Westchester Capital Management Inc. Sells 3,359 Shares of CVS Health Co. (NYSE:CVS)

Westchester Capital Management Inc. lowered its position in CVS Health Co. (NYSE:CVS) by 2.7% in the 4th quarter, HoldingsChannel.com reports. The fund owned 119,327 shares of the pharmacy operator’s stock after selling 3,359 shares during the quarter. CVS Health accounts for about 1.3% of Westchester Capital Management Inc.’s investment portfolio, making the stock its 24th biggest holding. Westchester Capital Management Inc.’s holdings in CVS Health were worth $5,357,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Kennebec Savings Bank bought a new position in shares of CVS Health in the third quarter worth about $51,000. Versor Investments LP bought a new position in shares of CVS Health in the third quarter worth about $371,000. Apollon Wealth Management LLC boosted its stake in shares of CVS Health by 5.0% in the third quarter. Apollon Wealth Management LLC now owns 33,635 shares of the pharmacy operator’s stock worth $2,115,000 after acquiring an additional 1,608 shares during the period. GSA Capital Partners LLP bought a new position in shares of CVS Health in the third quarter worth about $816,000. Finally, Patron Partners LLC purchased a new stake in shares of CVS Health in the third quarter worth about $212,000. Institutional investors own 80.66% of the company’s stock.

Insider Buying and Selling at CVS Health

In related news, Director Michael F. Mahoney bought 30,000 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were acquired at an average price of $66.70 per share, with a total value of $2,001,000.00. Following the transaction, the director now owns 39,356 shares of the company’s stock, valued at $2,625,045.20. The trade was a 320.65 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP James David Clark sold 7,513 shares of the stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $66.35, for a total value of $498,487.55. Following the sale, 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 position. The disclosure for this sale can be found here. Insiders own 0.24% of the company’s stock.

CVS Health Stock Down 0.4 %

Shares of NYSE:CVS opened at $64.98 on Wednesday. CVS Health Co. has a 52-week low of $43.56 and a 52-week high of $80.75. The stock has a market cap of $81.92 billion, a P/E ratio of 17.75, a price-to-earnings-growth ratio of 0.98 and a beta of 0.53. The business’s 50 day moving average is $57.24 and its 200 day moving average is $56.83. The company has a quick ratio of 0.60, a current ratio of 0.81 and a debt-to-equity ratio of 0.80.

CVS Health (NYSE:CVS) last announced its earnings results on Wednesday, February 12th. The pharmacy operator reported $1.19 earnings per share (EPS) for the quarter, beating 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%. Sell-side analysts predict that CVS Health Co. will post 5.89 EPS for the current year.

CVS Health Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Thursday, January 23rd were given a dividend of $0.665 per share. The ex-dividend date was Thursday, January 23rd. This represents a $2.66 annualized dividend and a yield of 4.09%. CVS Health’s dividend payout ratio (DPR) is presently 72.68%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on CVS shares. TD Cowen boosted their target price on CVS Health from $73.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. JPMorgan Chase & Co. boosted their target price on CVS Health from $80.00 to $81.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Wells Fargo & Company boosted their target price on CVS Health from $68.00 to $73.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Truist Financial boosted their target price on CVS Health from $60.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Finally, Deutsche Bank Aktiengesellschaft upgraded CVS Health from a “hold” rating to a “buy” rating and set a $66.00 target price on the stock in a research report on Tuesday, December 3rd. Four research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, CVS Health presently has a consensus rating of “Moderate Buy” and a consensus target price 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.