Summit Financial LLC Buys 20,329 Shares of CVS Health Co. (NYSE:CVS)

Summit Financial LLC boosted its stake in shares of CVS Health Co. (NYSE:CVS - Free Report) by 185.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 31,313 shares of the pharmacy operator's stock after purchasing an additional 20,329 shares during the period. Summit Financial LLC's holdings in CVS Health were worth $1,406,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the stock. Ridgewood Investments LLC grew its holdings in 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 purchasing an additional 450 shares during the period. Stonebridge Financial Group LLC bought a new stake in CVS Health in the 4th quarter valued at $28,000. Hopwood Financial Services Inc. bought a new stake in shares of CVS Health during the 4th quarter worth about $29,000. Legacy Investment Solutions LLC acquired a new stake in CVS Health during the third quarter worth approximately $31,000. Finally, Financial Perspectives Inc grew its position 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 purchasing an additional 466 shares during the last quarter. 80.66% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CVS has been the topic of a number of research reports. Truist Financial upped their price objective on CVS Health from $60.00 to $76.00 and gave the company a "buy" rating in a report on Thursday, February 13th. StockNews.com raised shares of CVS Health from a "sell" rating to a "hold" rating in a report on Thursday, February 13th. Barclays lifted their price target on shares of CVS Health from $71.00 to $73.00 and gave the company an "overweight" rating in a research report on Thursday, February 13th. Leerink Partnrs raised CVS Health from a "hold" rating to a "strong-buy" rating in a report on Wednesday, February 12th. Finally, JPMorgan Chase & Co. increased their target price on CVS Health from $80.00 to $81.00 and gave the stock an "overweight" rating in a report on Tuesday, February 18th. Four research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, CVS Health has an average rating of "Moderate Buy" and an average target price of $70.39.

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Insider Buying and Selling at CVS Health

In other CVS Health 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 owns 8,394 shares of the company's stock, valued at approximately $556,941.90. This trade represents a 47.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Michael F. Mahoney bought 30,000 shares of the stock in a transaction dated Tuesday, February 18th. The shares were purchased at an average cost of $66.70 per share, for a total transaction of $2,001,000.00. Following the completion of the transaction, the director now directly owns 39,356 shares of the company's stock, valued at $2,625,045.20. This trade represents a 320.65 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.24% of the company's stock.

CVS Health Trading Down 5.9 %

NYSE:CVS traded down $3.97 during trading hours on Friday, hitting $63.54. 13,291,234 shares of the company were exchanged, compared to its average volume of 11,586,970. The company has a fifty day simple moving average of $63.47 and a 200 day simple moving average of $58.01. CVS Health Co. has a one year low of $43.56 and a one year high of $74.85. The stock has a market capitalization of $80.11 billion, a price-to-earnings ratio of 17.36, a price-to-earnings-growth ratio of 0.98 and a beta of 0.57. The company has a current ratio of 0.81, a quick ratio of 0.60 and a debt-to-equity ratio of 0.80.

CVS Health (NYSE:CVS - Get Free Report) last released its earnings results on Wednesday, February 12th. The pharmacy operator reported $1.19 earnings per share for the quarter, beating 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%. Sell-side analysts expect that CVS Health Co. will post 5.89 EPS for the current fiscal year.

CVS Health Dividend Announcement

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

CVS Health Company 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.