Janney Montgomery Scott LLC Reduces Holdings in CVS Health Co. (NYSE:CVS)

Janney Montgomery Scott LLC reduced its position in CVS Health Co. (NYSE:CVS) by 24.8% in the 3rd quarter, Holdings Channel reports. The firm owned 338,239 shares of the pharmacy operator’s stock after selling 111,292 shares during the period. Janney Montgomery Scott LLC’s holdings in CVS Health were worth $21,268,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in CVS. Pzena Investment Management LLC grew its position in shares of 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 worth $764,023,000 after acquiring an additional 7,382,931 shares during the last quarter. Capital International Investors grew its position in CVS Health by 12.5% during the 1st quarter. Capital International Investors now owns 37,917,923 shares of the pharmacy operator’s stock worth $3,024,334,000 after purchasing an additional 4,226,225 shares during the last quarter. Capital World Investors increased its stake in CVS Health by 8.0% in the first quarter. Capital World Investors now owns 43,776,874 shares of the pharmacy operator’s stock valued at $3,491,643,000 after purchasing an additional 3,232,172 shares during the period. Pathway Financial Advisers LLC raised its holdings in shares of 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 valued at $108,804,000 after buying an additional 1,701,331 shares during the last quarter. Finally, State of Michigan Retirement System grew its holdings in shares of CVS Health by 402.5% during 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 buying an additional 1,606,500 shares during the last quarter. Hedge funds and other institutional investors own 80.66% of the company’s stock.

CVS Health Trading Up 1.2 %

Shares of CVS stock opened at $55.33 on Wednesday. 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 quick ratio of 0.66, a current ratio of 0.86 and a debt-to-equity ratio of 0.83. The business has a fifty day simple moving average of $59.51 and a 200-day simple moving average of $59.29. The stock has a market cap of $69.60 billion, a P/E ratio of 9.85, a P/E/G ratio of 0.82 and a beta of 0.55.

CVS Health (NYSE:CVS) last announced its earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 earnings per share (EPS) 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 analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.21 earnings per share. On average, analysts forecast that CVS Health Co. will post 6.41 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were paid a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a yield of 4.81%. The ex-dividend date was Monday, October 21st. CVS Health’s payout ratio is currently 47.33%.

Analyst Ratings Changes

CVS has been the subject of several analyst reports. Evercore ISI upped their price objective on CVS Health from $62.00 to $75.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Truist Financial increased their price target on CVS Health from $66.00 to $76.00 and gave the stock a “buy” rating in a report on Friday, October 11th. Mizuho dropped their price objective on shares of CVS Health from $73.00 to $66.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Royal Bank of Canada restated an “outperform” rating and issued a $68.00 target price on shares of CVS Health in a research note on Wednesday, September 4th. Finally, TD Cowen upgraded shares of CVS Health from a “hold” rating to a “buy” rating and boosted their price target for the stock 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 twelve have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $73.11.

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.