Washington Trust Bank Acquires 5,024 Shares of CVS Health Corp (CVS)

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Washington Trust Bank grew its holdings in CVS Health Corp (NYSE:CVS) by 119.5% during the 1st quarter, Holdings Channel reports. The firm owned 9,227 shares of the pharmacy operator’s stock after purchasing an additional 5,024 shares during the period. Washington Trust Bank’s holdings in CVS Health were worth $498,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of CVS. Brookmont Capital Management boosted its stake in CVS Health by 3.0% during the 4th quarter. Brookmont Capital Management now owns 5,184 shares of the pharmacy operator’s stock worth $340,000 after acquiring an additional 152 shares during the last quarter. Avestar Capital LLC boosted its stake in CVS Health by 19.6% during the 4th quarter. Avestar Capital LLC now owns 951 shares of the pharmacy operator’s stock worth $57,000 after acquiring an additional 156 shares during the last quarter. Clarus Wealth Advisors boosted its stake in CVS Health by 6.9% during the 4th quarter. Clarus Wealth Advisors now owns 2,456 shares of the pharmacy operator’s stock worth $161,000 after acquiring an additional 158 shares during the last quarter. Griffin Asset Management Inc. boosted its stake in CVS Health by 1.4% during the 3rd quarter. Griffin Asset Management Inc. now owns 11,438 shares of the pharmacy operator’s stock worth $900,000 after acquiring an additional 160 shares during the last quarter. Finally, Adviser Investments LLC boosted its stake in CVS Health by 5.4% during the 4th quarter. Adviser Investments LLC now owns 3,163 shares of the pharmacy operator’s stock worth $207,000 after acquiring an additional 162 shares during the last quarter. 81.74% of the stock is currently owned by institutional investors.

CVS opened at $56.73 on Friday. CVS Health Corp has a twelve month low of $51.77 and a twelve month high of $82.15. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.03 and a quick ratio of 0.65. The stock has a market cap of $70.61 billion, a P/E ratio of 8.01, a PEG ratio of 1.07 and a beta of 0.93.

CVS Health (NYSE:CVS) last posted its quarterly earnings data on Wednesday, May 1st. The pharmacy operator reported $1.62 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.50 by $0.12. CVS Health had a negative net margin of 0.31% and a positive return on equity of 17.49%. The business had revenue of $61.65 billion during the quarter, compared to analysts’ expectations of $60.39 billion. During the same quarter in the prior year, the business posted $1.48 earnings per share. CVS Health’s revenue was up 34.8% compared to the same quarter last year. As a group, analysts anticipate that CVS Health Corp will post 6.78 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 3rd. Shareholders of record on Tuesday, April 23rd will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.53%. The ex-dividend date is Monday, April 22nd. CVS Health’s payout ratio is 28.25%.

Several research firms recently weighed in on CVS. Wells Fargo & Co lowered shares of CVS Health from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $104.00 to $68.00 in a research note on Wednesday, February 20th. ValuEngine raised shares of CVS Health from a “strong sell” rating to a “sell” rating in a research note on Thursday, January 24th. Cantor Fitzgerald reiterated a “buy” rating and issued a $96.00 price objective on shares of CVS Health in a report on Thursday, January 3rd. Bank of America reiterated a “buy” rating and issued a $92.00 price objective on shares of CVS Health in a report on Thursday, January 3rd. Finally, JPMorgan Chase & Co. restated an “overweight” rating and set a $91.00 target price on shares of CVS Health in a report on Thursday, February 21st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $77.38.

In other CVS Health news, Director David W. Dorman bought 9,600 shares of the stock in a transaction on Friday, March 8th. The stock was purchased at an average price of $52.71 per share, with a total value of $506,016.00. Following the completion of the purchase, the director now owns 122,302 shares in the company, valued at $6,446,538.42. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director C David Brown II bought 10,000 shares of the stock in a transaction on Monday, March 11th. The shares were acquired at an average cost of $53.18 per share, with a total value of $531,800.00. Following the purchase, the director now owns 16,222 shares of the company’s stock, valued at approximately $862,685.96. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 23,600 shares of company stock valued at $1,270,896. Insiders own 0.53% of the company’s stock.

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CVS Health Company Profile

CVS Health Corporation provides health services and plans in the United States. Its Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, retail pharmacy network management, mail order pharmacy, specialty pharmacy and infusion, Medicare Part D, clinical, disease management, and medical spend management services.

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

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