Park Avenue Securities LLC Lowers Position in CVS Health Co. (NYSE:CVS)

Posted by Defense World Staff on Jul 2nd, 2023

Park Avenue Securities LLC lowered its stake in shares of CVS Health Co. (NYSE:CVS – Free Report) by 10.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,093 shares of the pharmacy operator’s stock after selling 2,832 shares during the period. Park Avenue Securities LLC’s holdings in CVS Health were worth $1,790,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CVS. Moneta Group Investment Advisors LLC grew its holdings in shares of CVS Health by 103,371.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 15,547,559 shares of the pharmacy operator’s stock worth $1,448,877,000 after purchasing an additional 15,532,533 shares during the period. Norges Bank acquired a new stake in shares of CVS Health in the fourth quarter worth $1,425,416,000. Edmp Inc. raised its stake in shares of CVS Health by 9,117.8% in the 4th quarter. Edmp Inc. now owns 4,582,251 shares of the pharmacy operator’s stock valued at $49,171,000 after acquiring an additional 4,532,540 shares during the period. Morgan Stanley lifted its holdings in shares of CVS Health by 10.9% during the 4th quarter. Morgan Stanley now owns 33,576,388 shares of the pharmacy operator’s stock valued at $3,128,984,000 after acquiring an additional 3,311,928 shares in the last quarter. Finally, Capital Research Global Investors purchased a new stake in CVS Health during the 1st quarter worth $262,167,000. Institutional investors and hedge funds own 76.96% of the company’s stock.

Insider Activity

In other CVS Health news, CEO Karen S. Lynch purchased 14,000 shares of the firm’s stock in a transaction dated Wednesday, May 3rd. The stock was bought at an average price of $69.75 per share, with a total value of $976,500.00. Following the completion of the purchase, the chief executive officer now owns 431,392 shares in the company, valued at approximately $30,089,592. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.25% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on CVS shares. Barclays decreased their target price on CVS Health from $100.00 to $90.00 in a research report on Thursday, May 4th. Truist Financial dropped their price objective on shares of CVS Health from $109.00 to $103.00 in a research note on Tuesday, June 20th. Piper Sandler started coverage on shares of CVS Health in a report on Thursday, May 25th. They set an “overweight” rating and a $85.00 price target for the company. 92 Resources reiterated a “maintains” rating on shares of CVS Health in a report on Monday, May 8th. Finally, Bank of America dropped their target price on CVS Health from $111.00 to $104.00 and set a “buy” rating on the stock in a research report on Friday, March 31st. Two analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $107.26.

CVS Health Price Performance

CVS opened at $69.13 on Friday. The company has a quick ratio of 0.67, a current ratio of 0.92 and a debt-to-equity ratio of 0.79. The company’s 50-day moving average price is $69.79 and its 200 day moving average price is $79.20. CVS Health Co. has a fifty-two week low of $66.34 and a fifty-two week high of $107.26. The firm has a market cap of $88.63 billion, a price-to-earnings ratio of 22.82, a price-to-earnings-growth ratio of 1.25 and a beta of 0.63.

CVS Health (NYSE:CVS – Free Report) last announced its quarterly earnings results on Wednesday, May 3rd. The pharmacy operator reported $2.20 earnings per share (EPS) for the quarter, topping 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 business 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 business posted $2.22 EPS. The business’s revenue was up 11.0% on a year-over-year basis. As a group, sell-side analysts expect that CVS Health Co. will post 8.61 earnings per share for the current year.

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.