Parallel Advisors LLC Decreases Stock Holdings in CVS Health Co. (NYSE:CVS)

Parallel Advisors LLC decreased its holdings in shares of CVS Health Co. (NYSE:CVS) by 22.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,662 shares of the pharmacy operator’s stock after selling 2,242 shares during the quarter. Parallel Advisors LLC’s holdings in CVS Health were worth $344,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Cibc World Markets Corp grew its stake in shares of CVS Health by 16.4% in the fourth quarter. Cibc World Markets Corp now owns 198,542 shares of the pharmacy operator’s stock valued at $8,913,000 after buying an additional 27,985 shares in the last quarter. SouthState Corp grew its position in CVS Health by 849.6% in the fourth quarter. SouthState Corp now owns 26,989 shares of the pharmacy operator’s stock valued at $1,212,000 after acquiring an additional 24,147 shares in the last quarter. Altus Wealth Group LLC raised its stake in shares of CVS Health by 5.5% during the fourth quarter. Altus Wealth Group LLC now owns 5,501 shares of the pharmacy operator’s stock valued at $247,000 after purchasing an additional 287 shares during the period. Frank Rimerman Advisors LLC boosted its stake in shares of CVS Health by 63.3% in the fourth quarter. Frank Rimerman Advisors LLC now owns 11,787 shares of the pharmacy operator’s stock valued at $529,000 after purchasing an additional 4,571 shares during the period. Finally, Intact Investment Management Inc. grew its holdings in CVS Health by 240.8% during the 4th quarter. Intact Investment Management Inc. now owns 274,000 shares of the pharmacy operator’s stock valued at $12,300,000 after purchasing an additional 193,600 shares in the last quarter. 80.66% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Michael F. Mahoney bought 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The shares were purchased at an average price of $66.70 per share, with a total value of $2,001,000.00. Following the completion of the acquisition, the director now directly owns 39,356 shares in the company, valued at approximately $2,625,045.20. This trade represents a 320.65 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP James David Clark sold 7,513 shares of the stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $66.35, for a total value of $498,487.55. Following the transaction, the senior vice president now directly owns 8,394 shares of the company’s stock, valued at approximately $556,941.90. The trade was a 47.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.24% of the company’s stock.

CVS Health Stock Down 2.1 %

CVS Health stock opened at $67.22 on Friday. The firm has a market capitalization of $84.75 billion, a P/E ratio of 18.37, a P/E/G ratio of 0.98 and a beta of 0.54. The company has a 50-day simple moving average of $60.60 and a 200-day simple moving average of $57.34. CVS Health Co. has a one year low of $43.56 and a one year high of $80.75. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.60 and a current ratio of 0.81.

CVS Health (NYSE:CVS) last announced its quarterly earnings results on Wednesday, February 12th. The pharmacy operator reported $1.19 EPS for the quarter, beating the consensus estimate of $0.89 by $0.30. CVS Health had a net margin of 1.24% and a return on equity of 9.11%. As a group, equities analysts expect that CVS Health Co. will post 5.89 earnings per share for the current year.

CVS Health Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 22nd will be paid a $0.665 dividend. The ex-dividend date is Tuesday, April 22nd. This represents a $2.66 annualized dividend and a dividend yield of 3.96%. CVS Health’s payout ratio is 72.68%.

Analyst Ratings Changes

CVS has been the subject of a number of analyst reports. Leerink Partners raised shares of CVS Health from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $55.00 to $75.00 in a research report on Thursday, February 13th. Deutsche Bank Aktiengesellschaft upgraded CVS Health from a “hold” rating to a “buy” rating and set a $66.00 price objective for the company in a research note on Tuesday, December 3rd. Barclays upped their target price on CVS Health from $71.00 to $73.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. UBS Group dropped their price target on shares of CVS Health from $62.00 to $59.00 and set a “neutral” rating for the company in a research note on Tuesday, February 11th. Finally, Cantor Fitzgerald upgraded shares of CVS Health from a “neutral” rating to an “overweight” rating in a research note on Wednesday, February 12th. Four research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $70.39.

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.