Envestnet Asset Management Inc. Sells 1,590,414 Shares of CVS Health Co. (NYSE:CVS)

Envestnet Asset Management Inc. lowered its holdings in CVS Health Co. (NYSE:CVS) by 45.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,920,331 shares of the pharmacy operator’s stock after selling 1,590,414 shares during the period. Envestnet Asset Management Inc. owned about 0.15% of CVS Health worth $113,415,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ables Iannone Moore & Associates Inc. acquired a new stake in shares of CVS Health in the fourth quarter valued at about $32,000. First Community Trust NA raised its stake in shares of CVS Health by 116.2% during the 2nd 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. Creekmur Asset Management LLC bought a new position in shares of CVS Health in the fourth quarter valued at $34,000. Steph & Co. increased its holdings in CVS Health by 192.0% during the first quarter. Steph & Co. now owns 438 shares of the pharmacy operator’s stock worth $35,000 after buying an additional 288 shares during the last quarter. Finally, ORG Partners LLC lifted its stake in CVS Health by 11,840.0% in the second quarter. ORG Partners LLC now owns 597 shares of the pharmacy operator’s stock valued at $35,000 after acquiring an additional 592 shares during the last quarter. 80.66% of the stock is currently owned by institutional investors and hedge funds.

CVS Health Stock Up 0.7 %

CVS stock opened at $58.37 on Tuesday. The company has a market cap of $73.28 billion, a PE ratio of 10.26, a price-to-earnings-growth ratio of 0.79 and a beta of 0.53. The company has a quick ratio of 0.66, a current ratio of 0.86 and a debt-to-equity ratio of 0.83. CVS Health Co. has a 52 week low of $52.77 and a 52 week high of $83.25. The business has a 50-day simple moving average of $58.31 and a 200 day simple moving average of $62.88.

CVS Health (NYSE:CVS) last issued its quarterly earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 earnings per share for the quarter, topping analysts’ consensus estimates of $1.73 by $0.10. The company had revenue of $91.23 billion during the quarter, compared to the consensus estimate of $91.41 billion. CVS Health had a net margin of 1.98% and a return on equity of 12.72%. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.21 EPS. Sell-side analysts anticipate that CVS Health Co. will post 6.51 EPS for the current fiscal year.

CVS Health Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 22nd were issued a dividend of $0.665 per share. The ex-dividend date of this dividend was Monday, July 22nd. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.56%. CVS Health’s dividend payout ratio (DPR) is currently 46.75%.

Analyst Upgrades and Downgrades

CVS has been the topic of several recent analyst reports. Barclays lowered their price objective on shares of CVS Health from $65.00 to $63.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 8th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $68.00 price objective on shares of CVS Health in a research report on Wednesday, September 4th. Cantor Fitzgerald reissued a “neutral” rating and set a $62.00 target price on shares of CVS Health in a report on Monday. Baird R W raised CVS Health to a “hold” rating in a report on Thursday, May 30th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of CVS Health from $64.00 to $63.00 and set a “hold” rating on the stock in a research report on Friday, August 9th. Eleven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.10.

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.