AIA Group Ltd Has $1.26 Million Stake in CVS Health Co. (NYSE:CVS)

AIA Group Ltd lowered its stake in shares of CVS Health Co. (NYSE:CVS) by 24.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 28,137 shares of the pharmacy operator’s stock after selling 9,053 shares during the period. AIA Group Ltd’s holdings in CVS Health were worth $1,263,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in CVS. Partners in Financial Planning acquired a new position in CVS Health in the 4th quarter valued at approximately $265,000. Clearbridge Investments LLC lifted its position in CVS Health by 74.1% in the fourth quarter. Clearbridge Investments LLC now owns 4,397,121 shares of the pharmacy operator’s stock worth $197,387,000 after purchasing an additional 1,872,144 shares during the period. Brandywine Global Investment Management LLC boosted its stake in CVS Health by 29.6% during the fourth quarter. Brandywine Global Investment Management LLC now owns 2,848,986 shares of the pharmacy operator’s stock worth $127,891,000 after buying an additional 650,832 shares in the last quarter. Allianz SE bought a new stake in CVS Health in the 4th quarter valued at $3,648,000. Finally, Allstate Corp acquired a new position in shares of CVS Health in the 4th quarter valued at $1,680,000. Institutional investors own 80.66% of the company’s stock.

Insiders Place Their Bets

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

Analysts Set New Price Targets

Several research firms recently issued reports on CVS. Truist Financial increased their price target on shares of CVS Health from $60.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. JPMorgan Chase & Co. lifted their price objective on CVS Health from $80.00 to $81.00 and gave the company an “overweight” rating in a report on Tuesday, February 18th. Barclays upped their target price on shares of CVS Health from $71.00 to $73.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Evercore ISI boosted their price target on shares of CVS Health from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Monday, January 27th. Finally, StockNews.com raised shares of CVS Health from a “sell” rating to a “hold” rating in a report on Thursday, February 13th. Four equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $70.39.

CVS Health Stock Performance

Shares of NYSE:CVS opened at $67.79 on Tuesday. CVS Health Co. has a 1-year low of $43.56 and a 1-year high of $79.98. The business has a 50-day moving average price of $62.42 and a two-hundred day moving average price of $57.76. The company has a current ratio of 0.81, a quick ratio of 0.60 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $85.46 billion, a P/E ratio of 18.52, a P/E/G ratio of 0.98 and a beta of 0.54.

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

CVS Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Tuesday, April 22nd will be paid a $0.665 dividend. This represents a $2.66 annualized dividend and a yield of 3.92%. The ex-dividend date is Tuesday, April 22nd. CVS Health’s payout ratio is 72.68%.

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.