CIBC Asset Management Inc Trims Stock Position in CVS Health Co. (NYSE:CVS)

CIBC Asset Management Inc decreased its holdings in CVS Health Co. (NYSE:CVS - Free Report) by 60.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 214,722 shares of the pharmacy operator's stock after selling 332,253 shares during the quarter. CIBC Asset Management Inc's holdings in CVS Health were worth $13,502,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Livelsberger Financial Advisory acquired a new stake in CVS Health in the 3rd quarter valued at $31,000. Reston Wealth Management LLC acquired a new stake in shares of CVS Health in the third quarter valued at about $32,000. First Community Trust NA increased its stake in shares of CVS Health by 116.2% during the second quarter. First Community Trust NA now owns 562 shares of the pharmacy operator's stock worth $33,000 after purchasing an additional 302 shares in the last quarter. Kathleen S. Wright Associates Inc. purchased a new position in CVS Health in the 3rd quarter valued at about $33,000. Finally, ORG Partners LLC boosted its holdings in CVS Health by 11,840.0% in the 2nd quarter. ORG Partners LLC now owns 597 shares of the pharmacy operator's stock worth $35,000 after buying an additional 592 shares during the last quarter. 80.66% of the stock is owned by institutional investors and hedge funds.

CVS Health Stock Performance

NYSE:CVS traded down $1.90 during mid-day trading on Friday, reaching $53.19. The stock had a trading volume of 16,695,415 shares, compared to its average volume of 13,766,502. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.59 and a current ratio of 0.80. The business has a 50 day simple moving average of $59.23 and a 200 day simple moving average of $58.66. CVS Health Co. has a twelve month low of $52.71 and a twelve month high of $83.25. The firm has a market capitalization of $66.93 billion, a price-to-earnings ratio of 13.50, a PEG ratio of 0.92 and a beta of 0.55.

CVS Health (NYSE:CVS - Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The pharmacy operator reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.01. CVS Health had a return on equity of 10.72% and a net margin of 1.36%. The firm had revenue of $95.43 billion during the quarter, compared to analysts' expectations of $92.72 billion. During the same quarter in the prior year, the business posted $2.21 earnings per share. CVS Health's revenue was up 6.3% compared to the same quarter last year. On average, analysts expect that CVS Health Co. will post 5.48 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were issued a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a dividend yield of 5.00%. The ex-dividend date was Monday, October 21st. CVS Health's dividend payout ratio is currently 67.51%.

Analyst Ratings Changes

A number of brokerages have weighed in on CVS. UBS Group raised their price objective on CVS Health from $60.00 to $62.00 and gave the company a "neutral" rating in a report on Thursday, November 7th. Wells Fargo & Company decreased their price target on shares of CVS Health from $61.00 to $60.00 and set an "equal weight" rating on the stock in a research note on Monday, November 4th. Evercore ISI upped their price objective on shares of CVS Health from $62.00 to $75.00 and gave the company an "outperform" rating in a research note on Tuesday, October 8th. Mizuho cut their price objective on shares of CVS Health from $73.00 to $66.00 and set an "outperform" rating for the company in a report on Thursday, October 24th. Finally, Royal Bank of Canada lowered their target price on CVS Health from $68.00 to $58.00 and set an "outperform" rating on the stock in a report on Friday. One analyst has rated the stock with a sell rating, eight have given a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, CVS Health has a consensus rating of "Moderate Buy" and an average target price of $72.44.

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.