Connecticut Wealth Management LLC Sells 1,798 Shares of CVS Health Co. (NYSE:CVS)

Connecticut Wealth Management LLC trimmed its holdings in shares of CVS Health Co. (NYSE:CVS) by 20.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,045 shares of the pharmacy operator’s stock after selling 1,798 shares during the period. Connecticut Wealth Management LLC’s holdings in CVS Health were worth $556,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Atticus Wealth Management LLC lifted its holdings in shares of CVS Health by 149.0% in the 4th quarter. Atticus Wealth Management LLC now owns 366 shares of the pharmacy operator’s stock worth $29,000 after purchasing an additional 219 shares in the last quarter. Cornerstone Planning Group LLC lifted its holdings in shares of CVS Health by 111.5% in the 3rd quarter. Cornerstone Planning Group LLC now owns 461 shares of the pharmacy operator’s stock worth $32,000 after purchasing an additional 243 shares in the last quarter. ZRC Wealth Management LLC raised its position in CVS Health by 400.0% in the 4th quarter. ZRC Wealth Management LLC now owns 500 shares of the pharmacy operator’s stock valued at $39,000 after buying an additional 400 shares during the last quarter. Coston McIsaac & Partners raised its position in CVS Health by 42.6% in the 4th quarter. Coston McIsaac & Partners now owns 539 shares of the pharmacy operator’s stock valued at $42,000 after buying an additional 161 shares during the last quarter. Finally, Tennessee Valley Asset Management Partners purchased a new stake in CVS Health in the 4th quarter valued at $50,000. 80.66% of the stock is currently owned by institutional investors.

CVS Health Price Performance

Shares of NYSE CVS traded down $0.21 during trading hours on Monday, reaching $55.69. 9,226,247 shares of the stock traded hands, compared to its average volume of 11,716,743. The company has a market capitalization of $69.91 billion, a P/E ratio of 9.76, a price-to-earnings-growth ratio of 0.88 and a beta of 0.56. The company has a quick ratio of 0.61, a current ratio of 0.81 and a debt-to-equity ratio of 0.78. CVS Health Co. has a 52-week low of $53.70 and a 52-week high of $83.25. The company’s 50-day simple moving average is $72.77 and its two-hundred day simple moving average is $73.29.

CVS Health (NYSE:CVS) last announced its quarterly earnings data on Wednesday, May 1st. The pharmacy operator reported $1.31 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.38). The firm had revenue of $88.44 billion for the quarter, compared to analysts’ expectations of $89.33 billion. CVS Health had a net margin of 2.03% and a return on equity of 13.53%. The business’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.20 earnings per share. Equities research analysts forecast that CVS Health Co. will post 7.03 EPS for the current year.

CVS Health Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 22nd were paid a $0.665 dividend. The ex-dividend date of this dividend was Friday, April 19th. This represents a $2.66 dividend on an annualized basis and a yield of 4.78%. CVS Health’s dividend payout ratio (DPR) is currently 46.75%.

Insiders Place Their Bets

In other CVS Health news, EVP Prem S. Shah sold 29,473 shares of CVS Health stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $76.95, for a total value of $2,267,947.35. Following the transaction, the executive vice president now directly owns 39,765 shares of the company’s stock, valued at approximately $3,059,916.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other CVS Health news, EVP Prem S. Shah sold 29,473 shares of CVS Health stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $76.95, for a total value of $2,267,947.35. Following the transaction, the executive vice president now directly owns 39,765 shares of the company’s stock, valued at approximately $3,059,916.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Edward J. Ludwig purchased 1,000 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was bought at an average cost of $53.88 per share, for a total transaction of $53,880.00. Following the completion of the purchase, the director now directly owns 21,630 shares in the company, valued at $1,165,424.40. The disclosure for this purchase can be found here. Insiders own 0.24% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Wells Fargo & Company lowered their price target on CVS Health from $83.00 to $76.00 and set an “equal weight” rating for the company in a research report on Monday, April 8th. SVB Leerink reaffirmed a “market perform” rating and set a $60.00 target price (down from $87.00) on shares of CVS Health in a research report on Wednesday, May 1st. StockNews.com lowered CVS Health from a “buy” rating to a “hold” rating in a research report on Thursday, February 15th. Mizuho decreased their price objective on CVS Health from $86.00 to $72.00 and set a “buy” rating for the company in a report on Thursday. Finally, Piper Sandler lifted their price objective on CVS Health from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Friday, March 15th. Eight investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, CVS Health currently has a consensus rating of “Moderate Buy” and an average price target of $80.35.

CVS Health Company 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.