Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. CVS Health Corp shares valued at $2,267,947 were sold by Shah Prem S on Feb 16 ’24. At $76.95 per share, Shah Prem S sold 29,473 shares. The insider’s holdings dropped to 39,765 shares worth approximately $2.77 million following the completion of this transaction.
Also, LUDWIG EDWARD J purchased 2,000 shares, netting a total of over 140,930 in proceeds. Following the buying of shares at $70.47 each, the insider now holds 20,630 shares.
Before that, Clark James David had sold 25,759 shares from its account. In a trade valued at $1,930,004, the SVP, Cont & Chief Acct Officer traded CVS Health Corp shares for $74.92 each. Upon closing the transaction, the insider’s holdings decreased to 25,759 shares, worth approximately $0.33 million.
As published in their initiating research note from Barclays on March 06, 2024, CVS Health Corp [CVS] has been an Equal weight and the price target has been revised to $78. Analysts at Leerink Partners started covering the stock with ‘”an Outperform”‘ outlook in a report released in late February. As of December 22, 2023, HSBC Securities has initiated its “Buy” rating for CVS. Earlier on September 19, 2023, Evercore ISI upgraded its rating. Their new recommendation was “an Outperform” for CVS stock which previously was a “an In-line”.
Analyzing CVS Stock Performance
During the last five days, there has been a drop of approximately -5.63%. Over the course of the year, CVS Health Corp shares have dropped approximately -11.68%. Shares of the company reached a 52-week high of $83.25 on 01/08/24 and a 52-week low of $69.70 on 04/11/24. A 50-day SMA is recorded $75.76, while a 200-day SMA reached $72.74. Nevertheless, trading volume fell to 10.43 million shares from 8.37 million shares the previous day.
Support And Resistance Levels for CVS Health Corp (CVS)
According to the 24-hour chart, there is a support level at 69.22, which, if violated, would cause prices to drop to 68.71. In the upper region, resistance lies at 70.73. The next price resistance is at 71.73. RSI (Relative Strength Index) is 27.39 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -4.38, which suggests the price will decrease in the coming days. Percent R is at 99.64%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is CVS Health Corp subject to short interest?
Stocks of CVS Health Corp saw a sharp steep in short interest on Mar 28, 2024 dropping by -1.45 million shares to 22.72 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 24.17 million shares. A decline of -6.38% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.51 of the overall float, the days-to-cover ratio (short ratio) decline to 2.51.
