Norway Savings Bank raised its stake in CVS Health Co. (NYSE:CVS – Free Report) by 4.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,346 shares of the pharmacy operator’s stock after buying an additional 1,330 shares during the period. CVS Health accounts for 1.2% of Norway Savings Bank’s holdings, making the stock its 28th largest holding. Norway Savings Bank’s holdings in CVS Health were worth $2,236,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also recently added to or reduced their stakes in the company. Live Oak Investment Partners bought a new position in shares of CVS Health during the fourth quarter valued at $25,000. Freedom Wealth Alliance LLC bought a new position in shares of CVS Health during the fourth quarter valued at $40,000. True Wealth Design LLC bought a new position in shares of CVS Health during the fourth quarter valued at $48,000. 25 LLC bought a new position in CVS Health during the first quarter worth $39,000. Finally, General Partner Inc. bought a new position in CVS Health during the first quarter worth $47,000. Institutional investors and hedge funds own 75.99% of the company’s stock.
CVS Health Stock Performance
CVS stock traded up $0.92 during mid-day trading on Friday, hitting $70.87. The company had a trading volume of 12,757,510 shares, compared to its average volume of 8,105,124. The firm 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. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.64 and a current ratio of 0.86. CVS Health Co. has a 12 month low of $64.62 and a 12 month high of $104.83. The stock’s fifty day moving average price is $70.83 and its two-hundred day moving average price is $71.85.
CVS Health Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Friday, July 21st were issued a dividend of $0.605 per share. This represents a $2.42 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date was Thursday, July 20th. CVS Health’s dividend payout ratio (DPR) is presently 106.14%.
Insider Buying and Selling
In related news, SVP James David Clark sold 25,759 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $74.92, for a total transaction of $1,929,864.28. Following the sale, the senior vice president now owns 4,698 shares of the company’s stock, valued at approximately $351,974.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.25% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
CVS has been the subject of a number of analyst reports. Truist Financial lowered their target price on shares of CVS Health from $103.00 to $98.00 and set a “buy” rating for the company in a research note on Thursday, August 3rd. Cantor Fitzgerald reissued an “overweight” rating and set a $87.00 target price on shares of CVS Health in a research note on Thursday. Edward Jones downgraded shares of CVS Health from a “buy” rating to a “hold” rating in a research note on Thursday, August 17th. JPMorgan Chase & Co. lowered their target price on shares of CVS Health from $114.00 to $106.00 in a research note on Friday, July 7th. Finally, Barclays decreased their price target on shares of CVS Health from $89.00 to $86.00 and set an “overweight” rating for the company in a research note on Thursday, August 3rd. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $96.00.
CVS Health 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.
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