Intact Investment Management Inc. Reduces Holdings in CVS Health Corporation (NYSE:CVS)

Intact Investment Management Inc. trimmed its position in shares of CVS Health Corporation (NYSE:CVS) by 20.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 218,900 shares of the pharmacy operator’s stock after selling 55,100 shares during the quarter. Intact Investment Management Inc.’s holdings in CVS Health were worth $14,830,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in CVS. Norges Bank purchased a new stake in shares of CVS Health during the fourth quarter worth approximately $839,574,000. Capital World Investors grew its holdings in CVS Health by 26.6% in the 4th quarter. Capital World Investors now owns 61,039,777 shares of the pharmacy operator’s stock valued at $2,739,927,000 after buying an additional 12,819,148 shares in the last quarter. Davis Selected Advisers grew its holdings in CVS Health by 2,998.1% in the 4th quarter. Davis Selected Advisers now owns 11,385,950 shares of the pharmacy operator’s stock valued at $511,115,000 after buying an additional 11,018,438 shares in the last quarter. Dodge & Cox grew its holdings in CVS Health by 11.2% in the 4th quarter. Dodge & Cox now owns 70,105,899 shares of the pharmacy operator’s stock valued at $3,147,054,000 after buying an additional 7,075,209 shares in the last quarter. Finally, Pzena Investment Management LLC grew its holdings in CVS Health by 49.3% in the 4th quarter. Pzena Investment Management LLC now owns 19,610,579 shares of the pharmacy operator’s stock valued at $880,319,000 after buying an additional 6,475,271 shares in the last quarter. 80.66% of the stock is currently owned by hedge funds and other institutional investors.

CVS Health Price Performance

CVS opened at $66.69 on Friday. The stock’s 50-day moving average price is $64.92 and its 200 day moving average price is $60.40. CVS Health Corporation has a 12-month low of $43.56 and a 12-month high of $72.51. The company has a current ratio of 0.82, a quick ratio of 0.63 and a debt-to-equity ratio of 0.77. The firm has a market cap of $84.36 billion, a price-to-earnings ratio of 15.92, a PEG ratio of 0.96 and a beta of 0.56.

CVS Health (NYSE:CVS) last posted its quarterly earnings results on Thursday, May 1st. The pharmacy operator reported $2.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.62 by $0.63. The company had revenue of $94.59 billion for the quarter, compared to analyst estimates of $93.07 billion. CVS Health had a return on equity of 10.59% and a net margin of 1.39%. CVS Health’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.31 EPS. As a group, sell-side analysts expect that CVS Health Corporation will post 5.89 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CVS. Mizuho upped their target price on CVS Health from $70.00 to $76.00 and gave the company an “outperform” rating in a report on Wednesday, April 9th. Truist Financial upped their price target on CVS Health from $82.00 to $84.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Royal Bank Of Canada upped their price target on CVS Health from $74.00 to $81.00 and gave the company an “outperform” rating in a research note on Monday, May 5th. Morgan Stanley reaffirmed an “overweight” rating on shares of CVS Health in a research note on Tuesday, April 15th. Finally, Barclays set a $79.00 price target on CVS Health and gave the company an “overweight” rating in a research note on Monday, June 2nd. Two investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, CVS Health presently has an average rating of “Moderate Buy” and an average price target of $74.75.

Insider Buying and Selling at CVS Health

In related news, Director Guy P. Sansone purchased 1,570 shares of CVS Health stock in a transaction on Thursday, June 5th. The shares were bought at an average price of $63.70 per share, with a total value of $100,009.00. Following the transaction, the director now directly owns 12,007 shares of the company’s stock, valued at approximately $764,845.90. This trade represents a 15.04% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.22% of the stock is owned by corporate insiders.

About CVS Health

CVS Health Corporation provides health solutions in the United States. It operates through Health Care Benefits, Health Services, and Pharmacy & Consumer Wellness segments. The Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services.