Pictet Asset Management SA lowered its position in CVS Health Co. (NYSE:CVS – Free Report) by 3.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 572,422 shares of the pharmacy operator’s stock after selling 19,298 shares during the period. Pictet Asset Management SA’s holdings in CVS Health were worth $42,537,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the company. Morgan Stanley lifted its position in CVS Health by 10.9% during the fourth quarter. Morgan Stanley now owns 33,576,388 shares of the pharmacy operator’s stock valued at $3,128,984,000 after purchasing an additional 3,311,928 shares in the last quarter. Moneta Group Investment Advisors LLC lifted its position in CVS Health by 103,371.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 15,547,559 shares of the pharmacy operator’s stock valued at $1,448,877,000 after purchasing an additional 15,532,533 shares in the last quarter. Norges Bank purchased a new position in CVS Health during the fourth quarter valued at $1,425,416,000. Charles Schwab Investment Management Inc. lifted its position in shares of CVS Health by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,055,009 shares of the pharmacy operator’s stock valued at $1,103,488,000 after acquiring an additional 155,280 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of CVS Health by 10.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,615,521 shares of the pharmacy operator’s stock valued at $989,261,000 after acquiring an additional 1,006,358 shares in the last quarter. Institutional investors own 76.96% of the company’s stock.
Insider Buying and Selling
In related news, SVP James David Clark sold 25,759 shares of the stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $74.92, for a total value of $1,929,864.28. Following the transaction, the senior vice president now owns 4,698 shares of the company’s stock, valued at $351,974.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.25% of the stock is owned by insiders.
Wall Street Analyst Weigh In
Several brokerages have recently commented on CVS. TheStreet downgraded CVS Health from a “b” rating to a “c” rating in a research report on Wednesday, May 3rd. Mizuho decreased their target price on CVS Health from $120.00 to $88.00 in a research report on Tuesday, July 11th. Barclays decreased their target price on CVS Health from $89.00 to $86.00 and set an “overweight” rating on the stock in a research report on Thursday, August 3rd. Wells Fargo & Company decreased their target price on CVS Health from $95.00 to $76.00 in a research report on Monday, May 8th. Finally, Piper Sandler assumed coverage on CVS Health in a research note on Thursday, May 25th. They set an “overweight” rating and a $85.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $98.82.
Get Our Latest Stock Analysis on CVS
CVS Health Trading Down 8.1 %
CVS opened at $66.80 on Friday. The stock has a market cap of $85.80 billion, a price-to-earnings ratio of 29.30, a P/E/G ratio of 1.32 and a beta of 0.63. The stock’s 50 day moving average price is $71.71 and its 200-day moving average price is $74.89. CVS Health Co. has a one year low of $64.62 and a one year high of $104.89. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.64 and a current ratio of 0.86.
CVS Health (NYSE:CVS – Get Free Report) last released its earnings results on Wednesday, August 2nd. The pharmacy operator reported $2.21 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.09. The firm had revenue of $88.92 billion for the quarter, compared to analysts’ expectations of $86.41 billion. CVS Health had a return on equity of 15.43% and a net margin of 0.86%. The company’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.40 earnings per share. On average, equities analysts forecast that CVS Health Co. will post 8.62 EPS for the current year.
CVS Health Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Friday, July 21st were paid a $0.605 dividend. The ex-dividend date was Thursday, July 20th. This represents a $2.42 annualized dividend and a yield of 3.62%. CVS Health’s dividend payout ratio (DPR) is currently 106.14%.
About CVS Health
CVS Health Corporation provides health services in the United States. It operates through Health Care Benefits, Pharmacy Services, and Retail/LTC segments. The Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services. It serves employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups, and expatriates.
Further Reading
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