SVB Wealth LLC Sells 3,645 Shares of CVS Health Co. (NYSE:CVS)

SVB Wealth LLC reduced its holdings in CVS Health Co. (NYSE:CVS) by 5.1% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 68,140 shares of the pharmacy operator’s stock after selling 3,645 shares during the quarter. SVB Wealth LLC’s holdings in CVS Health were worth $5,435,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Riverpoint Wealth Management Holdings LLC bought a new stake in shares of CVS Health in the fourth quarter worth approximately $218,000. Canoe Financial LP lifted its holdings in CVS Health by 95.1% during the fourth quarter. Canoe Financial LP now owns 1,762,629 shares of the pharmacy operator’s stock valued at $139,177,000 after purchasing an additional 859,134 shares in the last quarter. Meritage Portfolio Management lifted its holdings in CVS Health by 30.6% during the fourth quarter. Meritage Portfolio Management now owns 66,322 shares of the pharmacy operator’s stock valued at $5,237,000 after purchasing an additional 15,548 shares in the last quarter. Steph & Co. lifted its holdings in CVS Health by 192.0% during the first quarter. Steph & Co. now owns 438 shares of the pharmacy operator’s stock valued at $35,000 after purchasing an additional 288 shares in the last quarter. Finally, Forum Financial Management LP lifted its holdings in CVS Health by 19.4% during the fourth quarter. Forum Financial Management LP now owns 17,856 shares of the pharmacy operator’s stock valued at $1,410,000 after purchasing an additional 2,901 shares in the last quarter. 80.66% of the stock is currently owned by institutional investors.

Insider Buying and Selling at CVS Health

In related news, Director Edward J. Ludwig acquired 1,000 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were purchased at an average price of $53.88 per share, for a total transaction of $53,880.00. Following the completion of the acquisition, the director now directly owns 21,630 shares in the company, valued at approximately $1,165,424.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.24% of the company’s stock.

CVS Health Stock Up 0.9 %

NYSE:CVS traded up $0.57 during mid-day trading on Monday, reaching $61.57. The company’s stock had a trading volume of 9,204,250 shares, compared to its average volume of 11,593,842. CVS Health Co. has a 1 year low of $52.77 and a 1 year high of $83.25. The stock has a fifty day moving average of $58.85 and a 200-day moving average of $67.30. The firm has a market capitalization of $77.29 billion, a PE ratio of 10.61, a price-to-earnings-growth ratio of 0.58 and a beta of 0.52. The company has a quick ratio of 0.61, a current ratio of 0.81 and a debt-to-equity ratio of 0.78.

CVS Health (NYSE:CVS) last released its quarterly earnings results on Wednesday, May 1st. The pharmacy operator reported $1.31 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.38). The firm had revenue of $88.44 billion for the quarter, compared to analysts’ expectations of $89.33 billion. CVS Health had a net margin of 2.03% and a return on equity of 13.53%. The business’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the previous year, the company posted $2.20 earnings per share. Equities research analysts forecast that CVS Health Co. will post 7 earnings per share for the current year.

CVS Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 22nd will be given a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a dividend yield of 4.32%. The ex-dividend date is Monday, July 22nd. CVS Health’s payout ratio is 46.75%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CVS shares. Barclays lowered their price target on shares of CVS Health from $78.00 to $63.00 and set an “equal weight” rating on the stock in a report on Thursday, May 2nd. Cantor Fitzgerald reissued a “neutral” rating and issued a $58.00 target price on shares of CVS Health in a report on Tuesday, July 23rd. SVB Leerink reissued a “market perform” rating and issued a $60.00 target price (down previously from $87.00) on shares of CVS Health in a report on Wednesday, May 1st. Robert W. Baird began coverage on shares of CVS Health in a report on Thursday, May 30th. They issued a “neutral” rating and a $61.00 target price on the stock. Finally, Wells Fargo & Company reduced their price target on shares of CVS Health from $76.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Tuesday, May 7th. Eleven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, CVS Health presently has an average rating of “Moderate Buy” and an average price target of $75.05.

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.