Independence Bank of Kentucky Decreases Stake in CVS Health Co. (NYSE:CVS)

Independence Bank of Kentucky lowered its holdings in CVS Health Co. (NYSE:CVSFree Report) by 8.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 26,158 shares of the pharmacy operator’s stock after selling 2,289 shares during the quarter. Independence Bank of Kentucky’s holdings in CVS Health were worth $2,065,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CVS. Moneta Group Investment Advisors LLC increased its stake 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 worth $1,448,877,000 after acquiring an additional 15,532,533 shares during the period. Norges Bank acquired a new stake in shares of CVS Health in the fourth quarter worth $1,425,416,000. FMR LLC increased its stake 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 period. Morgan Stanley increased its stake in shares of CVS Health by 10.9% in the fourth quarter. Morgan Stanley now owns 33,576,388 shares of the pharmacy operator’s stock worth $3,128,984,000 after acquiring an additional 3,311,928 shares during the period. Finally, Barclays PLC increased its stake in shares of CVS Health by 97.8% in the second quarter. Barclays PLC now owns 5,483,154 shares of the pharmacy operator’s stock worth $379,052,000 after acquiring an additional 2,711,102 shares during the period. Institutional investors and hedge funds own 80.66% of the company’s stock.

CVS Health Stock Performance

NYSE:CVS opened at $74.62 on Thursday. The company’s 50-day moving average price is $76.01 and its 200-day moving average price is $73.72. The company has a current ratio of 0.86, a quick ratio of 0.63 and a debt-to-equity ratio of 0.77. The company has a market cap of $93.91 billion, a P/E ratio of 11.55, a P/E/G ratio of 0.98 and a beta of 0.52. CVS Health Co. has a twelve month low of $64.41 and a twelve month high of $83.25.

CVS Health (NYSE:CVSGet Free Report) last posted its quarterly earnings results on Wednesday, February 7th. The pharmacy operator reported $2.12 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.11. The firm had revenue of $93.81 billion for the quarter, compared to the consensus estimate of $90.58 billion. CVS Health had a net margin of 2.33% and a return on equity of 15.25%. The company’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same period last year, the firm posted $1.99 earnings per share. On average, sell-side analysts forecast that CVS Health Co. will post 8.33 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 22nd will be paid a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date is Friday, April 19th. CVS Health’s dividend payout ratio (DPR) is presently 41.18%.

Insiders Place Their Bets

In other CVS Health news, EVP Prem S. Shah sold 29,473 shares of CVS Health stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $76.95, for a total transaction of $2,267,947.35. Following the transaction, the executive vice president now directly owns 39,765 shares of the company’s stock, valued at $3,059,916.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.25% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CVS has been the topic of several analyst reports. TD Cowen dropped 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 report on Monday, December 11th. Leerink Partnrs restated an “outperform” rating on shares of CVS Health in a research report on Monday, February 26th. Piper Sandler raised their price target on shares of CVS Health from $93.00 to $94.00 and gave the company an “overweight” rating in a research report on Friday, March 15th. HSBC initiated coverage on shares of CVS Health in a research report on Friday, December 22nd. They set a “buy” rating and a $94.00 price target on the stock. Finally, Royal Bank of Canada dropped their price target on shares of CVS Health from $86.00 to $84.00 and set an “outperform” rating on the stock in a research report on Thursday, February 8th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, CVS Health currently has a consensus rating of “Moderate Buy” and an average target price of $89.44.

Check Out Our Latest Research Report on CVS

About CVS Health

(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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