Azimuth Capital Investment Management LLC Sells 74,921 Shares of CVS Health Co. (NYSE:CVS)

Posted by Defense World Staff on Jun 14th, 2023

Azimuth Capital Investment Management LLC decreased its position in shares of CVS Health Co. (NYSE:CVS – Get Rating) by 24.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 236,246 shares of the pharmacy operator’s stock after selling 74,921 shares during the period. CVS Health accounts for about 1.1% of Azimuth Capital Investment Management LLC’s investment portfolio, making the stock its 18th largest position. Azimuth Capital Investment Management LLC’s holdings in CVS Health were worth $22,016,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Boothbay Fund Management LLC raised its stake in CVS Health by 6,057.3% during the 4th quarter. Boothbay Fund Management LLC now owns 43,101 shares of the pharmacy operator’s stock worth $4,017,000 after acquiring an additional 42,401 shares during the period. Freedom Wealth Alliance LLC bought a new stake in shares of CVS Health during the fourth quarter valued at approximately $40,000. Brogan Financial Inc. bought a new stake in shares of CVS Health during the fourth quarter valued at approximately $220,000. Axxcess Wealth Management LLC raised its position in shares of CVS Health by 38.4% during the fourth quarter. Axxcess Wealth Management LLC now owns 13,918 shares of the pharmacy operator’s stock valued at $1,298,000 after buying an additional 3,861 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec raised its position in shares of CVS Health by 1.6% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 4,322,098 shares of the pharmacy operator’s stock valued at $402,776,000 after buying an additional 68,942 shares during the last quarter. Institutional investors own 77.29% of the company’s stock.

Insider Activity

In other CVS Health news, CEO Karen S. Lynch acquired 14,000 shares of the stock in a transaction that occurred on Wednesday, May 3rd. The stock was bought at an average cost of $69.75 per share, with a total value of $976,500.00. Following the completion of the purchase, the chief executive officer now directly owns 431,392 shares in the company, valued at $30,089,592. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CVS shares. Deutsche Bank Aktiengesellschaft started coverage on shares of CVS Health in a research report on Monday, April 10th. They set a “hold” rating on the stock. Truist Financial reduced their price objective on shares of CVS Health from $115.00 to $109.00 in a research report on Thursday, May 4th. StockNews.com upgraded shares of CVS Health from a “hold” rating to a “buy” rating in a research report on Tuesday, May 16th. Wells Fargo & Company reduced their price target on shares of CVS Health from $95.00 to $76.00 in a research report on Monday, May 8th. Finally, Credit Suisse Group reduced their price target on shares of CVS Health from $125.00 to $96.00 in a research report on Monday, May 8th. Two investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $108.20.

CVS Health Stock Up 1.1 %

Shares of CVS opened at $72.26 on Wednesday. The firm has a market capitalization of $92.63 billion, a P/E ratio of 23.85, a P/E/G ratio of 1.31 and a beta of 0.63. CVS Health Co. has a 12-month low of $66.34 and a 12-month high of $107.26. The company has a current ratio of 0.92, a quick ratio of 0.67 and a debt-to-equity ratio of 0.79. The firm has a fifty day moving average price of $71.59 and a 200-day moving average price of $82.08.

CVS Health (NYSE:CVS – Get Rating) last issued its earnings results on Wednesday, May 3rd. The pharmacy operator reported $2.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.07 by $0.13. The firm had revenue of $85.28 billion during the quarter, compared to analyst estimates of $80.67 billion. CVS Health had a net margin of 1.20% and a return on equity of 15.75%. The business’s revenue was up 11.0% on a year-over-year basis. During the same period in the previous year, the firm earned $2.22 earnings per share. Equities research analysts expect that CVS Health Co. will post 8.62 earnings per share for the current year.

CVS Health Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, May 1st. Stockholders of record on Friday, April 21st were paid a dividend of $0.605 per share. This represents a $2.42 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date was Thursday, April 20th. CVS Health’s dividend payout ratio is currently 79.87%.

CVS Health Profile

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CVS Health Corp. is a health solutions company, which engages in the provision of healthcare services. It operates through the following segments: Pharmacy Services, Retail or Long-Term Care, Health Care Benefits, and Corporate and Other. The Pharmacy Services segment focuses on the pharmacy benefit management solutions.