Westpac Banking Corp Sells 15,217 Shares of CVS Health Co. (NYSE:CVS)

Westpac Banking Corp lessened its stake in shares of CVS Health Co. (NYSE:CVS - Free Report) by 41.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,896 shares of the pharmacy operator's stock after selling 15,217 shares during the quarter. Westpac Banking Corp's holdings in CVS Health were worth $983,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Norges Bank purchased a new position in CVS Health in the 4th quarter worth approximately $839,574,000. Davis Selected Advisers lifted its position in shares of CVS Health by 2,998.1% during the fourth quarter. Davis Selected Advisers now owns 11,385,950 shares of the pharmacy operator's stock worth $511,115,000 after purchasing an additional 11,018,438 shares in the last quarter. Pzena Investment Management LLC grew its holdings 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 valued at $880,319,000 after purchasing an additional 6,475,271 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in CVS Health during the 4th quarter worth $116,033,000. Finally, ARGA Investment Management LP lifted its holdings in CVS Health by 7,567.7% in the 4th quarter. ARGA Investment Management LP now owns 2,402,901 shares of the pharmacy operator's stock worth $107,866,000 after buying an additional 2,371,563 shares in the last quarter. Hedge funds and other institutional investors own 80.66% of the company's stock.

CVS Health Stock Performance

CVS stock traded up $2.77 during mid-day trading on Wednesday, reaching $70.40. The company had a trading volume of 17,720,174 shares, compared to its average volume of 11,712,207. The stock's 50-day simple moving average is $64.58 and its two-hundred day simple moving average is $58.35. The stock has a market capitalization of $88.76 billion, a P/E ratio of 19.24, a P/E/G ratio of 0.98 and a beta of 0.57. The company has a quick ratio of 0.60, a current ratio of 0.81 and a debt-to-equity ratio of 0.80. CVS Health Co. has a one year low of $43.56 and a one year high of $73.18.

CVS Health (NYSE:CVS - Get Free Report) last posted its earnings results 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 net margin of 1.24% and a return on equity of 9.11%. Research analysts anticipate that CVS Health Co. will post 5.89 EPS for the current year.

CVS Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Tuesday, April 22nd will be given a dividend of $0.665 per share. The ex-dividend date of this dividend is Tuesday, April 22nd. This represents a $2.66 dividend on an annualized basis and a yield of 3.78%. CVS Health's dividend payout ratio (DPR) is presently 72.68%.

Insider Transactions at CVS Health

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on CVS shares. Edward Jones raised CVS Health from a "hold" rating to a "buy" rating in a research report on Thursday, January 30th. Wolfe Research lifted their price objective on CVS Health from 67.00 to 70.00 and gave the stock an "overweight" rating in a report on Tuesday, February 11th. Argus set a $77.00 target price on CVS Health in a research note on Tuesday, February 18th. Leerink Partnrs upgraded shares of CVS Health from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, February 12th. Finally, Cantor Fitzgerald upgraded shares of CVS Health from a "neutral" rating to an "overweight" rating in a research note on Wednesday, February 12th. Four investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $70.94.

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.