CIBC Asset Management Inc Has $48.49 Million Stock Position in CVS Health Co. (NYSE:CVS)

CIBC Asset Management Inc grew its stake in shares of CVS Health Co. (NYSE:CVS) by 16.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 652,476 shares of the pharmacy operator’s stock after purchasing an additional 94,544 shares during the period. CIBC Asset Management Inc owned approximately 0.05% of CVS Health worth $48,485,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Live Oak Investment Partners acquired a new position in shares of CVS Health during the fourth quarter valued at about $25,000. 25 LLC bought a new stake in shares of CVS Health during the first quarter worth about $39,000. Freedom Wealth Alliance LLC bought a new stake in shares of CVS Health during the fourth quarter worth about $40,000. Ahrens Investment Partners LLC bought a new stake in shares of CVS Health during the first quarter worth about $45,000. Finally, Versant Capital Management Inc increased its position in shares of CVS Health by 178.6% during the first quarter. Versant Capital Management Inc now owns 624 shares of the pharmacy operator’s stock worth $46,000 after acquiring an additional 400 shares in the last quarter. Institutional investors and hedge funds own 75.99% of the company’s stock.

CVS Health Stock Performance

Shares of CVS stock traded up $0.49 during trading on Tuesday, reaching $66.16. 1,563,882 shares of the company’s stock traded hands, compared to its average volume of 9,072,649. The company has a market capitalization of $84.98 billion, a P/E ratio of 28.80, a PEG ratio of 1.24 and a beta of 0.63. The company has a current ratio of 0.86, a quick ratio of 0.64 and a debt-to-equity ratio of 0.84. The firm’s 50-day moving average is $71.01 and its 200 day moving average is $72.92. CVS Health Co. has a 1 year low of $64.62 and a 1 year high of $104.83.

CVS Health (NYSE:CVS) last announced its quarterly earnings results on Wednesday, August 2nd. The pharmacy operator reported $2.21 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.09. The company had revenue of $88.92 billion for the quarter, compared to analysts’ expectations of $86.41 billion. CVS Health had a net margin of 0.86% and a return on equity of 15.43%. CVS Health’s revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.40 EPS. Equities research analysts expect that CVS Health Co. will post 8.61 EPS for the current year.

CVS Health Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Shareholders of record on Friday, July 21st were paid a $0.605 dividend. This represents a $2.42 annualized dividend and a yield of 3.66%. The ex-dividend date of this dividend was Thursday, July 20th. CVS Health’s dividend payout ratio is presently 106.14%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Credit Suisse Group decreased their target price on shares of CVS Health from $125.00 to $96.00 in a research report on Monday, May 8th. StockNews.com began coverage on shares of CVS Health in a research report on Thursday, August 17th. They issued a “buy” rating for the company. JPMorgan Chase & Co. reduced their price objective on shares of CVS Health from $114.00 to $106.00 in a research report on Friday, July 7th. Piper Sandler reduced their price objective on shares of CVS Health from $85.00 to $82.00 and set an “overweight” rating for the company in a research report on Friday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $91.00 price objective on shares of CVS Health in a research report on Friday, August 18th. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $98.65.

Insiders Place Their Bets

In other CVS Health news, SVP James David Clark sold 25,759 shares of the stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $74.92, for a total value of $1,929,864.28. Following the sale, the senior vice president now directly owns 4,698 shares in the company, valued at approximately $351,974.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.25% of the company’s stock.

About CVS Health

CVS Health Corporation provides health services in the United States. It operates through Health Care Benefits, Pharmacy Services, and Retail/LTC segments. The Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services. It serves employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups, and expatriates.