Cullen Frost Bankers Inc. Decreases Holdings in CVS Health Co. (NYSE:CVS)

Cullen Frost Bankers Inc. trimmed its holdings in shares of CVS Health Co. (NYSE:CVS) by 3.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 230,786 shares of the pharmacy operator’s stock after selling 8,768 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in CVS Health were worth $18,223,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Atticus Wealth Management LLC grew its holdings in CVS Health by 149.0% during the 4th quarter. Atticus Wealth Management LLC now owns 366 shares of the pharmacy operator’s stock valued at $29,000 after purchasing an additional 219 shares during the last quarter. Cornerstone Planning Group LLC grew its stake in CVS Health by 111.5% in the 3rd quarter. Cornerstone Planning Group LLC now owns 461 shares of the pharmacy operator’s stock worth $32,000 after acquiring an additional 243 shares in the last quarter. ZRC Wealth Management LLC grew its stake in CVS Health by 400.0% in the 4th quarter. ZRC Wealth Management LLC now owns 500 shares of the pharmacy operator’s stock worth $39,000 after acquiring an additional 400 shares in the last quarter. Coston McIsaac & Partners grew its stake in CVS Health by 42.6% in the 4th quarter. Coston McIsaac & Partners now owns 539 shares of the pharmacy operator’s stock worth $42,000 after acquiring an additional 161 shares in the last quarter. Finally, Tennessee Valley Asset Management Partners bought a new position in CVS Health in the 4th quarter worth about $50,000. 80.66% of the stock is currently owned by hedge funds and other institutional investors.

CVS Health Stock Performance

Shares of NYSE CVS traded down $0.81 during midday trading on Wednesday, reaching $54.93. The company had a trading volume of 13,618,157 shares, compared to its average volume of 11,890,314. The business’s 50-day simple moving average is $71.95 and its 200 day simple moving average is $73.09. The stock has a market cap of $68.96 billion, a P/E ratio of 9.65, a P/E/G ratio of 0.88 and a beta of 0.56. CVS Health Co. has a 1 year low of $53.70 and a 1 year high of $83.25. The company has a current ratio of 0.81, a quick ratio of 0.61 and a debt-to-equity ratio of 0.78.

CVS Health (NYSE:CVS) last posted its quarterly earnings results on Wednesday, May 1st. The pharmacy operator reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.38). The company had revenue of $88.44 billion during the quarter, compared to analysts’ expectations of $89.33 billion. CVS Health had a return on equity of 13.53% and a net margin of 2.03%. The company’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.20 EPS. On average, analysts forecast that CVS Health Co. will post 7.03 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 22nd were paid a $0.665 dividend. The ex-dividend date was Friday, April 19th. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.84%. CVS Health’s payout ratio is currently 46.75%.

Analysts Set New Price Targets

A number of brokerages have commented on CVS. Truist Financial restated a “buy” rating and issued a $66.00 target price (down from $90.00) on shares of CVS Health in a research note on Thursday, May 2nd. Leerink Partnrs cut shares of CVS Health from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 1st. Cantor Fitzgerald cut shares of CVS Health from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $87.00 to $58.00 in a research report on Wednesday, May 1st. UBS Group cut 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 research report on Thursday, May 2nd. Finally, Piper Sandler upped their price target on shares of CVS Health from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Friday, March 15th. Nine research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $77.67.

Insider Transactions at CVS Health

In other news, EVP Prem S. Shah sold 29,473 shares of the stock in a transaction on Friday, February 16th. The shares were sold at an average price of $76.95, for a total value 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 can be accessed through this hyperlink. In related news, EVP Prem S. Shah sold 29,473 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were 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 SEC, which can be accessed through this link. Also, Director Edward J. Ludwig purchased 1,000 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were purchased at an average price of $53.88 per share, for a total transaction of $53,880.00. Following the transaction, the director now owns 21,630 shares of the company’s stock, valued at approximately $1,165,424.40. The disclosure for this purchase can be found here. Company insiders own 0.24% of the company’s stock.

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.