Sumitomo Life Insurance Co. Sells 1,044 Shares of CVS Health Co. (NYSE:CVS)

Sumitomo Life Insurance Co. decreased its stake in shares of CVS Health Co. (NYSE:CVS) by 4.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,138 shares of the pharmacy operator’s stock after selling 1,044 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in CVS Health were worth $1,590,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Live Oak Investment Partners purchased a new stake in shares of CVS Health in the 4th quarter valued at $25,000. Atticus Wealth Management LLC boosted 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 valued at $29,000 after acquiring an additional 219 shares during the last quarter. Cornerstone Planning Group LLC raised its position in CVS Health by 111.5% during the third quarter. Cornerstone Planning Group LLC now owns 461 shares of the pharmacy operator’s stock worth $32,000 after acquiring an additional 243 shares during the period. ZRC Wealth Management LLC raised its position in CVS Health by 400.0% during the fourth quarter. ZRC Wealth Management LLC now owns 500 shares of the pharmacy operator’s stock worth $39,000 after acquiring an additional 400 shares during the period. Finally, True Wealth Design LLC acquired a new position in CVS Health during the fourth quarter worth $48,000. Institutional investors and hedge funds own 80.66% of the company’s stock.

Insider Activity

In other news, EVP Prem S. Shah sold 29,473 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $76.95, for a total value of $2,267,947.35. Following the completion of the transaction, the executive vice president now owns 39,765 shares of the company’s stock, valued at $3,059,916.75. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.24% of the company’s stock.

CVS Health Trading Down 1.6 %

Shares of CVS stock opened at $68.64 on Monday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.86 and a quick ratio of 0.63. The firm has a market cap of $86.52 billion, a PE ratio of 10.63, a price-to-earnings-growth ratio of 0.91 and a beta of 0.52. The company has a 50-day moving average of $75.85 and a two-hundred day moving average of $73.78. CVS Health Co. has a 1-year low of $64.41 and a 1-year high of $83.25.

CVS Health (NYSE:CVS) last posted its quarterly earnings data on Wednesday, February 7th. The pharmacy operator reported $2.12 EPS for the quarter, beating the consensus estimate of $2.01 by $0.11. CVS Health had a net margin of 2.33% and a return on equity of 15.25%. The business had revenue of $93.81 billion during the quarter, compared to analyst estimates of $90.58 billion. During the same quarter last year, the firm posted $1.99 earnings per share. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year. On average, analysts predict that CVS Health Co. will post 8.33 EPS for the current year.

CVS Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 22nd will be paid a $0.665 dividend. This represents a $2.66 annualized dividend and a dividend yield of 3.88%. The ex-dividend date of this dividend is Friday, April 19th. CVS Health’s payout ratio is 41.18%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Leerink Partnrs reiterated an “outperform” rating on shares of CVS Health in a research report on Monday, February 26th. Royal Bank of Canada reduced their target price on shares of CVS Health from $86.00 to $84.00 and set an “outperform” rating for the company in a research report on Thursday, February 8th. HSBC assumed coverage on shares of CVS Health in a research report on Friday, December 22nd. They issued a “buy” rating and a $94.00 target price for the company. Wells Fargo & Company reduced their target price on shares of 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. Finally, Piper Sandler raised their price objective on shares of CVS Health from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Friday, March 15th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, CVS Health currently has an average rating of “Moderate Buy” and a consensus price target of $89.44.

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.