Congress Wealth Management LLC DE Sells 3,683 Shares of CVS Health Co. (NYSE:CVS)

Posted by on Jun 29th, 2023

Congress Wealth Management LLC DE decreased its holdings in CVS Health Co. (NYSE:CVS – Free Report) by 45.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,406 shares of the pharmacy operator’s stock after selling 3,683 shares during the quarter. Congress Wealth Management LLC DE’s holdings in CVS Health were worth $327,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Cantor Fitzgerald Investment Advisor L.P increased its stake in shares of CVS Health by 92.9% in the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 377,875 shares of the pharmacy operator’s stock worth $38,245,000 after acquiring an additional 181,966 shares in the last quarter. United Bank increased its stake in shares of CVS Health by 7.2% during the first quarter. United Bank now owns 18,658 shares of the pharmacy operator’s stock valued at $1,888,000 after purchasing an additional 1,260 shares in the last quarter. Loomis Sayles & Co. L P boosted its position in shares of CVS Health by 4,063.8% in the 1st quarter. Loomis Sayles & Co. L P now owns 12,075 shares of the pharmacy operator’s stock worth $1,222,000 after purchasing an additional 11,785 shares in the last quarter. Zions Bancorporation N.A. grew its stake in shares of CVS Health by 116.9% in the 1st quarter. Zions Bancorporation N.A. now owns 2,572 shares of the pharmacy operator’s stock worth $260,000 after buying an additional 1,386 shares during the last quarter. Finally, Ergoteles LLC bought a new position in CVS Health during the 1st quarter valued at approximately $1,551,000. Institutional investors own 76.96% of the company’s stock.

CVS Health Price Performance

NYSE:CVS opened at $68.16 on Thursday. The business’s 50-day simple moving average is $69.96 and its two-hundred day simple moving average is $79.67. CVS Health Co. has a 52 week low of $66.34 and a 52 week high of $107.26. The stock has a market cap of $87.38 billion, a PE ratio of 22.50, a P/E/G ratio of 1.27 and a beta of 0.63. The company has a quick ratio of 0.67, a current ratio of 0.92 and a debt-to-equity ratio of 0.79.

CVS Health (NYSE:CVS – Free Report) last issued its earnings results on Wednesday, May 3rd. The pharmacy operator reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.07 by $0.13. CVS Health had a return on equity of 15.75% and a net margin of 1.20%. The company had revenue of $85.28 billion for the quarter, compared to the consensus estimate of $80.67 billion. During the same quarter last year, the company earned $2.22 EPS. The firm’s quarterly revenue was up 11.0% on a year-over-year basis. As a group, analysts forecast that CVS Health Co. will post 8.61 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on CVS shares. Credit Suisse Group reduced their price target on CVS Health from $125.00 to $96.00 in a report on Monday, May 8th. Bank of America decreased their target price on shares of CVS Health from $111.00 to $104.00 and set a “buy” rating for the company in a report on Friday, March 31st. Truist Financial cut their price target on shares of CVS Health from $109.00 to $103.00 in a report on Tuesday, June 20th. Piper Sandler began coverage on shares of CVS Health in a report on Thursday, May 25th. They issued an “overweight” rating and a $85.00 price objective for the company. Finally, UBS Group cut their target price on CVS Health from $102.00 to $94.00 in a research note on Tuesday, May 2nd. Two analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, CVS Health currently has an average rating of “Moderate Buy” and a consensus target price of $107.26.

Insider Buying and Selling

In related news, CEO Karen S. Lynch purchased 14,000 shares of the firm’s stock in a transaction on Wednesday, May 3rd. The shares were acquired at an average price of $69.75 per share, for a total transaction of $976,500.00. Following the purchase, the chief executive officer now directly owns 431,392 shares in the company, valued at $30,089,592. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 0.25% of the stock is owned by company insiders.

CVS Health Profile

(Free Report)

CVS Health Corporation provides health services in the United States. It operates through Health Care Benefits, Pharmacy Services, and Retail/LTC segments. The Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services. It serves employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups, and expatriates.

Featured Articles

Institutional Ownership by Quarter for CVS Health (NYSE:CVS)

Receive News & Ratings for CVS Health Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CVS Health and related companies with MarketBeat.com's FREE daily email newsletter.