Independent Advisor Alliance cut its stake in CVS Health Co. (NYSE:CVS - Free Report) by 40.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 39,118 shares of the pharmacy operator's stock after selling 27,018 shares during the period. Independent Advisor Alliance's holdings in CVS Health were worth $2,460,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also made changes to their positions in CVS. Pzena Investment Management LLC grew its position in shares of CVS Health by 132.9% in the second quarter. Pzena Investment Management LLC now owns 12,936,388 shares of the pharmacy operator's stock valued at $764,023,000 after purchasing an additional 7,382,931 shares in the last quarter. Pathway Financial Advisers LLC grew its position in CVS Health by 5,864.2% in the third quarter. Pathway Financial Advisers LLC now owns 1,730,343 shares of the pharmacy operator's stock worth $108,804,000 after acquiring an additional 1,701,331 shares during the period. State of Michigan Retirement System grew its position in CVS Health by 402.5% in the second quarter. State of Michigan Retirement System now owns 2,005,677 shares of the pharmacy operator's stock worth $118,455,000 after acquiring an additional 1,606,500 shares during the period. Swedbank AB purchased a new position in CVS Health in the first quarter worth approximately $110,816,000. Finally, AQR Capital Management LLC grew its position in CVS Health by 33.5% in the second quarter. AQR Capital Management LLC now owns 5,289,788 shares of the pharmacy operator's stock worth $310,722,000 after acquiring an additional 1,327,855 shares during the period. 80.66% of the stock is currently owned by hedge funds and other institutional investors.
CVS Health Stock Performance
Shares of CVS stock traded down $1.06 during mid-day trading on Tuesday, hitting $59.02. 7,884,767 shares of the stock were exchanged, compared to its average volume of 11,362,798. The stock's fifty day simple moving average is $59.26 and its two-hundred day simple moving average is $58.69. The stock has a market capitalization of $74.27 billion, a price-to-earnings ratio of 14.98, a P/E/G ratio of 0.98 and a beta of 0.55. CVS Health Co. has a 12-month low of $52.71 and a 12-month high of $83.25. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.59 and a current ratio of 0.80.
CVS Health (NYSE:CVS - Get Free Report) last issued 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 company had revenue of $95.43 billion for the quarter, compared to analyst estimates of $92.72 billion. During the same quarter last year, the company posted $2.21 earnings per share. The business's quarterly revenue was up 6.3% compared to the same quarter last year. On average, analysts forecast that CVS Health Co. will post 5.43 EPS for the current year.
CVS Health Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were issued a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.51%. The ex-dividend date was Monday, October 21st. CVS Health's dividend payout ratio is currently 67.51%.
Analyst Upgrades and Downgrades
Several research analysts recently weighed in on the company. TD Cowen increased their price objective on CVS Health from $73.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday. Truist Financial restated a "buy" rating and set a $67.00 price target (down from $76.00) on shares of CVS Health in a research note on Wednesday, November 20th. Evercore ISI upped their price target on CVS Health from $62.00 to $75.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 8th. Piper Sandler decreased their price target on CVS Health from $72.00 to $64.00 and set an "overweight" rating on the stock in a research note on Monday. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on CVS Health from $64.00 to $63.00 and set a "hold" rating on the stock in a research note on Friday, August 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, CVS Health presently has a consensus rating of "Moderate Buy" and a consensus price target of $70.33.
Check Out Our Latest Stock Analysis on CVS
About CVS Health
(
Free Report)
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.
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