Exchange Capital Management Inc. raised its position in shares of CVS Health (NYSE:CVS) by 21.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,553 shares of the pharmacy operator’s stock after purchasing an additional 10,093 shares during the period. Exchange Capital Management Inc.’s holdings in CVS Health were worth $3,518,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. BancorpSouth Bank increased its holdings in shares of CVS Health by 4.6% during the 1st quarter. BancorpSouth Bank now owns 34,468 shares of the pharmacy operator’s stock valued at $2,144,000 after acquiring an additional 1,505 shares during the last quarter. Stephens Inc. AR increased its holdings in shares of CVS Health by 8.7% during the 1st quarter. Stephens Inc. AR now owns 78,658 shares of the pharmacy operator’s stock valued at $4,893,000 after acquiring an additional 6,266 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of CVS Health by 4.1% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 447,764 shares of the pharmacy operator’s stock valued at $27,855,000 after acquiring an additional 17,710 shares during the last quarter. Mackay Shields LLC acquired a new position in shares of CVS Health during the 1st quarter valued at about $12,105,000. Finally, Princeton Capital Management LLC acquired a new position in shares of CVS Health during the 1st quarter valued at about $133,000. 83.96% of the stock is owned by institutional investors.
CVS opened at $65.76 on Friday. The company has a market capitalization of $67.23 billion, a price-to-earnings ratio of 11.15, a price-to-earnings-growth ratio of 0.99 and a beta of 1.02. The company has a current ratio of 2.37, a quick ratio of 1.88 and a debt-to-equity ratio of 1.59. CVS Health has a 12-month low of $65.60 and a 12-month high of $66.34.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 3rd. Shareholders of record on Monday, April 23rd were given a $0.50 dividend. The ex-dividend date was Friday, April 20th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.04%. CVS Health’s dividend payout ratio is currently 33.90%.
In other news, Director C David Brown II acquired 10,000 shares of CVS Health stock in a transaction on Friday, May 4th. The stock was bought at an average price of $61.99 per share, for a total transaction of $619,900.00. Following the transaction, the director now owns 101,252 shares of the company’s stock, valued at $6,276,611.48. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 0.53% of the stock is currently owned by company insiders.
A number of research analysts have recently commented on CVS shares. Cowen reissued an “outperform” rating and set a $99.00 price objective (up previously from $81.00) on shares of CVS Health in a report on Thursday, January 18th. Mizuho set a $95.00 price objective on CVS Health and gave the company a “buy” rating in a report on Wednesday, January 24th. Needham & Company LLC raised CVS Health from a “buy” rating to a “strong-buy” rating and increased their price objective for the company from $88.00 to $100.00 in a report on Tuesday, January 30th. ValuEngine lowered CVS Health from a “buy” rating to a “hold” rating in a report on Friday, February 2nd. Finally, Royal Bank of Canada set a $89.00 price objective on CVS Health and gave the company a “buy” rating in a report on Thursday, February 8th. Three analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $86.27.
About CVS Health
CVS Health Corporation, together with its subsidiaries, provides integrated pharmacy health care services. It operates through Pharmacy Services and Retail/LTC segments. The Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, Medicare Part D services, mail order, specialty pharmacy and infusion services, retail pharmacy network management services, prescription management systems, clinical services, disease management programs, and medical pharmacy management services.
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