Geode Capital Management LLC Buys 689,867 Shares of CVS Health Co. (NYSE:CVS)

Geode Capital Management LLC grew its stake in CVS Health Co. (NYSE:CVS - Free Report) by 2.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,051,540 shares of the pharmacy operator's stock after acquiring an additional 689,867 shares during the quarter. Geode Capital Management LLC owned 2.15% of CVS Health worth $1,211,582,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Norges Bank bought a new stake in CVS Health in the fourth quarter valued at approximately $839,574,000. Davis Selected Advisers increased its position in shares of CVS Health by 2,998.1% in the 4th quarter. Davis Selected Advisers now owns 11,385,950 shares of the pharmacy operator's stock valued at $511,115,000 after buying an additional 11,018,438 shares in the last quarter. Pzena Investment Management LLC raised its stake in CVS Health by 49.3% during the 4th quarter. Pzena Investment Management LLC now owns 19,610,579 shares of the pharmacy operator's stock worth $880,319,000 after buying an additional 6,475,271 shares during the period. Hotchkis & Wiley Capital Management LLC lifted its holdings in CVS Health by 34.8% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 11,897,034 shares of the pharmacy operator's stock worth $748,085,000 after acquiring an additional 3,071,613 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in CVS Health in the fourth quarter valued at about $116,033,000. 80.66% of the stock is currently owned by institutional investors and hedge funds.

CVS Health Stock Performance

Shares of CVS stock traded down $3.97 on Friday, reaching $63.54. The stock had a trading volume of 13,291,234 shares, compared to its average volume of 11,586,970. CVS Health Co. has a 12 month low of $43.56 and a 12 month high of $74.85. The company has a quick ratio of 0.60, a current ratio of 0.81 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $80.11 billion, a price-to-earnings ratio of 17.36, a P/E/G ratio of 0.98 and a beta of 0.57. The firm's 50-day moving average is $63.47 and its two-hundred day moving average is $58.01.

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CVS Health (NYSE:CVS - Get Free Report) last released 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%. On average, research analysts expect that CVS Health Co. will post 5.89 EPS for the current fiscal year.

CVS Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 22nd will be given a $0.665 dividend. This represents a $2.66 annualized dividend and a dividend yield of 4.19%. The ex-dividend date is Tuesday, April 22nd. CVS Health's payout ratio is presently 72.68%.

Wall Street Analyst Weigh In

CVS has been the subject of a number of research reports. Evercore ISI increased their target price on CVS Health from $60.00 to $65.00 and gave the stock an "outperform" rating in a research note on Monday, January 27th. StockNews.com raised shares of CVS Health from a "sell" rating to a "hold" rating in a research report on Thursday, February 13th. Truist Financial boosted their price objective on shares of CVS Health from $60.00 to $76.00 and gave the company a "buy" rating in a research report on Thursday, February 13th. 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 note on Tuesday, February 11th. Finally, Wells Fargo & Company upped their price objective on CVS Health from $68.00 to $73.00 and gave the stock an "overweight" rating in a research report on Thursday, February 13th. Four 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 stock. Based on data from MarketBeat.com, CVS Health presently has a consensus rating of "Moderate Buy" and a consensus price target of $70.39.

Insider Transactions at CVS Health

In other news, Director Michael F. Mahoney acquired 30,000 shares of the stock in a transaction on Tuesday, February 18th. The shares were purchased at an average price of $66.70 per share, for a total transaction of $2,001,000.00. Following the transaction, the director now directly owns 39,356 shares of the company's stock, valued at approximately $2,625,045.20. This represents a 320.65 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP James David Clark sold 7,513 shares of the business's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $66.35, for a total transaction of $498,487.55. Following the completion of the sale, the senior vice president now directly owns 8,394 shares of the company's stock, valued at approximately $556,941.90. The trade was 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 corporate insiders.

CVS Health 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.