Te Ahumairangi Investment Management Ltd Lowers Stake in CVS Health Co. (NYSE:CVS)

Te Ahumairangi Investment Management Ltd lowered its position in shares of CVS Health Co. (NYSE:CVS - Free Report) by 22.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 91,862 shares of the pharmacy operator's stock after selling 27,110 shares during the quarter. Te Ahumairangi Investment Management Ltd's holdings in CVS Health were worth $4,124,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Legacy Investment Solutions LLC acquired a new stake in CVS Health during the 3rd quarter valued at approximately $31,000. Ridgewood Investments LLC grew its position in CVS Health by 255.7% during the 4th 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 purchased a new stake in shares of CVS Health in the fourth quarter worth about $28,000. Hopwood Financial Services Inc. purchased a new stake in CVS Health in the 4th quarter worth approximately $29,000. Finally, Financial Perspectives Inc lifted its stake in shares of CVS Health by 137.5% in the 4th 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 period. 80.66% of the stock is owned by institutional investors and hedge funds.

CVS Health Trading Down 5.9 %

NYSE CVS traded down $3.97 during trading hours on Friday, reaching $63.54. The company had a trading volume of 13,291,234 shares, compared to its average volume of 11,586,970. The company has a current ratio of 0.81, a quick ratio of 0.60 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $80.11 billion, a P/E ratio of 17.36, a price-to-earnings-growth ratio of 0.98 and a beta of 0.57. The stock has a 50-day moving average of $63.47 and a 200 day moving average of $58.01. CVS Health Co. has a 1-year low of $43.56 and a 1-year high of $74.85.

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CVS Health (NYSE:CVS - Get Free Report) last posted its quarterly earnings data 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 anticipate that CVS Health Co. will post 5.89 earnings per share for the current fiscal year.

CVS Health Announces Dividend

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

Insiders Place Their Bets

In other CVS Health news, 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 value of $498,487.55. Following the sale, the senior vice president now 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Michael F. Mahoney bought 30,000 shares of CVS Health stock in a transaction that occurred on Tuesday, February 18th. The stock was purchased at an average cost of $66.70 per share, for a total transaction 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 represents a 320.65 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.24% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CVS has been the topic of several recent analyst reports. Edward Jones raised shares of CVS Health from a "hold" rating to a "buy" rating in a research note on Thursday, January 30th. Wells Fargo & Company increased their target price on CVS Health from $68.00 to $73.00 and gave the company an "overweight" rating in a research report on Thursday, February 13th. Leerink Partners upgraded shares of CVS Health from a "market perform" rating to an "outperform" rating and lifted their target price for the company from $55.00 to $75.00 in a research report on Thursday, February 13th. Piper Sandler lifted their price objective on CVS Health from $72.00 to $74.00 and gave the stock an "overweight" rating in a report on Friday, March 21st. Finally, Leerink Partnrs raised CVS Health from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, February 12th. Four analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $70.39.

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.