Truist Financial Corp Lowers Stock Holdings in CVS Health Co. (NYSE:CVS)

Truist Financial Corp lessened its stake in shares of CVS Health Co. (NYSE:CVS) by 81.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 565,774 shares of the pharmacy operator’s stock after selling 2,497,832 shares during the quarter. Truist Financial Corp’s holdings in CVS Health were worth $33,415,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Wedmont Private Capital lifted its stake in shares of CVS Health by 0.8% in the 1st quarter. Wedmont Private Capital now owns 19,225 shares of the pharmacy operator’s stock worth $1,410,000 after acquiring an additional 146 shares during the period. Moody National Bank Trust Division lifted its position in CVS Health by 0.7% in the first quarter. Moody National Bank Trust Division now owns 22,268 shares of the pharmacy operator’s stock valued at $1,776,000 after purchasing an additional 150 shares during the period. Garland Capital Management Inc. boosted its holdings in CVS Health by 0.3% in the 2nd quarter. Garland Capital Management Inc. now owns 60,810 shares of the pharmacy operator’s stock valued at $3,591,000 after purchasing an additional 160 shares in the last quarter. Silverlake Wealth Management LLC raised its stake in shares of CVS Health by 1.6% during the 1st quarter. Silverlake Wealth Management LLC now owns 11,203 shares of the pharmacy operator’s stock worth $894,000 after buying an additional 173 shares in the last quarter. Finally, Plimoth Trust Co. LLC lifted its holdings in shares of CVS Health by 0.4% in the 2nd quarter. Plimoth Trust Co. LLC now owns 46,637 shares of the pharmacy operator’s stock valued at $2,754,000 after buying an additional 174 shares during the period. 80.66% of the stock is owned by institutional investors and hedge funds.

CVS Health Stock Up 1.1 %

CVS stock opened at $62.24 on Thursday. The company has a 50 day moving average price of $58.44 and a two-hundred day moving average price of $61.66. 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 stock has a market capitalization of $78.13 billion, a P/E ratio of 10.94, a PEG ratio of 0.81 and a beta of 0.53. CVS Health Co. has a one year low of $52.77 and a one year high of $83.25.

CVS Health (NYSE:CVS) last released its earnings results 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 return on equity of 12.72% and a net margin of 1.98%. The firm had revenue of $91.23 billion during the quarter, compared to analyst estimates of $91.41 billion. During the same period in the prior year, the firm posted $2.21 earnings per share. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. As a group, sell-side analysts expect that CVS Health Co. will post 6.51 EPS for the current year.

CVS Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Monday, October 21st will be given a $0.665 dividend. The ex-dividend date is Monday, October 21st. This represents a $2.66 annualized dividend and a dividend yield of 4.27%. CVS Health’s dividend payout ratio is presently 46.75%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on CVS shares. Deutsche Bank Aktiengesellschaft cut their price objective on CVS Health from $64.00 to $63.00 and set a “hold” rating for the company in a research report on Friday, August 9th. Barclays cut their price target on shares of CVS Health from $65.00 to $63.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. Cantor Fitzgerald restated a “neutral” rating and set a $62.00 target price on shares of CVS Health in a research report on Tuesday. Royal Bank of Canada reiterated an “outperform” rating and set a $68.00 price target on shares of CVS Health in a research report on Wednesday, September 4th. Finally, Wells Fargo & Company upped their price target on CVS Health from $60.00 to $61.00 and gave the stock an “equal weight” rating in a report on Monday, August 12th. Eleven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $72.10.

CVS Health Profile

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.