CVS Health Co. (NYSE:CVS) Stock Holdings Cut by Summit Financial Wealth Advisors LLC

Summit Financial Wealth Advisors LLC lowered its position in shares of CVS Health Co. (NYSE:CVS) by 34.8% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 10,403 shares of the pharmacy operator’s stock after selling 5,545 shares during the period. Summit Financial Wealth Advisors LLC’s holdings in CVS Health were worth $467,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CVS. Ridgewood Investments LLC lifted its position in shares of CVS Health by 255.7% during the 4th quarter. Ridgewood Investments LLC now owns 626 shares of the pharmacy operator’s stock valued at $28,000 after acquiring an additional 450 shares during the last quarter. Stonebridge Financial Group LLC purchased a new stake in CVS Health during the fourth quarter valued at about $28,000. Hopwood Financial Services Inc. purchased a new position in shares of CVS Health in the fourth quarter worth approximately $29,000. 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 valued at $36,000 after acquiring an additional 466 shares in the last quarter. Finally, MidAtlantic Capital Management Inc. grew its position in CVS Health by 112.1% during the 4th quarter. MidAtlantic Capital Management Inc. now owns 827 shares of the pharmacy operator’s stock worth $37,000 after purchasing an additional 437 shares in the last quarter. 80.66% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CVS. Wells Fargo & Company raised their target price on CVS Health from $68.00 to $73.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Leerink Partners raised shares of CVS Health from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $55.00 to $75.00 in a research report on Thursday, February 13th. Cantor Fitzgerald raised shares of CVS Health from a “neutral” rating to an “overweight” rating in a research note on Wednesday, February 12th. StockNews.com raised CVS Health from a “sell” rating to a “hold” rating in a research note on Thursday, February 13th. Finally, Truist Financial boosted their price target on CVS Health from $60.00 to $76.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Four investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, CVS Health currently has an average rating of “Moderate Buy” and a consensus target price of $70.94.

CVS Health Stock Performance

Shares of CVS Health stock traded down $0.22 during midday trading on Thursday, hitting $69.96. The company had a trading volume of 1,891,358 shares, compared to its average volume of 11,674,482. The stock has a market cap of $88.21 billion, a PE ratio of 19.11, a P/E/G 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 $73.18. The business’s 50 day simple moving average is $64.58 and its two-hundred day simple moving average is $58.35. 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 quarterly earnings data on Wednesday, February 12th. The pharmacy operator reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.30. CVS Health had a net margin of 1.24% and a return on equity of 9.11%. As a group, equities analysts predict that CVS Health Co. will post 5.89 EPS for the current fiscal year.

CVS Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 22nd will be paid a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date is Tuesday, April 22nd. CVS Health’s dividend payout ratio (DPR) is currently 72.68%.

Insider Buying and Selling

In other CVS Health news, SVP James David Clark sold 7,513 shares of the business’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $66.35, for a total value of $498,487.55. Following the completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Michael F. Mahoney purchased 30,000 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were bought at an average cost of $66.70 per share, for a total transaction of $2,001,000.00. Following the completion of the purchase, the director now directly owns 39,356 shares of the company’s stock, valued at $2,625,045.20. The trade was a 320.65 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.24% of the stock is owned by corporate insiders.

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.