OFI Invest Asset Management Purchases New Stake in CVS Health Co. (NYSE:CVS)

OFI Invest Asset Management acquired a new stake in CVS Health Co. (NYSE:CVS) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 1,501 shares of the pharmacy operator’s stock, valued at approximately $65,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. TD Private Client Wealth LLC grew its holdings in CVS Health by 28.7% in the 3rd quarter. TD Private Client Wealth LLC now owns 46,938 shares of the pharmacy operator’s stock valued at $2,951,000 after buying an additional 10,465 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of CVS Health by 4.8% during the 3rd quarter. Principal Financial Group Inc. now owns 1,434,476 shares of the pharmacy operator’s stock worth $90,200,000 after purchasing an additional 66,244 shares in the last quarter. Sompo Asset Management Co. Ltd. grew its holdings in shares of CVS Health by 8.4% during the 3rd quarter. Sompo Asset Management Co. Ltd. now owns 134,523 shares of the pharmacy operator’s stock worth $8,459,000 after purchasing an additional 10,453 shares in the last quarter. Hall Laurie J Trustee grew its holdings in shares of CVS Health by 25,484.4% during the 4th quarter. Hall Laurie J Trustee now owns 11,513 shares of the pharmacy operator’s stock worth $517,000 after purchasing an additional 11,468 shares in the last quarter. Finally, B&D White Capital Company LLC acquired a new stake in shares of CVS Health during the 4th quarter worth $417,000. 80.66% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at CVS Health

In related news, SVP James David Clark sold 7,513 shares of the firm’s stock in a transaction that occurred on 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 sale, the senior vice president now owns 8,394 shares of the company’s stock, valued at $556,941.90. This trade represents a 47.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Michael F. Mahoney bought 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were acquired at an average cost 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 $2,625,045.20. This trade represents a 320.65 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.24% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CVS has been the topic of several analyst reports. Leerink Partners raised CVS Health from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $55.00 to $75.00 in a report on Thursday, February 13th. Royal Bank of Canada reduced their target price on CVS Health from $68.00 to $58.00 and set an “outperform” rating on the stock in a report on Friday, November 15th. Argus set a $77.00 target price on CVS Health in a report on Tuesday, February 18th. Edward Jones upgraded CVS Health from a “hold” rating to a “buy” rating in a research report on Thursday, January 30th. Finally, Truist Financial upped their price objective on CVS Health from $60.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. 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. According to data from MarketBeat, CVS Health currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.83.

CVS Health Price Performance

CVS Health stock 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 company has a market capitalization of $82.11 billion, a PE ratio of 17.79, a P/E/G ratio of 0.98 and a beta of 0.54. CVS Health Co. has a 12 month low of $43.56 and a 12 month high of $80.75. The stock has a 50-day moving average price of $56.84 and a two-hundred day moving average price of $56.78.

CVS Health (NYSE:CVS) last issued its quarterly earnings data on Wednesday, February 12th. The pharmacy operator reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.30. CVS Health had a return on equity of 9.11% and a net margin of 1.24%. Analysts expect that CVS Health Co. will post 5.89 EPS for the current year.

CVS Health Announces Dividend

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

About CVS Health

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.