Raymond James Financial Inc. Makes New Investment in CVS Health Co. (NYSE:CVS)

Raymond James Financial Inc. purchased a new stake in shares of CVS Health Co. (NYSE:CVS - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 2,584,830 shares of the pharmacy operator's stock, valued at approximately $116,033,000. Raymond James Financial Inc. owned about 0.21% of CVS Health at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Widmann Financial Services Inc. increased its holdings in CVS Health by 1.8% in the 3rd quarter. Widmann Financial Services Inc. now owns 11,506 shares of the pharmacy operator's stock valued at $724,000 after purchasing an additional 200 shares during the last quarter. Manchester Capital Management LLC increased its holdings in CVS Health by 4.8% in the 4th quarter. Manchester Capital Management LLC now owns 4,457 shares of the pharmacy operator's stock valued at $200,000 after purchasing an additional 204 shares during the last quarter. Rogco LP grew its stake in shares of CVS Health by 3.2% in the fourth quarter. Rogco LP now owns 6,752 shares of the pharmacy operator's stock valued at $303,000 after buying an additional 210 shares in the last quarter. Glass Jacobson Investment Advisors llc grew its stake in shares of CVS Health by 26.8% in the third quarter. Glass Jacobson Investment Advisors llc now owns 1,220 shares of the pharmacy operator's stock valued at $77,000 after buying an additional 258 shares in the last quarter. Finally, CKW Financial Group grew its stake in shares of CVS Health by 9.1% in the fourth quarter. CKW Financial Group now owns 3,600 shares of the pharmacy operator's stock valued at $162,000 after buying an additional 300 shares in the last quarter. 80.66% of the stock is currently owned by institutional investors and hedge funds.

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CVS Health Stock Performance

Shares of CVS stock traded up $1.09 during trading hours on Friday, hitting $66.34. The stock had a trading volume of 10,082,148 shares, compared to its average volume of 11,965,158. The firm has a market capitalization of $83.64 billion, a PE ratio of 18.12, a PEG ratio of 0.98 and a beta of 0.54. CVS Health Co. has a twelve month low of $43.56 and a twelve month high of $80.75. The stock's 50 day moving average is $56.42 and its 200 day moving average is $56.75. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.81 and a quick ratio of 0.60.

CVS Health (NYSE:CVS - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The pharmacy operator reported $1.19 earnings per share for the quarter, topping analysts' consensus estimates of $0.89 by $0.30. CVS Health had a net margin of 1.24% and a return on equity of 9.11%. As a group, research analysts forecast 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 was paid on Monday, February 3rd. Shareholders of record on Thursday, January 23rd were paid a $0.665 dividend. The ex-dividend date of this dividend was Thursday, January 23rd. This represents a $2.66 annualized dividend and a dividend yield of 4.01%. CVS Health's dividend payout ratio (DPR) is currently 72.68%.

Insider Activity

In other news, SVP James David Clark sold 7,513 shares of the firm's stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $66.35, for a total value 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 $556,941.90. This trade represents a 47.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael F. Mahoney bought 30,000 shares of CVS Health stock in a transaction on Tuesday, February 18th. The stock was acquired at an average cost of $66.70 per share, with a total value of $2,001,000.00. Following the acquisition, the director now owns 39,356 shares of the company's stock, valued at $2,625,045.20. This trade represents a 320.65 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.24% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on CVS. Edward Jones raised CVS Health from a "hold" rating to a "buy" rating in a research report on Thursday, January 30th. Piper Sandler lowered their target price on CVS Health from $72.00 to $64.00 and set an "overweight" rating for the company in a research note on Monday, November 25th. Deutsche Bank Aktiengesellschaft raised CVS Health from a "hold" rating to a "buy" rating and set a $66.00 target price for the company in a research note on Tuesday, December 3rd. Evercore ISI boosted their price objective on CVS Health from $60.00 to $65.00 and gave the stock an "outperform" rating in a research report on Monday, January 27th. Finally, Argus set a $77.00 price objective on CVS Health in a research report on Tuesday, February 18th. Four equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, CVS Health has an average rating of "Moderate Buy" and a consensus target price of $69.83.

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.