CVS Health Co. (NYSE:CVS – Get Rating ) saw a large increase in short interest during the month of November. As of November 30th, there was short interest totaling 13,920,000 shares, up 5.1% from the November 15th total of 13,250,000 shares. Currently, 1.1% of the company’s shares are sold short. Based on an average daily volume of 5,900,000 shares, the short interest ratio is currently 2.4 days.
Insiders place their bets
In related news, EVP Thomas M. Moriarty sold 137,466 shares of the company’s stock in a transaction that occurred on Thursday, December 15th. The shares were sold at an average price of $98.36, for a total transaction of $13,521,155.76. Following the transaction, the executive vice president now owns 608,129 shares of the company’s stock, valued at $59,815,568.44. The sale was disclosed in a legal filing with the Securities and Exchange Commission, which is available at this link. 0.69% of shares are owned by corporate insiders.
Institutional inflows and outflows
Several hedge funds have recently added to or reduced their stakes in the stock. Retirement Guys Formula LLC boosted its stake in CVS Health by 17.4% in the third quarter. Retirement Guys Formula LLC now owns 4,184 shares of the pharmacy operator’s stock valued at $399,000 after buying an additional 619 shares during the last quarter. Continental Investors Services Inc. acquired a new position in shares of CVS Health during the third quarter valued at approximately $3,313,000. Perigon Wealth Management LLC boosted its holdings in shares of CVS Health by 1.6% during the third quarter. Perigon Wealth Management LLC now owns 21,031 shares of the pharmacy operator’s stock valued at $2,006,000 after acquiring an additional 332 shares during the last quarter. Insight Advisors LLC PA boosted its holdings in shares of CVS Health by 4.2% during the third quarter. Insight Advisors LLC PA now owns 6,095 shares of the pharmacy operator’s stock valued at $581,000 after acquiring an additional 243 shares during the last quarter. Finally, WealthPlan Investment Management LLC acquired a new stake in shares of CVS Health in the third quarter valued at approximately $217,000. 77.64% of the stock is owned by institutional investors and hedge funds.
CVS Health Stock Down 2.2%
NYSE:CVS traded down $2.15 on Friday, reaching $95.45. The stock had a trading volume of 11,126,572 shares, compared to its average volume of 5,761,682. CVS Health has a 12-month low of $86.28 and a 12-month high of $111.25. The stock has a market cap of $125.42 billion, a P/E ratio of 40.62, a price-to-earnings-growth ratio of 1.59 and a beta of 0.69. The company has a current ratio of 0.94, a quick ratio of 0.69 and a debt-to-equity ratio of 0.72. The company has a 50 day moving average of $97.00 and a 200 day moving average of $97.25.
CVS Health (NYSE:CVS – Get Rating) last posted its quarterly earnings results on Wednesday, November 2nd. The pharmacy operator reported $2.09 EPS for the quarter, topping analysts’ consensus estimates of $1.99 by $0.10. CVS Health had a return on equity of 15.56% and a net margin of 1.00%. The firm had revenue of $81.16 billion during the quarter, compared to the consensus estimate of $76.53 billion. On average, research analysts forecast that CVS Health will post 8.62 earnings per share for the current year.
CVS Health Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 1st. Investors of record on Friday, January 20th will be given a $0.605 dividend. The ex-dividend date of this dividend is Thursday, January 19th. This is a boost from CVS Health’s previous quarterly dividend of $0.55. This represents a $2.42 annual dividend and a yield of 2.54%. CVS Health’s dividend payout ratio is currently 93.62%.
Changes in analyst ratings
CVS has been the subject of a number of recent analyst reports. Evercore ISI boosted their price objective on shares of CVS Health from $120.00 to $125.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 7th. Goldman Sachs Group lowered their target price on CVS Health from $128.00 to $113.00 and set a “buy” rating for the company in a research report on Thursday, November 3rd. Wells Fargo & Company reduced their target price on CVS Health from $111.00 to $106.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 8th. Morgan Stanley decreased their price objective on CVS Health from $124.00 to $119.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 23rd. Finally, TheStreet raised shares of CVS Health from a “c+” rating to a “b” rating in a research report on Friday, November 25th. Three equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Moderate Buy” and an average target price of $119.11, based on data from MarketBeat.
About CVS Health
CVS Health Corporation provides healthcare services in the United States. The Company’s Health Care Benefits segment offers traditional, voluntary and consumer-directed health insurance products and related services. It serves employer groups, individuals, students, part-time and hourly workers, health plans, health care providers, government units, government-sponsored plans, labor groups, and expatriates.
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