RNC Capital Management LLC Grows Position in CVS Health Co. (NYSE:CVS)

RNC Capital Management LLC grew its position in CVS Health Co. (NYSE:CVS) by 14.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 652,562 shares of the pharmacy operator’s stock after acquiring an additional 83,680 shares during the quarter. CVS Health comprises 3.1% of RNC Capital Management LLC’s investment portfolio, making the stock its 9th largest holding. RNC Capital Management LLC’s holdings in CVS Health were worth $51,526,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Cantor Fitzgerald Investment Advisor L.P boosted its stake in CVS Health by 92.9% in the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 377,875 shares of the pharmacy operator’s stock worth $38,245,000 after purchasing an additional 181,966 shares in the last quarter. United Bank boosted its stake in CVS Health by 7.2% in the 1st quarter. United Bank now owns 18,658 shares of the pharmacy operator’s stock worth $1,888,000 after purchasing an additional 1,260 shares in the last quarter. Loomis Sayles & Co. L P boosted its stake in CVS Health by 4,063.8% in the 1st quarter. Loomis Sayles & Co. L P now owns 12,075 shares of the pharmacy operator’s stock worth $1,222,000 after purchasing an additional 11,785 shares in the last quarter. Zions Bancorporation N.A. boosted its stake in CVS Health by 116.9% in the 1st quarter. Zions Bancorporation N.A. now owns 2,572 shares of the pharmacy operator’s stock worth $260,000 after purchasing an additional 1,386 shares in the last quarter. Finally, Ergoteles LLC acquired a new stake in CVS Health in the 1st quarter worth approximately $1,551,000. 80.66% of the stock is currently owned by institutional investors.

CVS Health Price Performance

Shares of NYSE CVS opened at $79.43 on Thursday. The firm has a 50-day simple moving average of $75.61 and a 200-day simple moving average of $73.42. The stock has a market capitalization of $99.96 billion, a price-to-earnings ratio of 12.30, a price-to-earnings-growth ratio of 1.05 and a beta of 0.51. The company has a quick ratio of 0.63, a current ratio of 0.86 and a debt-to-equity ratio of 0.77. CVS Health Co. has a 52 week low of $64.41 and a 52 week high of $83.25.

CVS Health (NYSE:CVS) last announced its quarterly earnings data on Wednesday, February 7th. The pharmacy operator reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.01 by $0.11. CVS Health had a net margin of 2.33% and a return on equity of 15.25%. The firm had revenue of $93.81 billion during the quarter, compared to analyst estimates of $90.58 billion. During the same quarter in the prior year, the firm posted $1.99 earnings per share. CVS Health’s quarterly revenue was up 11.9% on a year-over-year basis. On average, equities analysts predict that CVS Health Co. will post 8.33 earnings per share for the current fiscal year.

CVS Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 22nd will be issued a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend is Friday, April 19th. CVS Health’s dividend payout ratio is currently 41.18%.

Analyst Ratings Changes

CVS has been the subject of several research reports. Barclays initiated coverage on shares of CVS Health in a research note on Wednesday, March 6th. They set an “equal weight” rating and a $78.00 price objective for the company. Piper Sandler lifted their price objective on shares of CVS Health from $93.00 to $94.00 and gave the company an “overweight” rating in a research note on Friday, March 15th. Cantor Fitzgerald restated an “overweight” rating and set a $87.00 price objective on shares of CVS Health in a research note on Thursday, February 8th. TD Cowen cut their target price on shares of CVS Health from $102.00 to $99.00 and set an “outperform” rating for the company in a report on Monday, December 11th. Finally, Leerink Partnrs reaffirmed an “outperform” rating on shares of CVS Health in a report on Monday, February 26th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $90.21.

Insider Activity at CVS Health

In related news, EVP Prem S. Shah sold 29,473 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $76.95, for a total value of $2,267,947.35. Following the completion of the sale, the executive vice president now 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 at the SEC website. 0.25% of the stock is currently owned by 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.