Snowden Capital Advisors LLC Reduces Position in CVS Health Co. (NYSE:CVS)

Snowden Capital Advisors LLC decreased its holdings in CVS Health Co. (NYSE:CVS) by 16.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,001 shares of the pharmacy operator’s stock after selling 11,880 shares during the period. Snowden Capital Advisors LLC’s holdings in CVS Health were worth $2,693,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of CVS. Rafferty Asset Management LLC boosted its holdings in shares of CVS Health by 11.9% in the fourth quarter. Rafferty Asset Management LLC now owns 142,717 shares of the pharmacy operator’s stock worth $6,407,000 after acquiring an additional 15,126 shares during the period. Raiffeisen Bank International AG purchased a new stake in CVS Health during the 4th quarter worth about $377,000. Point72 Hong Kong Ltd bought a new position in CVS Health in the 4th quarter worth about $3,198,000. ProShare Advisors LLC grew its holdings in CVS Health by 13.0% during the 4th quarter. ProShare Advisors LLC now owns 225,757 shares of the pharmacy operator’s stock valued at $10,134,000 after buying an additional 26,054 shares in the last quarter. Finally, Quadcap Wealth Management LLC increased its position in shares of CVS Health by 17.1% during the fourth quarter. Quadcap Wealth Management LLC now owns 9,417 shares of the pharmacy operator’s stock valued at $423,000 after buying an additional 1,374 shares during the period. Institutional investors own 80.66% of the company’s stock.

CVS Health Trading Up 3.4%

Shares of CVS opened at $62.51 on Friday. CVS Health Co. has a fifty-two week low of $43.56 and a fifty-two week high of $72.51. The firm has a market cap of $79.07 billion, a price-to-earnings ratio of 17.08, a PEG ratio of 0.98 and a beta of 0.60. The firm has a 50 day moving average price of $66.57 and a 200-day moving average price of $59.22. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.60 and a current ratio of 0.81.

CVS Health (NYSE:CVS) last posted its quarterly earnings results on Thursday, May 1st. The pharmacy operator reported $2.25 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.63. CVS Health had a net margin of 1.24% and a return on equity of 9.11%. The business had revenue of $94.59 billion during the quarter, compared to the consensus estimate of $93.07 billion. During the same period in the previous year, the firm posted $1.31 earnings per share. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. As a group, equities research analysts forecast that CVS Health Co. will post 5.89 earnings per share for the current year.

CVS Health Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Tuesday, April 22nd were given a dividend of $0.665 per share. The ex-dividend date was Tuesday, April 22nd. This represents a $2.66 annualized dividend and a yield of 4.26%. CVS Health’s payout ratio is 63.48%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CVS. UBS Group boosted their price objective on shares of CVS Health from $67.00 to $71.00 and gave the company a “neutral” rating in a research note on Friday, May 2nd. StockNews.com raised shares of CVS Health from a “hold” rating to a “buy” rating in a report on Friday, May 9th. Truist Financial lifted their price objective on CVS Health from $82.00 to $84.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Cantor Fitzgerald upgraded CVS Health from a “neutral” rating to an “overweight” rating in a research note on Wednesday, February 12th. Finally, Wolfe Research lifted their price target on CVS Health from 67.00 to 70.00 and gave the company an “overweight” rating in a research report on Tuesday, February 11th. Three equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, CVS Health currently has a consensus rating of “Moderate Buy” and an average target price of $74.94.

Insiders Place Their Bets

In other CVS Health news, SVP James David Clark sold 7,513 shares of the firm’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $66.35, for a total value of $498,487.55. Following the sale, the senior vice president now owns 8,394 shares of the company’s stock, valued at $556,941.90. This trade represents a 47.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael F. Mahoney acquired 30,000 shares of the stock in a transaction dated Tuesday, February 18th. The shares were purchased at an average cost of $66.70 per share, with a total value of $2,001,000.00. Following the completion of the purchase, the director now owns 39,356 shares of the company’s stock, valued at approximately $2,625,045.20. The trade was a 320.65% increase in their position. The disclosure for this purchase can be found here. Insiders own 1.22% of the company’s stock.

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.