Confluence Wealth Services Inc. Lowers Position in CVS Health Co. (NYSE:CVS)

Confluence Wealth Services Inc. trimmed its holdings in shares of CVS Health Co. (NYSE:CVS) by 11.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,338 shares of the pharmacy operator’s stock after selling 1,330 shares during the quarter. Confluence Wealth Services Inc.’s holdings in CVS Health were worth $825,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Atticus Wealth Management LLC increased its position in shares of CVS Health by 149.0% during the fourth quarter. Atticus Wealth Management LLC now owns 366 shares of the pharmacy operator’s stock valued at $29,000 after acquiring an additional 219 shares during the last quarter. USA Financial Formulas increased its position in shares of CVS Health by 573.2% during the fourth quarter. USA Financial Formulas now owns 377 shares of the pharmacy operator’s stock valued at $30,000 after acquiring an additional 321 shares during the last quarter. Cornerstone Planning Group LLC increased its position in shares of CVS Health by 111.5% during the third quarter. Cornerstone Planning Group LLC now owns 461 shares of the pharmacy operator’s stock valued at $32,000 after acquiring an additional 243 shares during the last quarter. Ables Iannone Moore & Associates Inc. purchased a new stake in shares of CVS Health during the fourth quarter valued at approximately $32,000. Finally, Creekmur Asset Management LLC purchased a new stake in shares of CVS Health during the fourth quarter valued at approximately $34,000. 80.66% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at CVS Health

In other CVS Health news, EVP Prem S. Shah sold 29,473 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now owns 39,765 shares in the company, valued at $3,059,916.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.24% of the company’s stock.

CVS Health Price Performance

NYSE:CVS traded up $0.28 during trading hours on Tuesday, hitting $67.73. 13,476,347 shares of the company’s stock traded hands, compared to its average volume of 10,639,692. The firm has a market cap of $85.37 billion, a P/E ratio of 10.48, a P/E/G ratio of 0.89 and a beta of 0.52. CVS Health Co. has a 52 week low of $64.41 and a 52 week high of $83.25. The business’s fifty day simple moving average is $74.05 and its two-hundred day simple moving average is $73.62. 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 posted its quarterly earnings data on Wednesday, February 7th. The pharmacy operator reported $2.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.11. The company 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%. The firm’s quarterly revenue was up 11.9% on a year-over-year basis. During the same quarter last year, the company earned $1.99 earnings per share. On average, research analysts anticipate that CVS Health Co. will post 8.31 earnings per share for the current fiscal year.

CVS Health Announces Dividend

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

Analyst Ratings Changes

CVS has been the subject of several research reports. SVB Leerink initiated coverage on CVS Health in a report on Monday, February 26th. They set an “outperform” rating and a $88.00 price objective for the company. Royal Bank of Canada reduced their price objective on CVS Health from $86.00 to $84.00 and set an “outperform” rating for the company in a report on Thursday, February 8th. Barclays initiated coverage on CVS Health in a report on Wednesday, March 6th. They set an “equal weight” rating and a $78.00 price objective for the company. 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. Finally, Leerink Partnrs reissued an “outperform” rating on shares of CVS Health in a report 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, CVS Health has a consensus rating of “Moderate Buy” and a consensus price target of $89.44.

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.