Ledyard National Bank Sells 1,702 Shares of CVS Health Co. (NYSE:CVS)

Ledyard National Bank reduced its stake in shares of CVS Health Co. (NYSE:CVS) by 2.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 56,963 shares of the pharmacy operator’s stock after selling 1,702 shares during the period. Ledyard National Bank’s holdings in CVS Health were worth $4,498,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Atticus Wealth Management LLC boosted its position in shares of CVS Health by 149.0% during the fourth quarter. Atticus Wealth Management LLC now owns 366 shares of the pharmacy operator’s stock worth $29,000 after acquiring an additional 219 shares during the last quarter. Cornerstone Planning Group LLC grew its stake in CVS Health by 111.5% in the 3rd quarter. Cornerstone Planning Group LLC now owns 461 shares of the pharmacy operator’s stock worth $32,000 after acquiring an additional 243 shares in the last quarter. ZRC Wealth Management LLC increased its position in shares of CVS Health by 400.0% during the fourth quarter. ZRC Wealth Management LLC now owns 500 shares of the pharmacy operator’s stock worth $39,000 after acquiring an additional 400 shares during the period. Coston McIsaac & Partners boosted its holdings in shares of CVS Health by 42.6% in the fourth quarter. Coston McIsaac & Partners now owns 539 shares of the pharmacy operator’s stock valued at $42,000 after purchasing an additional 161 shares during the period. Finally, Tennessee Valley Asset Management Partners purchased a new position in CVS Health during the 4th quarter worth $50,000. 80.66% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CVS. SVB Leerink began coverage on CVS Health in a research note on Monday, February 26th. They set an “outperform” rating and a $88.00 price target on the stock. Royal Bank of Canada cut their price objective on shares of CVS Health from $86.00 to $84.00 and set an “outperform” rating on the stock in a report on Thursday, February 8th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $87.00 target price on shares of CVS Health in a research report on Wednesday, April 10th. Piper Sandler boosted their price target on CVS Health from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Friday, March 15th. Finally, Wells Fargo & Company cut their target price on CVS Health from $83.00 to $76.00 and set an “equal weight” rating on the stock in a research note on Monday, April 8th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $89.44.

Insider Activity at CVS Health

In other CVS Health news, EVP Prem S. Shah sold 29,473 shares of CVS Health stock in a transaction on Friday, February 16th. The shares were sold at an average price of $76.95, for a total value of $2,267,947.35. Following the completion of the transaction, the executive vice president now owns 39,765 shares of the company’s stock, valued at $3,059,916.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.24% of the company’s stock.

CVS Health Stock Performance

Shares of CVS Health stock traded up $0.26 on Monday, reaching $67.44. 6,556,157 shares of the stock were exchanged, compared to its average volume of 10,605,164. CVS Health Co. has a twelve month low of $64.41 and a twelve month high of $83.25. The business has a 50 day moving average price of $74.22 and a two-hundred day moving average price of $73.65. 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 firm has a market capitalization of $85.01 billion, a price-to-earnings ratio of 10.44, a PEG ratio of 0.89 and a beta of 0.52.

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

CVS Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 22nd will be issued a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a dividend yield of 3.94%. The ex-dividend date of this dividend is Friday, April 19th. CVS Health’s dividend payout ratio (DPR) is 41.18%.

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.