Cardinal Capital Management Inc. Decreases Stake in CVS Health Co. (NYSE:CVS)

Posted by Defense World Staff on Jun 16th, 2024

Cardinal Capital Management Inc. lessened its stake in shares of CVS Health Co. (NYSE:CVS – Free Report) by 4.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 321,190 shares of the pharmacy operator’s stock after selling 13,652 shares during the period. CVS Health makes up about 1.2% of Cardinal Capital Management Inc.’s portfolio, making the stock its 27th biggest position. Cardinal Capital Management Inc.’s holdings in CVS Health were worth $25,361,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in CVS. Checchi Capital Advisers LLC lifted its position in CVS Health by 2.3% during the 3rd quarter. Checchi Capital Advisers LLC now owns 10,405 shares of the pharmacy operator’s stock worth $726,000 after acquiring an additional 233 shares during the period. Personal CFO Solutions LLC lifted its holdings in shares of CVS Health by 2.6% during the third quarter. Personal CFO Solutions LLC now owns 19,355 shares of the pharmacy operator’s stock worth $1,351,000 after purchasing an additional 491 shares during the period. Riverpoint Wealth Management Holdings LLC acquired a new position in CVS Health in the 4th quarter worth approximately $218,000. Canoe Financial LP raised its position in CVS Health by 95.1% during the 4th quarter. Canoe Financial LP now owns 1,762,629 shares of the pharmacy operator’s stock worth $139,177,000 after buying an additional 859,134 shares during the last quarter. Finally, Meritage Portfolio Management boosted its holdings in shares of CVS Health by 30.6% in the 4th quarter. Meritage Portfolio Management now owns 66,322 shares of the pharmacy operator’s stock valued at $5,237,000 after acquiring an additional 15,548 shares during the last quarter. Hedge funds and other institutional investors own 80.66% of the company’s stock.

Insiders Place Their Bets

In other CVS Health news, Director Edward J. Ludwig purchased 1,000 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was acquired at an average price of $53.88 per share, for a total transaction of $53,880.00. Following the completion of the purchase, the director now directly owns 21,630 shares in the company, valued at approximately $1,165,424.40. The purchase was disclosed in a filing with the SEC, which is available through this link. 0.24% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. The Goldman Sachs Group reduced their target price on shares of CVS Health from $85.00 to $74.00 and set a “buy” rating for the company in a report on Thursday, May 2nd. TD Cowen lowered CVS Health from a “buy” rating to a “hold” rating and dropped their target price for the stock from $99.00 to $59.00 in a report on Tuesday, May 7th. Argus decreased their price target on CVS Health from $100.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, May 8th. Robert W. Baird started coverage on shares of CVS Health in a research note on Thursday, May 30th. They issued a “neutral” rating and a $61.00 target price for the company. Finally, UBS Group downgraded shares of CVS Health from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $85.00 to $60.00 in a report on Thursday, May 2nd. Eleven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, CVS Health has an average rating of “Moderate Buy” and a consensus price target of $75.05.

Read Our Latest Report on CVS Health

CVS Health Stock Down 1.3 %

Shares of NYSE CVS opened at $60.22 on Friday. CVS Health Co. has a 52-week low of $52.77 and a 52-week high of $83.25. The business’s 50 day moving average is $61.51 and its two-hundred day moving average is $70.92. The firm has a market cap of $75.60 billion, a price-to-earnings ratio of 10.58, a PEG ratio of 0.57 and a beta of 0.53. The company has a quick ratio of 0.61, a current ratio of 0.81 and a debt-to-equity ratio of 0.78.

CVS Health (NYSE:CVS – Get Free Report) last posted its earnings results on Wednesday, May 1st. The pharmacy operator reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.69 by ($0.38). The firm had revenue of $88.44 billion for the quarter, compared to analyst estimates of $89.33 billion. CVS Health had a return on equity of 13.53% and a net margin of 2.03%. CVS Health’s revenue was up 3.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.20 EPS. Research analysts predict that CVS Health Co. will post 7.02 EPS for the current year.

CVS Health Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 22nd were paid a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a yield of 4.42%. The ex-dividend date of this dividend was Friday, April 19th. CVS Health’s payout ratio is currently 46.75%.

CVS Health Company Profile

(Free Report)

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.