PNC Financial Services Group Inc. Reduces Position in CVS Health Co. (NYSE:CVS)

PNC Financial Services Group Inc. trimmed its holdings in CVS Health Co. (NYSE:CVS) by 19.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 600,061 shares of the pharmacy operator’s stock after selling 144,567 shares during the quarter. PNC Financial Services Group Inc.’s holdings in CVS Health were worth $26,937,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. State Street Corp lifted its position in shares of CVS Health by 3.6% during the third quarter. State Street Corp now owns 56,527,909 shares of the pharmacy operator’s stock worth $3,554,475,000 after purchasing an additional 1,989,066 shares during the last quarter. Geode Capital Management LLC increased its stake in CVS Health by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 26,361,673 shares of the pharmacy operator’s stock worth $1,651,997,000 after buying an additional 461,569 shares during the period. Pzena Investment Management LLC lifted its holdings in CVS Health by 1.5% during the 3rd quarter. Pzena Investment Management LLC now owns 13,135,308 shares of the pharmacy operator’s stock valued at $825,948,000 after buying an additional 198,920 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in CVS Health by 5.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,918,949 shares of the pharmacy operator’s stock valued at $579,932,000 after buying an additional 710,281 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC grew its stake in CVS Health by 34.8% in 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. 80.66% of the stock is owned by institutional investors.

CVS Health Trading Down 1.8 %

NYSE:CVS opened at $65.13 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.60 and a debt-to-equity ratio of 0.80. The firm has a fifty day simple moving average of $56.84 and a 200-day simple moving average of $56.78. CVS Health Co. has a 12 month low of $43.56 and a 12 month high of $80.75. The company has a market capitalization of $82.11 billion, a P/E ratio of 17.79, a PEG ratio of 0.98 and a beta of 0.54.

CVS Health (NYSE:CVS) last posted its quarterly earnings results on Wednesday, February 12th. The pharmacy operator reported $1.19 earnings per share for the quarter, beating 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%. On average, equities research analysts anticipate that CVS Health Co. will post 5.89 earnings per share for the current year.

CVS Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Thursday, January 23rd were paid a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a yield of 4.08%. The ex-dividend date of this dividend was Thursday, January 23rd. CVS Health’s payout ratio is 72.68%.

Insider Transactions at CVS Health

In related news, SVP James David Clark sold 7,513 shares of the 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 sale, the senior vice president now directly owns 8,394 shares of the company’s stock, valued at approximately $556,941.90. This represents a 47.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 cost of $66.70 per share, with a total value of $2,001,000.00. Following the acquisition, the director now directly owns 39,356 shares of the company’s stock, valued at $2,625,045.20. This represents a 320.65 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.24% of the company’s stock.

Analyst Ratings Changes

CVS has been the subject of several research analyst reports. StockNews.com raised shares of CVS Health from a “sell” rating to a “hold” rating in a research note on Thursday, February 13th. Cantor Fitzgerald raised CVS Health from a “neutral” rating to an “overweight” rating in a research report on Wednesday, February 12th. Piper Sandler dropped their price target on CVS Health from $72.00 to $64.00 and set an “overweight” rating on the stock in a research report on Monday, November 25th. TD Cowen lifted their price objective on CVS Health from $73.00 to $80.00 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Argus set a $77.00 target price on shares of CVS Health in a report on Tuesday, February 18th. Four equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $69.83.

CVS Health 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.