ICA Group Wealth Management LLC Reduces Stock Position in CVS Health Co. (NYSE:CVS)

Posted by Defense World Staff on Sep 11th, 2023

ICA Group Wealth Management LLC lessened its position in shares of CVS Health Co. (NYSE:CVS – Free Report) by 22.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,576 shares of the pharmacy operator’s stock after selling 741 shares during the quarter. ICA Group Wealth Management LLC’s holdings in CVS Health were worth $191,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC boosted its position in CVS Health by 103,371.0% during the fourth 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 in the last quarter. Norges Bank purchased a new position in CVS Health in the fourth quarter valued at $1,425,416,000. Morgan Stanley raised its stake in CVS Health by 10.9% in the fourth quarter. Morgan Stanley now owns 33,576,388 shares of the pharmacy operator’s stock valued at $3,128,984,000 after buying an additional 3,311,928 shares in the last quarter. FMR LLC increased its position in CVS Health by 31.0% in the 1st quarter. FMR LLC now owns 13,666,949 shares of the pharmacy operator’s stock valued at $1,015,591,000 after acquiring an additional 3,237,567 shares during the period. Finally, Capital Research Global Investors purchased a new stake in CVS Health in the 1st quarter valued at approximately $262,167,000. Hedge funds and other institutional investors own 75.99% of the company’s stock.

CVS Health Stock Performance

Shares of CVS Health stock opened at $65.84 on Monday. The stock’s fifty day moving average is $70.77 and its two-hundred day moving average is $72.29. The company has a market capitalization of $84.56 billion, a PE ratio of 28.88, a price-to-earnings-growth ratio of 1.24 and a beta of 0.63. The company has a quick ratio of 0.64, a current ratio of 0.86 and a debt-to-equity ratio of 0.84. CVS Health Co. has a 52 week low of $64.62 and a 52 week high of $104.83.

CVS Health (NYSE:CVS – Get Free Report) last released its earnings results on Wednesday, August 2nd. The pharmacy operator reported $2.21 EPS for the quarter, topping analysts’ consensus estimates of $2.12 by $0.09. The firm had revenue of $88.92 billion during the quarter, compared to the consensus estimate of $86.41 billion. CVS Health had a return on equity of 15.43% and a net margin of 0.86%. The company’s revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.40 earnings per share. As a group, analysts expect that CVS Health Co. will post 8.61 earnings per share for the current year.

CVS Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Friday, July 21st were issued a $0.605 dividend. The ex-dividend date was Thursday, July 20th. This represents a $2.42 dividend on an annualized basis and a dividend yield of 3.68%. CVS Health’s payout ratio is currently 106.14%.

Insiders Place Their Bets

In related news, SVP James David Clark sold 25,759 shares of CVS Health stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $74.92, for a total value of $1,929,864.28. Following the transaction, the senior vice president now owns 4,698 shares in the company, valued at $351,974.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.25% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CVS. Truist Financial decreased their price objective on shares of CVS Health from $103.00 to $98.00 and set a “buy” rating for the company in a research report on Thursday, August 3rd. JPMorgan Chase & Co. dropped their target price on shares of CVS Health from $114.00 to $106.00 in a report on Friday, July 7th. StockNews.com assumed coverage on shares of CVS Health in a research report on Thursday, August 17th. They set a “buy” rating on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $91.00 target price on shares of CVS Health in a research report on Friday, August 18th. Finally, Barclays reduced their price target on shares of CVS Health from $89.00 to $86.00 and set an “overweight” rating on the stock in a research report on Thursday, August 3rd. Three analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $97.00.

Check Out Our Latest Stock Analysis on CVS Health

CVS Health Company 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.