Cibc World Markets Corp Boosts Position in CVS Health Co. (NYSE:CVS)

Cibc World Markets Corp lifted its holdings in CVS Health Co. (NYSE:CVS) by 16.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 198,542 shares of the pharmacy operator’s stock after acquiring an additional 27,985 shares during the quarter. Cibc World Markets Corp’s holdings in CVS Health were worth $8,913,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CVS. MidAtlantic Capital Management Inc. acquired a new stake in CVS Health during the 3rd quarter worth about $25,000. Legacy Investment Solutions LLC acquired a new stake in CVS Health during the third quarter worth about $31,000. Ridgewood Investments LLC raised its position in CVS Health by 255.7% during the fourth quarter. Ridgewood Investments LLC now owns 626 shares of the pharmacy operator’s stock valued at $28,000 after acquiring an additional 450 shares in the last quarter. Stonebridge Financial Group LLC acquired a new position in CVS Health in the fourth quarter valued at approximately $28,000. Finally, RPg Family Wealth Advisory LLC acquired a new stake in shares of CVS Health during the 3rd quarter worth approximately $40,000. Hedge funds and other institutional investors own 80.66% of the company’s stock.

Insider Activity

In other CVS Health news, Director Michael F. Mahoney bought 30,000 shares of CVS Health stock in a transaction on Tuesday, February 18th. The shares were bought at an average price of $66.70 per share, for a total transaction of $2,001,000.00. Following the completion of the transaction, 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 purchase was disclosed in a document filed with the SEC, which is available at this link. Also, SVP James David Clark sold 7,513 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $66.35, for a total value of $498,487.55. Following the transaction, the senior vice president now 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 disclosure for this sale can be found here. Corporate insiders own 0.24% of the company’s stock.

CVS Health Price Performance

NYSE:CVS opened at $67.49 on Wednesday. CVS Health Co. has a one year low of $43.56 and a one year high of $80.75. The stock has a market cap of $85.09 billion, a PE ratio of 18.44, a P/E/G ratio of 0.98 and a beta of 0.54. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.60 and a current ratio of 0.81. The stock has a 50 day moving average price of $59.32 and a 200 day moving average price of $57.12.

CVS Health (NYSE:CVS) last posted its quarterly earnings results 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%. Equities research analysts expect that CVS Health Co. will post 5.89 EPS for the current fiscal year.

CVS Health Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Thursday, January 23rd were issued a dividend of $0.665 per share. The ex-dividend date was Thursday, January 23rd. This represents a $2.66 dividend on an annualized basis and a dividend yield of 3.94%. CVS Health’s dividend payout ratio is currently 72.68%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Leerink Partners raised shares of CVS Health from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $55.00 to $75.00 in a report on Thursday, February 13th. Argus set a $77.00 target price on CVS Health in a research report on Tuesday, February 18th. TD Cowen upped their price target on CVS Health from $73.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Leerink Partnrs raised CVS Health from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 12th. Finally, Piper Sandler decreased their target price 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. Four investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently 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.