Convergence Investment Partners LLC Raises Stake in CVS Health Co. (NYSE:CVS)

Convergence Investment Partners LLC increased its holdings in shares of CVS Health Co. (NYSE:CVS) by 12.2% in the fourth quarter, Holdings Channel reports. The firm owned 8,829 shares of the pharmacy operator’s stock after acquiring an additional 960 shares during the period. Convergence Investment Partners LLC’s holdings in CVS Health were worth $697,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CVS. FMR LLC increased its position in CVS Health by 29.1% during the 3rd quarter. FMR LLC now owns 27,487,238 shares of the pharmacy operator’s stock worth $1,919,159,000 after purchasing an additional 6,194,441 shares in the last quarter. International Assets Investment Management LLC increased its position in CVS Health by 8,697.2% during the 4th quarter. International Assets Investment Management LLC now owns 1,322,129 shares of the pharmacy operator’s stock worth $104,395,000 after purchasing an additional 1,307,100 shares in the last quarter. Canada Pension Plan Investment Board grew its position in CVS Health by 49.9% in the third quarter. Canada Pension Plan Investment Board now owns 2,095,978 shares of the pharmacy operator’s stock valued at $146,341,000 after acquiring an additional 698,054 shares in the last quarter. Pacer Advisors Inc. grew its position in CVS Health by 12.6% in the fourth quarter. Pacer Advisors Inc. now owns 5,513,230 shares of the pharmacy operator’s stock valued at $435,325,000 after acquiring an additional 616,785 shares in the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC acquired a new stake in CVS Health in the third quarter valued at approximately $34,379,000. Institutional investors and hedge funds own 80.66% of the company’s stock.

Insider Buying and Selling at CVS Health

In related news, EVP Prem S. Shah sold 29,473 shares of CVS Health stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $76.95, for a total transaction of $2,267,947.35. Following the sale, the executive vice president now directly owns 39,765 shares in the company, valued at $3,059,916.75. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.24% of the stock is currently owned by company insiders.

CVS Health Stock Performance

CVS stock traded down $0.15 during mid-day trading on Friday, reaching $67.18. The company had a trading volume of 6,396,438 shares, compared to its average volume of 8,376,818. The company has a quick ratio of 0.63, a current ratio of 0.86 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $84.68 billion, a P/E ratio of 10.40, a P/E/G ratio of 0.89 and a beta of 0.52. CVS Health Co. has a one year low of $64.41 and a one year high of $83.25. The stock’s 50-day simple moving average is $74.42 and its two-hundred day simple moving average is $73.66.

CVS Health (NYSE:CVS) last posted its earnings results on Wednesday, February 7th. The pharmacy operator reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.01 by $0.11. The company had revenue of $93.81 billion for the quarter, compared to analysts’ expectations of $90.58 billion. CVS Health had a return on equity of 15.25% and a net margin of 2.33%. The firm’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same period last year, the business posted $1.99 earnings per share. Research analysts anticipate that CVS Health Co. will post 8.31 EPS for the current year.

CVS Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 22nd will be paid a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a yield of 3.96%. The ex-dividend date is Friday, April 19th. CVS Health’s payout ratio is 41.18%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Barclays assumed coverage on shares of CVS Health in a research report on Wednesday, March 6th. They issued an “equal weight” rating and a $78.00 price objective for the company. Piper Sandler increased their price objective on shares of CVS Health from $93.00 to $94.00 and gave the company an “overweight” rating in a research report on Friday, March 15th. Leerink Partnrs reaffirmed an “outperform” rating on shares of CVS Health in a research report on Monday, February 26th. Royal Bank of Canada decreased their price target on shares of CVS Health from $86.00 to $84.00 and set an “outperform” rating for the company in a research report on Thursday, February 8th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $87.00 price target on shares of CVS Health in a research report on Wednesday, April 10th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, CVS Health has a consensus rating of “Moderate Buy” and a consensus price target of $89.44.

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.