Mechanics Bank Trust Department Trims Position in CVS Health Co. (NYSE:CVS)

Mechanics Bank Trust Department lowered its holdings in CVS Health Co. (NYSE:CVS) by 15.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 6,144 shares of the pharmacy operator’s stock after selling 1,090 shares during the period. Mechanics Bank Trust Department’s holdings in CVS Health were worth $276,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Assetmark Inc. increased its stake in shares of CVS Health by 9.7% during the 3rd quarter. Assetmark Inc. now owns 410,001 shares of the pharmacy operator’s stock valued at $25,781,000 after acquiring an additional 36,132 shares during the last quarter. TD Private Client Wealth LLC increased its position in CVS Health by 28.7% during the third quarter. TD Private Client Wealth LLC now owns 46,938 shares of the pharmacy operator’s stock worth $2,951,000 after purchasing an additional 10,465 shares during the last quarter. Cullinan Associates Inc. raised its stake in CVS Health by 43.8% during the third quarter. Cullinan Associates Inc. now owns 122,682 shares of the pharmacy operator’s stock worth $7,125,000 after purchasing an additional 37,395 shares during the period. Principal Financial Group Inc. grew its stake in shares of CVS Health by 4.8% during the 3rd quarter. Principal Financial Group Inc. now owns 1,434,476 shares of the pharmacy operator’s stock valued at $90,200,000 after buying an additional 66,244 shares during the period. Finally, Sompo Asset Management Co. Ltd. increased its holdings in shares of CVS Health by 8.4% during the 3rd quarter. Sompo Asset Management Co. Ltd. now owns 134,523 shares of the pharmacy operator’s stock worth $8,459,000 after buying an additional 10,453 shares during the last quarter. 80.66% of the stock is currently owned by institutional investors and hedge funds.

CVS Health Trading Up 1.5 %

NYSE:CVS opened at $52.72 on Tuesday. The company has a market cap of $66.35 billion, a PE ratio of 13.38, a P/E/G ratio of 0.72 and a beta of 0.59. The business’s 50 day moving average is $51.34 and its two-hundred day moving average is $56.32. The company has a quick ratio of 0.59, a current ratio of 0.80 and a debt-to-equity ratio of 0.80. CVS Health Co. has a 52 week low of $43.56 and a 52 week high of $80.75.

CVS Health (NYSE:CVS) last released its quarterly earnings data on Wednesday, November 6th. The pharmacy operator reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.01. The firm had revenue of $95.43 billion during the quarter, compared to the consensus estimate of $92.72 billion. CVS Health had a net margin of 1.36% and a return on equity of 10.72%. The firm’s revenue was up 6.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.21 earnings per share. On average, analysts predict that CVS Health Co. will post 5.22 EPS for the current year.

CVS Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Thursday, January 23rd will be paid a $0.665 dividend. The ex-dividend date of this dividend is Thursday, January 23rd. This represents a $2.66 dividend on an annualized basis and a yield of 5.05%. CVS Health’s payout ratio is currently 67.51%.

Analysts Set New Price Targets

Several equities research analysts have commented on CVS shares. Evercore ISI upped their price target on CVS Health from $62.00 to $75.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Cantor Fitzgerald restated a “neutral” rating and issued a $62.00 price target on shares of CVS Health in a report on Tuesday, October 1st. Deutsche Bank Aktiengesellschaft upgraded shares of CVS Health from a “hold” rating to a “buy” rating and set a $66.00 price objective for the company in a research note on Tuesday, December 3rd. Barclays reduced their target price on shares of CVS Health from $75.00 to $71.00 and set an “overweight” rating on the stock in a report on Thursday, November 7th. Finally, Piper Sandler lowered their price target on CVS Health from $72.00 to $64.00 and set an “overweight” rating for the company in a report on Monday, November 25th. One analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $68.71.

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.