FORVIS Wealth Advisors LLC Increases Position in CVS Health Co. (NYSE:CVS)

FORVIS Wealth Advisors LLC lifted its holdings in CVS Health Co. (NYSE:CVS) by 7.6% during the first quarter, Holdings Channel.com reports. The institutional investor owned 28,854 shares of the pharmacy operator’s stock after acquiring an additional 2,037 shares during the quarter. FORVIS Wealth Advisors LLC’s holdings in CVS Health were worth $2,301,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of CVS Health by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 117,696,285 shares of the pharmacy operator’s stock valued at $9,293,299,000 after buying an additional 533,659 shares during the period. Capital World Investors raised its stake 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 buying an additional 119,631 shares during the period. Capital International Investors raised 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 valued at $2,660,298,000 after buying an additional 10,837,801 shares during the period. Royal Bank of Canada raised its stake in shares of 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 stake in shares of CVS Health during the 4th quarter valued at $1,092,040,000. Hedge funds and other institutional investors own 80.66% of the company’s stock.

CVS Health Stock Performance

CVS Health stock traded down $0.58 during trading on Friday, reaching $56.12. The company had a trading volume of 711,333 shares, compared to its average volume of 11,894,133. CVS Health Co. has a 52 week low of $52.77 and a 52 week high of $83.25. The firm’s 50-day simple moving average is $58.68 and its 200 day simple moving average is $69.71. The firm has a market capitalization of $70.45 billion, a price-to-earnings ratio of 9.96, a price-to-earnings-growth ratio of 0.54 and a beta of 0.52. The company has a current ratio of 0.81, a quick ratio of 0.61 and a debt-to-equity ratio of 0.78.

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

Wall Street Analyst Weigh In

CVS has been the topic of a number of analyst reports. Wells Fargo & Company decreased their price objective on CVS Health from $76.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Tuesday, May 7th. Truist Financial reiterated a “buy” rating and issued a $66.00 price objective (down from $90.00) on shares of CVS Health in a report on Thursday, May 2nd. Leerink Partnrs cut CVS Health from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 1st. The Goldman Sachs Group lowered their price target on CVS Health from $85.00 to $74.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Finally, TD Cowen lowered CVS Health from a “buy” rating to a “hold” rating and decreased their target price for the stock from $99.00 to $59.00 in a research report on Tuesday, May 7th. Eleven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $75.05.

Insider Buying and Selling at CVS Health

In other CVS Health news, Director Edward J. Ludwig purchased 1,000 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were acquired at an average cost of $53.88 per share, with a total value of $53,880.00. Following the completion of the acquisition, the director now directly owns 21,630 shares in the company, valued at $1,165,424.40. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.24% of the company’s stock.

CVS Health Company Profile

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.