Sumitomo Mitsui Trust Holdings Inc. Has $297.85 Million Stock Position in CVS Health Co. (NYSE:CVS)

Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of CVS Health Co. (NYSE:CVS) by 0.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,734,320 shares of the pharmacy operator’s stock after acquiring an additional 18,790 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in CVS Health were worth $297,849,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in CVS. Vanguard Group Inc. increased its position in CVS Health by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 117,696,285 shares of the pharmacy operator’s stock worth $9,293,299,000 after purchasing an additional 533,659 shares during the last quarter. Capital World Investors grew its position in shares of CVS Health by 0.3% in the fourth quarter. Capital World Investors now owns 40,544,702 shares of the pharmacy operator’s stock valued at $3,201,410,000 after purchasing an additional 119,631 shares during the last quarter. Capital International Investors increased its stake in shares of CVS Health by 47.4% in the fourth quarter. Capital International Investors now owns 33,691,698 shares of the pharmacy operator’s stock worth $2,660,298,000 after purchasing an additional 10,837,801 shares during the period. Royal Bank of Canada boosted its stake in CVS Health by 2.2% during the 3rd quarter. Royal Bank of Canada now owns 14,136,920 shares of the pharmacy operator’s stock valued at $987,041,000 after purchasing an additional 303,512 shares during the period. Finally, Norges Bank bought a new position in CVS Health in the 4th quarter worth approximately $1,092,040,000. 80.66% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at CVS Health

In other news, Director Edward J. Ludwig bought 1,000 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were acquired at an average cost of $53.88 per share, for a total transaction of $53,880.00. Following the completion of the acquisition, the director now owns 21,630 shares in the company, valued at $1,165,424.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.24% of the company’s stock.

Wall Street Analyst Weigh In

CVS has been the topic of several recent research reports. Robert W. Baird assumed coverage on CVS Health in a report on Thursday, May 30th. They set a “neutral” rating and a $61.00 price objective on the stock. SVB Leerink reaffirmed a “market perform” rating and set a $60.00 price objective (down from $87.00) on shares of CVS Health in a report on Wednesday, May 1st. Truist Financial restated a “buy” rating and set a $66.00 target price (down previously from $90.00) on shares of CVS Health in a research report on Thursday, May 2nd. Leerink Partnrs lowered CVS Health from an “outperform” rating to a “market perform” rating in a research note on Wednesday, May 1st. Finally, Wells Fargo & Company cut their target price on shares of CVS Health from $76.00 to $60.00 and set an “equal weight” rating for the company in a research note on Tuesday, May 7th. Eleven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $75.05.

CVS Health Price Performance

NYSE CVS opened at $56.70 on Thursday. CVS Health Co. has a 12-month low of $52.77 and a 12-month high of $83.25. The firm’s 50 day moving average is $59.12 and its 200-day moving average is $69.90. The company has a market capitalization of $71.18 billion, a PE ratio of 9.96, a price-to-earnings-growth ratio of 0.55 and a beta of 0.52. The company has a quick ratio of 0.61, a current ratio of 0.81 and a debt-to-equity ratio of 0.78.

CVS Health (NYSE:CVS) last issued its quarterly earnings results on Wednesday, May 1st. The pharmacy operator reported $1.31 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.38). The business had revenue of $88.44 billion for the quarter, compared to the consensus estimate of $89.33 billion. CVS Health had a return on equity of 13.53% and a net margin of 2.03%. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period last year, the firm earned $2.20 earnings per share. Equities research analysts anticipate that CVS Health Co. will post 7.02 earnings per share for the current fiscal year.

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.