S&T Bank PA Has $10.18 Million Stock Position in CVS Health Co. (NYSE:CVS)

06 Dec 2023, 15:36 by Amy Steele · The Cerbat Gem

S&T Bank PA lessened its position in shares of CVS Health Co. (NYSE:CVS – Free Report) by 1.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 147,247 shares of the pharmacy operator’s stock after selling 1,896 shares during the period. CVS Health makes up approximately 1.8% of S&T Bank PA’s investment portfolio, making the stock its 22nd largest position. S&T Bank PA’s holdings in CVS Health were worth $10,180,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CVS. Weik Capital Management lifted its holdings in shares of CVS Health by 0.7% during the first quarter. Weik Capital Management now owns 17,600 shares of the pharmacy operator’s stock worth $1,781,000 after buying an additional 120 shares in the last quarter. FCA Corp TX raised its stake in CVS Health by 0.6% in the 1st quarter. FCA Corp TX now owns 20,109 shares of the pharmacy operator’s stock worth $2,035,000 after purchasing an additional 122 shares in the last quarter. Arvest Trust Co. N A boosted its holdings in CVS Health by 1.2% in the 4th quarter. Arvest Trust Co. N A now owns 11,157 shares of the pharmacy operator’s stock valued at $1,040,000 after purchasing an additional 131 shares during the period. Ten Capital Wealth Advisors LLC grew its position in shares of CVS Health by 8.4% during the 2nd quarter. Ten Capital Wealth Advisors LLC now owns 1,787 shares of the pharmacy operator’s stock worth $123,000 after purchasing an additional 138 shares in the last quarter. Finally, Retirement Planning Co of New England Inc. increased its holdings in shares of CVS Health by 0.5% during the second quarter. Retirement Planning Co of New England Inc. now owns 29,160 shares of the pharmacy operator’s stock worth $2,016,000 after purchasing an additional 141 shares during the period. Institutional investors and hedge funds own 75.99% of the company’s stock.

CVS Health Price Performance

Shares of NYSE CVS traded up $2.72 during midday trading on Wednesday, reaching $73.74. 3,547,421 shares of the company were exchanged, compared to its average volume of 8,616,643. CVS Health Co. has a one year low of $64.41 and a one year high of $104.83. The stock has a market cap of $94.90 billion, a P/E ratio of 10.71, a PEG ratio of 1.78 and a beta of 0.54. The company has a quick ratio of 0.64, a current ratio of 0.86 and a debt-to-equity ratio of 0.80. The stock’s 50-day moving average price is $69.34 and its 200-day moving average price is $69.96.

CVS Health (NYSE:CVS – Get Free Report) last posted its earnings results on Wednesday, November 1st. The pharmacy operator reported $2.21 EPS for the quarter, beating the consensus estimate of $2.13 by $0.08. The firm had revenue of $89.76 billion during the quarter, compared to the consensus estimate of $88.29 billion. CVS Health had a return on equity of 15.36% and a net margin of 2.47%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the company earned $2.09 earnings per share. On average, sell-side analysts anticipate that CVS Health Co. will post 8.59 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 1st. Stockholders of record on Friday, October 20th were paid a dividend of $0.605 per share. This represents a $2.42 annualized dividend and a dividend yield of 3.28%. The ex-dividend date of this dividend was Thursday, October 19th. CVS Health’s payout ratio is currently 36.50%.

Insider Transactions at CVS Health

In related news, Director Edward J. Ludwig bought 2,000 shares of the stock in a transaction that occurred on Friday, November 3rd. The stock was acquired at an average cost of $70.47 per share, with a total value of $140,940.00. Following the transaction, the director now directly owns 20,630 shares in the company, valued at $1,453,796.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.25% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

CVS has been the topic of a number of analyst reports. Royal Bank of Canada reduced their price target on CVS Health from $91.00 to $86.00 and set an “outperform” rating on the stock in a research report on Thursday, November 2nd. Sanford C. Bernstein reduced their target price on CVS Health from $93.00 to $80.00 in a report on Tuesday, October 10th. Morgan Stanley dropped their price target on CVS Health from $110.00 to $100.00 and set an “overweight” rating for the company in a research note on Thursday, November 2nd. Wolfe Research upgraded shares of CVS Health from a “peer perform” rating to an “outperform” rating and set a $80.00 price objective on the stock in a research note on Tuesday, September 12th. Finally, Piper Sandler dropped their target price on shares of CVS Health from $85.00 to $82.00 and set an “overweight” rating for the company in a research report on Friday, September 1st. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, CVS Health currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.59.

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