Prudential PLC Reduces Stake in CVS Health Co. (NYSE:CVS)

Prudential PLC lessened its stake in CVS Health Co. (NYSE:CVS) by 6.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 51,674 shares of the pharmacy operator’s stock after selling 3,671 shares during the quarter. Prudential PLC’s holdings in CVS Health were worth $2,320,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. Ridgewood Investments LLC lifted its position in shares of CVS Health by 255.7% during the 4th quarter. Ridgewood Investments LLC now owns 626 shares of the pharmacy operator’s stock valued at $28,000 after buying an additional 450 shares during the last quarter. Stonebridge Financial Group LLC purchased a new stake in CVS Health during the fourth quarter valued at about $28,000. Hopwood Financial Services Inc. bought a new position in CVS Health during the fourth quarter worth about $29,000. Legacy Investment Solutions LLC purchased a new position in shares of CVS Health in the third quarter worth about $31,000. Finally, Financial Perspectives Inc raised its position in shares of CVS Health by 137.5% in the fourth quarter. Financial Perspectives Inc now owns 805 shares of the pharmacy operator’s stock valued at $36,000 after purchasing an additional 466 shares during the period. Hedge funds and other institutional investors own 80.66% of the company’s stock.

CVS Health Stock Down 5.9 %

Shares of NYSE CVS opened at $63.54 on Monday. The stock has a market capitalization of $80.11 billion, a P/E ratio of 17.36, a PEG ratio of 0.98 and a beta of 0.57. CVS Health Co. has a one year low of $43.56 and a one year high of $74.85. The firm’s 50 day simple moving average is $63.47 and its two-hundred day simple moving average is $58.01. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.81 and a quick ratio of 0.60.

CVS Health (NYSE:CVS) last released its quarterly earnings data 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%. As a group, analysts expect that CVS Health Co. will post 5.89 EPS for the current fiscal year.

CVS Health Announces Dividend

The company also recently disclosed 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. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.19%. The ex-dividend date is Tuesday, April 22nd. CVS Health’s payout ratio is 72.68%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Leerink Partnrs upgraded shares of CVS Health from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 12th. Evercore ISI lifted their price target on CVS Health from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Monday, January 27th. Truist Financial raised their target price on CVS Health from $60.00 to $76.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. UBS Group decreased their price target on CVS Health from $62.00 to $59.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 11th. Finally, Piper Sandler raised their price objective on shares of CVS Health from $72.00 to $74.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. Four equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, CVS Health presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.39.

Insider Activity

In other CVS Health news, Director Michael F. Mahoney purchased 30,000 shares of the company’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 completion of the purchase, the director now directly owns 39,356 shares of the company’s stock, valued at $2,625,045.20. The trade was a 320.65 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP James David Clark sold 7,513 shares of CVS Health stock in a transaction on Wednesday, March 5th. The shares were 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 owns 8,394 shares in the company, valued at approximately $556,941.90. This trade represents a 47.23 % decrease in their position. The disclosure for this sale can be found here. 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.