVS Health

CVS Health Stock Performance

Shares of CVS stock opened at $79.76 on Friday. The company has a quick ratio of 0.63, a current ratio of 0.86 and a debt-to-equity ratio of 0.77. The business has a 50 day moving average of $75.91 and a two-hundred day moving average of $73.58. CVS Health Co. has a 52 week low of $64.41 and a 52 week high of $83.25. The company has a market cap of $100.37 billion, a P/E ratio of 12.35, a PEG ratio of 1.05 and a beta of 0.51.

CVS Health (NYSE:CVSGet Free Report) last issued its earnings results on Wednesday, February 7th. The pharmacy operator reported $2.12 EPS for the quarter, beating analysts’ consensus estimates of $2.01 by $0.11. CVS Health had a return on equity of 15.25% and a net margin of 2.33%. The company had revenue of $93.81 billion during the quarter, compared to the consensus estimate of $90.58 billion. During the same period in the previous year, the firm posted $1.99 earnings per share. CVS Health’s quarterly revenue was up 11.9% compared to the same quarter last year. As a group, analysts anticipate that CVS Health Co. will post 8.33 EPS for the current year.

CVS Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 22nd will be given a dividend of $0.665 per share. The ex-dividend date of this dividend is Friday, April 19th. This represents a $2.66 annualized dividend and a dividend yield of 3.34%. CVS Health’s dividend payout ratio is presently 41.18%.

CVS Health Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for CVS Health (NYSE:CVS)

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