Spinnaker Trust Decreases Stock Holdings in CVS Health Co. (NYSE:CVS)

Spinnaker Trust cut its stake in shares of CVS Health Co. (NYSE:CVS) by 5.9% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 41,733 shares of the pharmacy operator’s stock after selling 2,600 shares during the quarter. Spinnaker Trust’s holdings in CVS Health were worth $3,295,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Kovack Advisors Inc. boosted its position in shares of CVS Health by 66.0% in the fourth quarter. Kovack Advisors Inc. now owns 25,278 shares of the pharmacy operator’s stock worth $1,996,000 after purchasing an additional 10,050 shares during the period. K.J. Harrison & Partners Inc grew its holdings in CVS Health by 59.2% during the 4th quarter. K.J. Harrison & Partners Inc now owns 53,221 shares of the pharmacy operator’s stock valued at $4,202,000 after buying an additional 19,800 shares in the last quarter. Herold Advisors Inc. lifted its holdings in shares of CVS Health by 1.4% in the fourth quarter. Herold Advisors Inc. now owns 23,965 shares of the pharmacy operator’s stock worth $1,893,000 after buying an additional 333 shares in the last quarter. AM Investment Strategies LLC boosted its position in shares of CVS Health by 13.5% during the fourth quarter. AM Investment Strategies LLC now owns 7,618 shares of the pharmacy operator’s stock worth $602,000 after acquiring an additional 908 shares during the last quarter. Finally, Motley Fool Asset Management LLC grew its stake in CVS Health by 7.3% during the fourth quarter. Motley Fool Asset Management LLC now owns 35,436 shares of the pharmacy operator’s stock valued at $2,798,000 after acquiring an additional 2,423 shares in the last quarter. 80.66% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other CVS Health news, EVP Prem S. Shah sold 29,473 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 39,765 shares in the company, valued at approximately $3,059,916.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.24% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CVS shares. Cantor Fitzgerald reissued an “overweight” rating and set a $87.00 price objective on shares of CVS Health in a report on Wednesday, April 10th. Barclays began coverage on CVS Health in a report on Wednesday, March 6th. They set an “equal weight” rating and a $78.00 price target for the company. Piper Sandler upped their price objective on CVS Health from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Friday, March 15th. Royal Bank of Canada cut their target price on shares of CVS Health from $86.00 to $84.00 and set an “outperform” rating for the company in a report on Thursday, February 8th. Finally, Leerink Partnrs reissued an “outperform” rating on shares of CVS Health in a research note on Monday, February 26th. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.44.

CVS Health Trading Down 0.2 %

CVS Health stock traded down $0.15 during midday trading on Friday, reaching $67.18. The stock had a trading volume of 6,393,752 shares, compared to its average volume of 10,655,146. CVS Health Co. has a 52-week low of $64.41 and a 52-week high of $83.25. The company has a fifty day moving average of $74.42 and a 200 day moving average of $73.64. The firm has a market cap of $84.68 billion, a price-to-earnings ratio of 10.40, a price-to-earnings-growth ratio of 0.90 and a beta of 0.52. The company has a quick ratio of 0.63, a current ratio of 0.86 and a debt-to-equity ratio of 0.77.

CVS Health (NYSE:CVS) last issued its quarterly earnings results on Wednesday, February 7th. The pharmacy operator reported $2.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.01 by $0.11. The firm had revenue of $93.81 billion during the quarter, compared to analyst estimates of $90.58 billion. CVS Health had a return on equity of 15.25% and a net margin of 2.33%. CVS Health’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same period last year, the company earned $1.99 EPS. On average, analysts anticipate that CVS Health Co. will post 8.31 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 22nd will be issued a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a dividend yield of 3.96%. The ex-dividend date of this dividend is Friday, April 19th. CVS Health’s payout ratio is presently 41.18%.

CVS Health Company 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.