Allspring Global Investments Holdings LLC Sells 244,465 Shares of CVS Health Co. (NYSE:CVS)

Allspring Global Investments Holdings LLC lessened its position in CVS Health Co. (NYSE:CVS) by 28.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 629,163 shares of the pharmacy operator’s stock after selling 244,465 shares during the period. Allspring Global Investments Holdings LLC’s holdings in CVS Health were worth $39,562,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. Garland Capital Management Inc. increased its stake in CVS Health by 0.3% in the second 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. Sound Income Strategies LLC increased its stake in CVS Health by 7.2% in the third quarter. Sound Income Strategies LLC now owns 2,397 shares of the pharmacy operator’s stock valued at $151,000 after purchasing an additional 162 shares in the last quarter. Silverlake Wealth Management LLC increased its stake in CVS Health by 1.6% in the first quarter. Silverlake Wealth Management LLC now owns 11,203 shares of the pharmacy operator’s stock valued at $894,000 after purchasing an additional 173 shares in the last quarter. Plimoth Trust Co. LLC increased its stake in CVS Health by 0.4% in the second quarter. Plimoth Trust Co. LLC now owns 46,637 shares of the pharmacy operator’s stock valued at $2,754,000 after purchasing an additional 174 shares in the last quarter. Finally, Hexagon Capital Partners LLC increased its stake in CVS Health by 3.5% in the third quarter. Hexagon Capital Partners LLC now owns 5,268 shares of the pharmacy operator’s stock valued at $331,000 after purchasing an additional 178 shares in the last quarter. Institutional investors own 80.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CVS shares. Truist Financial increased their price objective on shares of CVS Health from $66.00 to $76.00 and gave the stock a “buy” rating in a research report on Friday, October 11th. Barclays raised shares of CVS Health from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $63.00 to $82.00 in a research report on Thursday, October 10th. Evercore ISI increased their price objective on shares of CVS Health from $62.00 to $75.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Wells Fargo & Company increased their price objective on shares of CVS Health from $60.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Monday, August 12th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $68.00 price objective on shares of CVS Health in a research report on Wednesday, September 4th. Nine research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, CVS Health has an average rating of “Moderate Buy” and an average target price of $75.26.

CVS Health Stock Performance

Shares of CVS opened at $56.85 on Wednesday. The firm has a 50-day moving average of $59.87 and a 200-day moving average of $60.19. CVS Health Co. has a one year low of $52.77 and a one year high of $83.25. The company has a market cap of $71.37 billion, a PE ratio of 9.99, a price-to-earnings-growth ratio of 0.93 and a beta of 0.54. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.86 and a quick ratio of 0.66.

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 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 company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the firm posted $2.21 EPS. As a group, equities analysts forecast that CVS Health Co. will post 6.51 earnings per share for the current year.

CVS Health Dividend Announcement

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 issued a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a dividend yield of 4.68%. The ex-dividend date is Monday, October 21st. CVS Health’s payout ratio is 46.75%.

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.