CVS Health Co. (NYSE:CVS) Shares Sold by Rench Wealth Management Inc.

Rench Wealth Management Inc. trimmed its holdings in shares of CVS Health Co. (NYSE:CVS) by 5.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 69,352 shares of the pharmacy operator’s stock after selling 3,830 shares during the quarter. CVS Health accounts for approximately 2.3% of Rench Wealth Management Inc.’s portfolio, making the stock its 18th biggest position. Rench Wealth Management Inc.’s holdings in CVS Health were worth $5,476,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Checchi Capital Advisers LLC boosted its stake in shares of CVS Health by 2.3% in the 3rd quarter. Checchi Capital Advisers LLC now owns 10,405 shares of the pharmacy operator’s stock valued at $726,000 after buying an additional 233 shares during the period. Personal CFO Solutions LLC boosted its stake in shares of CVS Health by 2.6% in the 3rd quarter. Personal CFO Solutions LLC now owns 19,355 shares of the pharmacy operator’s stock valued at $1,351,000 after buying an additional 491 shares during the period. Riverpoint Wealth Management Holdings LLC purchased a new position in shares of CVS Health in the 4th quarter valued at about $218,000. Canoe Financial LP boosted its stake in shares of CVS Health by 95.1% in the 4th quarter. Canoe Financial LP now owns 1,762,629 shares of the pharmacy operator’s stock valued at $139,177,000 after buying an additional 859,134 shares during the period. Finally, Meritage Portfolio Management boosted its stake in shares of CVS Health by 30.6% in the 4th quarter. Meritage Portfolio Management now owns 66,322 shares of the pharmacy operator’s stock valued at $5,237,000 after buying an additional 15,548 shares during the period. 80.66% of the stock is owned by institutional investors and hedge funds.

Insider Activity

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

Analyst Ratings Changes

CVS has been the subject of several recent analyst reports. StockNews.com cut CVS Health from a “buy” rating to a “hold” rating in a research note on Thursday, February 15th. Leerink Partnrs cut CVS Health from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 1st. Cantor Fitzgerald cut CVS Health from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $87.00 to $58.00 in a research note on Wednesday, May 1st. Piper Sandler boosted their price objective on CVS Health from $93.00 to $94.00 and gave the company an “overweight” rating in a research note on Friday, March 15th. Finally, Bank of America reduced their price objective on CVS Health from $95.00 to $77.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Eleven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $75.05.

CVS Health Price Performance

NYSE:CVS traded down $0.59 during trading hours on Tuesday, hitting $59.69. The company’s stock had a trading volume of 2,673,109 shares, compared to its average volume of 12,107,813. The business’s 50-day moving average is $62.62 and its two-hundred day moving average is $71.18. The company has a market capitalization of $74.93 billion, a PE ratio of 10.52, a PEG ratio of 0.59 and a beta of 0.53. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.61 and a current ratio of 0.81. CVS Health Co. has a 52-week low of $52.77 and a 52-week high of $83.25.

CVS Health (NYSE:CVS) last released its quarterly earnings data on Wednesday, May 1st. The pharmacy operator reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.69 by ($0.38). The business had revenue of $88.44 billion during the quarter, compared to analysts’ expectations of $89.33 billion. CVS Health had a return on equity of 13.53% and a net margin of 2.03%. The company’s revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.20 EPS. As a group, research analysts anticipate that CVS Health Co. will post 7.02 EPS for the current fiscal year.

CVS Health Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 22nd were given a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.46%. The ex-dividend date was Friday, April 19th. CVS Health’s dividend payout ratio is currently 46.75%.

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.