ProVise Management Group LLC Increases Stock Holdings in CVS Health Co. (NYSE:CVS)

ProVise Management Group LLC raised its holdings in shares of CVS Health Co. (NYSE:CVS) by 3.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 140,339 shares of the pharmacy operator’s stock after purchasing an additional 4,964 shares during the quarter. ProVise Management Group LLC’s holdings in CVS Health were worth $11,081,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of CVS. Vanguard Group Inc. lifted its position 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 worth $8,180,295,000 after buying an additional 485,744 shares during the last quarter. FMR LLC boosted its position in CVS Health by 29.1% in the 3rd quarter. FMR LLC now owns 27,487,238 shares of the pharmacy operator’s stock valued at $1,919,159,000 after buying an additional 6,194,441 shares during the last quarter. Northern Trust Corp boosted its position in CVS Health by 2.2% in the 3rd quarter. Northern Trust Corp now owns 14,214,296 shares of the pharmacy operator’s stock valued at $992,442,000 after buying an additional 305,564 shares during the last quarter. Royal Bank of Canada boosted its position in CVS Health by 2.2% in the 3rd quarter. Royal Bank of Canada now owns 14,136,920 shares of the pharmacy operator’s stock valued at $987,041,000 after buying an additional 303,512 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of CVS Health in the 4th quarter valued at $1,092,040,000. Institutional investors and hedge funds own 80.66% of the company’s stock.

CVS Health Stock Down 0.2 %

CVS Health stock traded down $0.11 during midday trading on Friday, reaching $55.54. The stock had a trading volume of 11,716,541 shares, compared to its average volume of 12,009,832. CVS Health Co. has a 12 month low of $53.70 and a 12 month high of $83.25. The company has a fifty day moving average price of $67.57 and a two-hundred day moving average price of $72.02. The company has a market capitalization of $69.72 billion, a P/E ratio of 9.76, a PEG ratio of 0.55 and a beta of 0.56. The company has a current ratio of 0.81, a quick ratio of 0.61 and a debt-to-equity ratio of 0.78.

CVS Health (NYSE:CVS) last posted its quarterly earnings data on Wednesday, May 1st. The pharmacy operator reported $1.31 EPS for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.38). The firm had revenue of $88.44 billion for the quarter, compared to analysts’ expectations of $89.33 billion. CVS Health had a net margin of 2.03% and a return on equity of 13.53%. The firm’s revenue was up 3.7% compared to the same quarter last year. During the same quarter last year, the company posted $2.20 EPS. As a group, equities analysts expect that CVS Health Co. will post 7.02 EPS for the current fiscal year.

CVS Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 22nd were issued a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a yield of 4.79%. The ex-dividend date of this dividend was Friday, April 19th. CVS Health’s dividend payout ratio is presently 46.75%.

Insider Activity at CVS Health

In other CVS Health news, Director Edward J. Ludwig purchased 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was purchased at an average cost of $53.88 per share, with a total value of $53,880.00. Following the transaction, the director now owns 21,630 shares in the company, valued at $1,165,424.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.24% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Argus decreased their price objective on CVS Health from $100.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, May 8th. Truist Financial reaffirmed a “buy” rating and set a $66.00 target price (down previously from $90.00) on shares of CVS Health in a research note on Thursday, May 2nd. Cantor Fitzgerald lowered shares of CVS Health from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $87.00 to $58.00 in a report on Wednesday, May 1st. StockNews.com downgraded shares of CVS Health from a “buy” rating to a “hold” rating in a report on Thursday, February 15th. Finally, Bank of America lowered their price target on shares of CVS Health from $95.00 to $77.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Nine equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, CVS Health presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.75.

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.