DnB Asset Management AS Buys 11,483 Shares of CVS Health Co. (NYSE:CVS)

DnB Asset Management AS lifted its position in shares of CVS Health Co. (NYSE:CVS - Free Report) by 5.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 219,374 shares of the pharmacy operator's stock after purchasing an additional 11,483 shares during the period. DnB Asset Management AS's holdings in CVS Health were worth $9,848,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in CVS. Ridgewood Investments LLC lifted its holdings in shares of CVS Health by 255.7% during the fourth quarter. Ridgewood Investments LLC now owns 626 shares of the pharmacy operator's stock worth $28,000 after buying an additional 450 shares in the last quarter. Stonebridge Financial Group LLC acquired a new stake in CVS Health in the 4th quarter worth about $28,000. Hopwood Financial Services Inc. acquired a new position in shares of CVS Health during the 4th quarter worth approximately $29,000. Legacy Investment Solutions LLC bought a new position in shares of CVS Health during the third quarter worth approximately $31,000. Finally, Financial Perspectives Inc boosted its stake in shares of CVS Health by 137.5% in the fourth quarter. Financial Perspectives Inc now owns 805 shares of the pharmacy operator's stock valued at $36,000 after buying an additional 466 shares during the period. 80.66% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CVS shares. Leerink Partners upgraded CVS Health from a "market perform" rating to an "outperform" rating and upped their target price for the company from $55.00 to $75.00 in a research report on Thursday, February 13th. Leerink Partnrs upgraded shares of CVS Health from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, February 12th. JPMorgan Chase & Co. boosted their price objective on shares of CVS Health from $80.00 to $81.00 and gave the company an "overweight" rating in a research report on Tuesday, February 18th. Cantor Fitzgerald upgraded CVS Health from a "neutral" rating to an "overweight" rating in a research note on Wednesday, February 12th. Finally, Truist Financial boosted their price target on CVS Health from $60.00 to $76.00 and gave the stock a "buy" rating in a report on Thursday, February 13th. Four investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $70.39.

Remove Ads

CVS Health Stock Performance

Shares of CVS Health stock traded up $0.09 during mid-day trading on Thursday, hitting $68.16. 3,171,941 shares of the stock were exchanged, compared to its average volume of 11,493,294. The company has a market capitalization of $85.94 billion, a P/E ratio of 18.62, a P/E/G ratio of 0.98 and a beta of 0.54. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.60 and a current ratio of 0.81. The company has a 50-day simple moving average of $63.02 and a 200 day simple moving average of $57.91. CVS Health Co. has a 12 month low of $43.56 and a 12 month high of $75.27.

CVS Health (NYSE:CVS - Get Free Report) 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 return on equity of 9.11% and a net margin of 1.24%. Sell-side analysts anticipate that CVS Health Co. will post 5.89 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 22nd will be given a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 3.90%. The ex-dividend date is Tuesday, April 22nd. CVS Health's dividend payout ratio is currently 72.68%.

Insider Transactions at CVS Health

In other news, Director Michael F. Mahoney acquired 30,000 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were acquired at an average cost of $66.70 per share, for a total transaction of $2,001,000.00. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP James David Clark sold 7,513 shares of the stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $66.35, for a total transaction of $498,487.55. Following the transaction, the senior vice president now owns 8,394 shares of the company's stock, valued at $556,941.90. This represents a 47.23 % decrease in their position. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by company 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.