Drive Wealth Management LLC Reduces Stock Position in CVS Health Co. (NYSE:CVS)

Drive Wealth Management LLC trimmed its holdings in shares of CVS Health Co. (NYSE:CVS) by 7.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,767 shares of the pharmacy operator’s stock after selling 302 shares during the period. Drive Wealth Management LLC’s holdings in CVS Health were worth $222,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in CVS. Norges Bank purchased a new position in CVS Health in the fourth quarter valued at approximately $1,092,040,000. Capital International Investors grew its position in shares of CVS Health by 47.4% in the 4th quarter. Capital International Investors now owns 33,691,698 shares of the pharmacy operator’s stock valued at $2,660,298,000 after buying an additional 10,837,801 shares during the last quarter. Pzena Investment Management LLC raised its stake in CVS Health by 573.8% during the 1st quarter. Pzena Investment Management LLC now owns 5,553,457 shares of the pharmacy operator’s stock worth $442,944,000 after acquiring an additional 4,729,207 shares in the last quarter. Capital World Investors lifted its position 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 acquiring an additional 3,232,172 shares during the last quarter. Finally, Clearbridge Investments LLC boosted its stake in CVS Health by 306.6% in the fourth quarter. Clearbridge Investments LLC now owns 3,046,216 shares of the pharmacy operator’s stock valued at $240,529,000 after acquiring an additional 2,297,100 shares in the last quarter. 80.66% of the stock is owned by institutional investors and hedge funds.

CVS Health Trading Up 0.5 %

NYSE:CVS opened at $57.24 on Monday. The stock has a market capitalization of $71.86 billion, a price-to-earnings ratio of 10.06, a PEG ratio of 0.80 and a beta of 0.52. CVS Health Co. has a 1 year low of $52.77 and a 1 year high of $83.25. The stock has a fifty day moving average price of $58.50 and a two-hundred day moving average price of $64.35. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.66 and a current ratio of 0.86.

CVS Health (NYSE:CVS) last announced its quarterly earnings data on Wednesday, August 7th. The pharmacy operator reported $1.83 EPS for the quarter, beating the consensus estimate of $1.73 by $0.10. CVS Health had a net margin of 1.98% and a return on equity of 12.72%. The firm had revenue of $91.23 billion during the quarter, compared to analysts’ expectations of $91.41 billion. During the same quarter last year, the business earned $2.21 earnings per share. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that CVS Health Co. will post 6.52 earnings per share for the current fiscal year.

CVS Health Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 22nd were issued a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.65%. The ex-dividend date of this dividend was Monday, July 22nd. CVS Health’s dividend payout ratio is currently 46.75%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CVS. Deutsche Bank Aktiengesellschaft cut their target price on CVS Health from $64.00 to $63.00 and set a “hold” rating on the stock in a research report on Friday, August 9th. Wells Fargo & Company boosted their price objective on CVS Health from $60.00 to $61.00 and gave the company an “equal weight” rating in a research note on Monday, August 12th. Evercore ISI lowered their target price on shares of CVS Health from $65.00 to $62.00 and set an “outperform” rating on the stock in a research report on Thursday, August 8th. Robert W. Baird began coverage on shares of CVS Health in a research report on Thursday, May 30th. They issued a “neutral” rating and a $61.00 price target for the company. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $62.00 price objective on shares of CVS Health in a research report on Monday, August 19th. Eleven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, CVS Health has an average rating of “Moderate Buy” and a consensus target price of $73.24.

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.