Sheets Smith Wealth Management reduced its stake in shares of CVS Health Corporation (NYSE:CVS) by 42.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,502 shares of the pharmacy operator’s stock after selling 7,849 shares during the period. Sheets Smith Wealth Management’s holdings in CVS Health Corporation were worth $935,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in CVS. Bridge Creek Capital Management LLC raised its position in CVS Health Corporation by 0.5% in the second quarter. Bridge Creek Capital Management LLC now owns 39,538 shares of the pharmacy operator’s stock worth $3,785,000 after buying an additional 179 shares in the last quarter. Ngam Advisors L.P. raised its position in CVS Health Corporation by 1.9% in the second quarter. Ngam Advisors L.P. now owns 233,294 shares of the pharmacy operator’s stock worth $22,336,000 after buying an additional 4,315 shares in the last quarter. BP PLC raised its position in CVS Health Corporation by 17.9% in the second quarter. BP PLC now owns 138,000 shares of the pharmacy operator’s stock worth $13,211,000 after buying an additional 21,000 shares in the last quarter. RiverPoint Capital Management LLC raised its position in CVS Health Corporation by 3.3% in the third quarter. RiverPoint Capital Management LLC now owns 35,725 shares of the pharmacy operator’s stock worth $3,179,000 after buying an additional 1,138 shares in the last quarter. Finally, Veritas Asset Management LLP raised its position in CVS Health Corporation by 10.1% in the second quarter. Veritas Asset Management LLP now owns 4,808,477 shares of the pharmacy operator’s stock worth $460,364,000 after buying an additional 439,848 shares in the last quarter. 81.29% of the stock is currently owned by institutional investors and hedge funds.
CVS Health Corporation (NYSE:CVS) opened at 78.67 on Wednesday. CVS Health Corporation has a 52-week low of $69.30 and a 52-week high of $106.67. The stock’s 50 day moving average price is $79.76 and its 200 day moving average price is $84.82. The firm has a market capitalization of $83.47 billion, a PE ratio of 16.03 and a beta of 0.85.
CVS Health Corporation (NYSE:CVS) last announced its earnings results on Thursday, February 9th. The pharmacy operator reported $1.71 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.67 by $0.04. The firm had revenue of $46 billion for the quarter, compared to the consensus estimate of $46.56 billion. CVS Health Corporation had a return on equity of 17.55% and a net margin of 3.00%. The business’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.53 EPS. On average, analysts predict that CVS Health Corporation will post $5.86 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, February 2nd. Shareholders of record on Tuesday, January 24th were issued a dividend of $0.50 per share. The ex-dividend date was Friday, January 20th. This is an increase from CVS Health Corporation’s previous quarterly dividend of $0.43. This represents a $2.00 annualized dividend and a yield of 2.54%. CVS Health Corporation’s payout ratio is presently 40.65%.
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A number of equities analysts have commented on CVS shares. Robert W. Baird lowered CVS Health Corporation from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $86.00 to $77.00 in a research note on Thursday, February 2nd. Vetr raised CVS Health Corporation from a “buy” rating to a “strong-buy” rating and set a $98.36 price objective on the stock in a research note on Monday, October 24th. Guggenheim reissued a “buy” rating and issued a $90.00 price objective on shares of CVS Health Corporation in a research note on Tuesday, December 13th. Mizuho boosted their target price on CVS Health Corporation from $90.00 to $111.00 and gave the stock a “buy” rating in a research report on Wednesday, November 9th. Finally, Jefferies Group LLC started coverage on CVS Health Corporation in a research report on Monday, December 12th. They set a “hold” rating and a $82.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $95.72.
About CVS Health Corporation
CVS Health Corporation, together with its subsidiaries (CVS Health), is a pharmacy company. The Company operates through three business segments: Pharmacy Services, Retail/LTC and Corporate. The Company offers a range of products and services, such as advising patients on their medications at its CVS Pharmacy locations, introducing programs to help control costs for its clients at CVS Caremark, how care is delivered to its patients with conditions through CVS Specialty, pharmacy care for the senior community through Omnicare.
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