1ST Source Bank Sells 1,945 Shares of CVS Health Co. (NYSE:CVS)

1ST Source Bank reduced its position in shares of CVS Health Co. (NYSE:CVS) by 13.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 12,336 shares of the pharmacy operator’s stock after selling 1,945 shares during the quarter. 1ST Source Bank’s holdings in CVS Health were worth $554,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of CVS. Davis Selected Advisers increased its stake in CVS Health by 2,998.1% during the 4th quarter. Davis Selected Advisers now owns 11,385,950 shares of the pharmacy operator’s stock valued at $511,115,000 after purchasing an additional 11,018,438 shares in the last quarter. Pzena Investment Management LLC grew its stake in shares of CVS Health by 49.3% in the fourth quarter. Pzena Investment Management LLC now owns 19,610,579 shares of the pharmacy operator’s stock worth $880,319,000 after acquiring an additional 6,475,271 shares during the period. Hotchkis & Wiley Capital Management LLC grew its stake in shares of CVS Health by 34.8% in the third 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 during the period. Raymond James Financial Inc. bought a new stake in shares of CVS Health in the fourth quarter worth approximately $116,033,000. Finally, ARGA Investment Management LP grew its stake in shares of CVS Health by 7,567.7% in the fourth quarter. ARGA Investment Management LP now owns 2,402,901 shares of the pharmacy operator’s stock worth $107,866,000 after acquiring an additional 2,371,563 shares during the period. 80.66% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CVS. Piper Sandler reduced their price target on shares of CVS Health from $72.00 to $64.00 and set an “overweight” rating for the company in a research note on Monday, November 25th. Cantor Fitzgerald raised shares of CVS Health from a “neutral” rating to an “overweight” rating in a report on Wednesday, February 12th. JPMorgan Chase & Co. upped their target price on shares of CVS Health from $80.00 to $81.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Truist Financial upped their target price on shares of CVS Health from $60.00 to $76.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Finally, Leerink Partners raised shares of CVS Health from a “market perform” rating to an “outperform” rating and upped their target price for the company from $55.00 to $75.00 in a report on Thursday, February 13th. Four investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $69.83.

Insider Activity

In related news, Director Michael F. Mahoney purchased 30,000 shares of CVS Health stock in a transaction that occurred on Tuesday, February 18th. The shares were bought at an average price of $66.70 per share, with a total value of $2,001,000.00. Following the purchase, the director now directly owns 39,356 shares of the company’s stock, valued at approximately $2,625,045.20. This represents a 320.65 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP James David Clark sold 7,513 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $66.35, for a total transaction of $498,487.55. Following the completion of the transaction, the senior vice president now directly owns 8,394 shares in the company, valued at $556,941.90. This 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 Price Performance

CVS Health stock opened at $66.65 on Tuesday. CVS Health Co. has a 52-week low of $43.56 and a 52-week high of $80.75. The company has a market cap of $84.03 billion, a price-to-earnings ratio of 18.21, a PEG ratio of 0.98 and a beta of 0.54. The company has a quick ratio of 0.60, a current ratio of 0.81 and a debt-to-equity ratio of 0.80. The firm’s fifty day moving average is $58.89 and its 200 day moving average is $57.05.

CVS Health (NYSE:CVS) last announced its 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 net margin of 1.24% and a return on equity of 9.11%. Sell-side analysts forecast that CVS Health Co. will post 5.89 EPS for the current fiscal year.

CVS Health Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Thursday, January 23rd were paid a $0.665 dividend. This represents a $2.66 annualized dividend and a dividend yield of 3.99%. The ex-dividend date of this dividend was Thursday, January 23rd. CVS Health’s dividend payout ratio is currently 72.68%.

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.