Penobscot Investment Management Company Inc. Has $1.27 Million Stock Holdings in CVS Health Co. (NYSE:CVS)

Penobscot Investment Management Company Inc. trimmed its position in CVS Health Co. (NYSE:CVS) by 11.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,032 shares of the pharmacy operator’s stock after selling 1,972 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in CVS Health were worth $1,266,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CVS. FMR LLC lifted its position in shares of CVS Health by 29.1% during the 3rd quarter. FMR LLC now owns 27,487,238 shares of the pharmacy operator’s stock valued at $1,919,159,000 after acquiring an additional 6,194,441 shares during the period. International Assets Investment Management LLC lifted its position in shares of CVS Health by 8,697.2% during the 4th quarter. International Assets Investment Management LLC now owns 1,322,129 shares of the pharmacy operator’s stock valued at $104,395,000 after acquiring an additional 1,307,100 shares during the period. Canada Pension Plan Investment Board lifted its position in shares of CVS Health by 49.9% during the 3rd quarter. Canada Pension Plan Investment Board now owns 2,095,978 shares of the pharmacy operator’s stock valued at $146,341,000 after acquiring an additional 698,054 shares during the period. Pacer Advisors Inc. lifted its position in shares of CVS Health by 12.6% during the 4th quarter. Pacer Advisors Inc. now owns 5,513,230 shares of the pharmacy operator’s stock worth $435,325,000 after buying an additional 616,785 shares during the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC bought a new stake in shares of CVS Health during the 3rd quarter worth $34,379,000. 80.66% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently weighed in on CVS shares. Piper Sandler upped their price objective on CVS Health from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Friday, March 15th. Wells Fargo & Company lowered their target price on CVS Health from $83.00 to $76.00 and set an “equal weight” rating for the company in a report on Monday, April 8th. Leerink Partnrs reaffirmed an “outperform” rating on shares of CVS Health in a report on Monday, February 26th. Royal Bank of Canada lowered their target price on CVS Health from $86.00 to $84.00 and set an “outperform” rating for the company in a report on Thursday, February 8th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $87.00 target price on shares of CVS Health in a report on Wednesday, April 10th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, CVS Health presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.44.

CVS Health Trading Up 0.4 %

Shares of CVS stock opened at $67.73 on Wednesday. The stock has a market cap of $85.37 billion, a price-to-earnings ratio of 10.48, a PEG ratio of 0.89 and a beta of 0.52. The stock has a 50-day moving average of $74.05 and a 200-day moving average of $73.62. The company has a current ratio of 0.86, a quick ratio of 0.63 and a debt-to-equity ratio of 0.77. CVS Health Co. has a 1-year low of $64.41 and a 1-year high of $83.25.

CVS Health (NYSE:CVS) last released its earnings results on Wednesday, February 7th. The pharmacy operator reported $2.12 EPS for the quarter, topping the consensus estimate of $2.01 by $0.11. CVS Health had a return on equity of 15.25% and a net margin of 2.33%. The business had revenue of $93.81 billion during the quarter, compared to analysts’ expectations of $90.58 billion. During the same quarter last year, the firm posted $1.99 earnings per share. The firm’s revenue was up 11.9% on a year-over-year basis. On average, equities research analysts forecast that CVS Health Co. will post 8.31 earnings per share for the current year.

CVS Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 22nd will be paid a dividend of $0.665 per share. The ex-dividend date is Friday, April 19th. This represents a $2.66 annualized dividend and a yield of 3.93%. CVS Health’s dividend payout ratio is currently 41.18%.

Insider Buying and Selling

In related news, EVP Prem S. Shah sold 29,473 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $76.95, for a total transaction of $2,267,947.35. Following the completion of the sale, 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 Securities & Exchange Commission, which is available at the SEC website. 0.24% of the stock is currently owned by insiders.

About CVS Health

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.