Mechanics Bank Trust Department Reduces Holdings in CVS Health Co. (NYSE:CVS)

Mechanics Bank Trust Department reduced its holdings in shares of CVS Health Co. (NYSE:CVS) by 8.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,416 shares of the pharmacy operator’s stock after selling 1,861 shares during the quarter. Mechanics Bank Trust Department’s holdings in CVS Health were worth $1,411,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Wealth Quarterback LLC lifted its holdings in CVS Health by 1.2% in the 4th quarter. Wealth Quarterback LLC now owns 10,015 shares of the pharmacy operator’s stock valued at $933,000 after acquiring an additional 119 shares during the last quarter. Forte Capital LLC ADV lifted its holdings in CVS Health by 1.4% in the 4th quarter. Forte Capital LLC ADV now owns 8,743 shares of the pharmacy operator’s stock valued at $815,000 after acquiring an additional 119 shares during the last quarter. Weik Capital Management lifted its holdings in CVS Health by 0.7% in the 1st quarter. Weik Capital Management now owns 17,600 shares of the pharmacy operator’s stock valued at $1,781,000 after acquiring an additional 120 shares during the last quarter. FCA Corp TX lifted its holdings in CVS Health by 0.6% in the 1st quarter. FCA Corp TX now owns 20,109 shares of the pharmacy operator’s stock valued at $2,035,000 after acquiring an additional 122 shares during the last quarter. Finally, Arvest Trust Co. N A lifted its holdings in CVS Health by 1.2% in the 4th quarter. Arvest Trust Co. N A now owns 11,157 shares of the pharmacy operator’s stock valued at $1,040,000 after acquiring an additional 131 shares during the last quarter. 75.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $87.00 price objective on shares of CVS Health in a research note on Thursday. Piper Sandler dropped their target price on CVS Health from $85.00 to $82.00 and set an “overweight” rating on the stock in a report on Friday, September 1st. Barclays dropped their target price on CVS Health from $89.00 to $86.00 and set an “overweight” rating on the stock in a report on Thursday, August 3rd. Morgan Stanley dropped their target price on CVS Health from $120.00 to $110.00 and set an “overweight” rating on the stock in a report on Thursday, August 3rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $91.00 target price on shares of CVS Health in a report on Friday, August 18th. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, CVS Health currently has a consensus rating of “Moderate Buy” and an average price target of $96.00.

Insider Activity

In other news, SVP James David Clark sold 25,759 shares of the stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $74.92, for a total value of $1,929,864.28. Following the completion of the sale, the senior vice president now directly owns 4,698 shares of the company’s stock, valued at $351,974.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.25% of the stock is owned by company insiders.

CVS Health Trading Up 1.3 %

Shares of CVS stock opened at $70.87 on Friday. CVS Health Co. has a 12 month low of $64.62 and a 12 month high of $104.83. The company has a quick ratio of 0.64, a current ratio of 0.86 and a debt-to-equity ratio of 0.84. The business’s 50 day moving average is $70.83 and its two-hundred day moving average is $71.85. The company has a market cap of $91.03 billion, a PE ratio of 31.08, a price-to-earnings-growth ratio of 1.33 and a beta of 0.63.

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

CVS Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Friday, July 21st were given a $0.605 dividend. The ex-dividend date of this dividend was Thursday, July 20th. This represents a $2.42 annualized dividend and a dividend yield of 3.41%. CVS Health’s dividend payout ratio is 106.14%.

CVS Health Company Profile

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.