Bleakley Financial Group LLC Lowers Position in CVS Health Co. (NYSE:CVS)

Bleakley Financial Group LLC lowered its holdings in CVS Health Co. (NYSE:CVS) by 3.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,350 shares of the pharmacy operator’s stock after selling 996 shares during the period. Bleakley Financial Group LLC’s holdings in CVS Health were worth $1,531,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital World Investors raised its holdings in shares of CVS Health by 8.0% during the 1st quarter. Capital World Investors now owns 43,776,874 shares of the pharmacy operator’s stock valued at $3,491,643,000 after buying an additional 3,232,172 shares in the last quarter. Capital International Investors boosted its position in shares of CVS Health by 12.5% during the first quarter. Capital International Investors now owns 37,917,923 shares of the pharmacy operator’s stock valued at $3,024,334,000 after purchasing an additional 4,226,225 shares in the last quarter. Capital Research Global Investors boosted its position in shares of CVS Health by 1.4% during the first quarter. Capital Research Global Investors now owns 13,143,822 shares of the pharmacy operator’s stock valued at $1,048,351,000 after purchasing an additional 184,297 shares in the last quarter. Pzena Investment Management LLC raised its stake in CVS Health by 132.9% during 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 buying an additional 7,382,931 shares during the last quarter. Finally, Lazard Asset Management LLC raised its stake in CVS Health by 5.9% during the first quarter. Lazard Asset Management LLC now owns 6,963,508 shares of the pharmacy operator’s stock valued at $555,406,000 after buying an additional 389,166 shares during the last quarter. Hedge funds and other institutional investors own 80.66% of the company’s stock.

CVS Health Trading Down 5.2 %

Shares of NYSE CVS opened at $60.34 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.66 and a current ratio of 0.86. The business’s 50 day moving average price is $59.80 and its 200-day moving average price is $60.53. CVS Health Co. has a fifty-two week low of $52.77 and a fifty-two week high of $83.25. The company has a market cap of $75.75 billion, a price-to-earnings ratio of 10.60, a PEG ratio of 0.93 and a beta of 0.54.

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

CVS Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Monday, October 21st will be issued a dividend of $0.665 per share. The ex-dividend date of this dividend is Monday, October 21st. This represents a $2.66 annualized dividend and a yield of 4.41%. CVS Health’s payout ratio is currently 46.75%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Truist Financial boosted their price target on CVS Health from $66.00 to $76.00 and gave the stock a “buy” rating in a research note on Friday, October 11th. Wells Fargo & Company boosted their price target on CVS Health from $60.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday, August 12th. Evercore ISI upped their price objective on CVS Health from $62.00 to $75.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $62.00 price objective on shares of CVS Health in a research note on Tuesday, October 1st. Finally, TD Cowen raised CVS Health from a “hold” rating to a “buy” rating and increased their price target for the company from $59.00 to $85.00 in a research note on Friday, October 4th. Nine equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, CVS Health has a consensus rating of “Moderate Buy” and an average target price of $75.26.

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.