Cullen Frost Bankers Inc. Lowers Position in CVS Health Co. (NYSE:CVS)

Cullen Frost Bankers Inc. cut its holdings in CVS Health Co. (NYSE:CVS) by 71.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,162 shares of the pharmacy operator’s stock after selling 15,434 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in CVS Health were worth $277,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Assetmark Inc. lifted its position in shares of CVS Health by 9.7% during the third quarter. Assetmark Inc. now owns 410,001 shares of the pharmacy operator’s stock valued at $25,781,000 after buying an additional 36,132 shares during the last quarter. TD Private Client Wealth LLC lifted its position in shares of CVS Health by 28.7% during the third quarter. TD Private Client Wealth LLC now owns 46,938 shares of the pharmacy operator’s stock valued at $2,951,000 after buying an additional 10,465 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of CVS Health by 4.8% during the third quarter. Principal Financial Group Inc. now owns 1,434,476 shares of the pharmacy operator’s stock valued at $90,200,000 after buying an additional 66,244 shares during the last quarter. Sompo Asset Management Co. Ltd. lifted its position in shares of CVS Health by 8.4% during the third quarter. Sompo Asset Management Co. Ltd. now owns 134,523 shares of the pharmacy operator’s stock valued at $8,459,000 after buying an additional 10,453 shares during the last quarter. Finally, Hall Laurie J Trustee lifted its position in shares of CVS Health by 25,484.4% during the fourth quarter. Hall Laurie J Trustee now owns 11,513 shares of the pharmacy operator’s stock valued at $517,000 after buying an additional 11,468 shares during the last quarter. 80.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on CVS. Wolfe Research increased their price target on shares of CVS Health from 67.00 to 70.00 and gave the company an “overweight” rating in a research report on Tuesday, February 11th. Barclays increased their price objective 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. Evercore ISI increased their price objective on shares of CVS Health from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Monday, January 27th. Wells Fargo & Company increased their price objective on shares of CVS Health from $68.00 to $73.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Finally, Truist Financial increased their price objective on shares of CVS Health from $60.00 to $76.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Four investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $69.83.

CVS Health Price Performance

Shares of NYSE:CVS opened at $66.34 on Friday. The company has a market cap of $83.64 billion, a PE ratio of 18.12, a price-to-earnings-growth 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 company’s 50 day moving average is $56.42 and its 200 day moving average is $56.75. 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) last issued its quarterly earnings data on Wednesday, February 12th. The pharmacy operator reported $1.19 EPS 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%. On average, sell-side analysts forecast that CVS Health Co. will post 5.89 EPS for the current year.

CVS Health Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Thursday, January 23rd were paid a dividend of $0.665 per share. The ex-dividend date of this dividend was Thursday, January 23rd. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.01%. CVS Health’s payout ratio is 72.68%.

Insider Transactions at CVS Health

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

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.