CVS Health Co. (NYSE:CVS) Stake Cut by Meridian Investment Counsel Inc.

Meridian Investment Counsel Inc. lessened its holdings in shares of CVS Health Co. (NYSE:CVS) by 17.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,384 shares of the pharmacy operator’s stock after selling 2,398 shares during the quarter. Meridian Investment Counsel Inc.’s holdings in CVS Health were worth $511,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Norges Bank purchased a new stake in CVS Health in the 4th quarter worth approximately $839,574,000. Davis Selected Advisers boosted its position in 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 valued at $511,115,000 after purchasing an additional 11,018,438 shares during the last quarter. Pzena Investment Management LLC increased its position in CVS Health by 49.3% in the 4th quarter. Pzena Investment Management LLC now owns 19,610,579 shares of the pharmacy operator’s stock worth $880,319,000 after purchasing an additional 6,475,271 shares during the last quarter. Hotchkis & Wiley Capital Management LLC boosted its stake in shares of CVS Health by 34.8% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 11,897,034 shares of the pharmacy operator’s stock worth $748,085,000 after acquiring an additional 3,071,613 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of CVS Health in the 4th quarter valued at approximately $116,033,000. Institutional investors and hedge funds own 80.66% of the company’s stock.

Insider Transactions at CVS Health

In other CVS Health news, Director Michael F. Mahoney acquired 30,000 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was purchased at an average price of $66.70 per share, for a total transaction of $2,001,000.00. Following the transaction, the director now owns 39,356 shares in the company, valued at $2,625,045.20. This trade represents a 320.65 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP James David Clark sold 7,513 shares of the firm’s stock in a transaction on Wednesday, March 5th. The shares were 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 disclosure for this sale can be found here. Company insiders own 0.24% of the company’s stock.

CVS Health Stock Performance

NYSE:CVS opened at $67.13 on Monday. The company has a quick ratio of 0.60, a current ratio of 0.81 and a debt-to-equity ratio of 0.80. The firm has a 50-day moving average price of $62.12 and a 200 day moving average price of $57.68. The firm has a market capitalization of $84.64 billion, a PE ratio of 18.34, a price-to-earnings-growth ratio of 0.98 and a beta of 0.54. CVS Health Co. has a 12-month low of $43.56 and a 12-month high of $79.98.

CVS Health (NYSE:CVS) last posted its earnings results on Wednesday, February 12th. The pharmacy operator reported $1.19 EPS for the quarter, topping the consensus estimate of $0.89 by $0.30. CVS Health had a return on equity of 9.11% and a net margin of 1.24%. Research analysts anticipate that CVS Health Co. will post 5.89 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The company 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 $0.665 dividend. 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 3.96%. CVS Health’s dividend payout ratio (DPR) is presently 72.68%.

Analyst Ratings Changes

CVS has been the topic of several analyst reports. Barclays increased their price target on CVS Health from $71.00 to $73.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Wells Fargo & Company lifted their target price on shares of CVS Health from $68.00 to $73.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Leerink Partnrs upgraded shares of CVS Health from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 12th. Truist Financial lifted their price objective on CVS Health from $60.00 to $76.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Finally, StockNews.com upgraded CVS Health from a “sell” rating to a “hold” rating in a research note on Thursday, February 13th. 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. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target 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.