Allworth Financial LP Raises Stock Holdings in CVS Health Co. (NYSE:CVS)

Allworth Financial LP boosted its stake in CVS Health Co. (NYSE:CVS) by 10.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,613 shares of the pharmacy operator’s stock after buying an additional 1,706 shares during the period. Allworth Financial LP’s holdings in CVS Health were worth $1,108,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CVS. Capital World Investors increased its stake in CVS Health by 8.0% during the first quarter. Capital World Investors now owns 43,776,874 shares of the pharmacy operator’s stock worth $3,491,643,000 after purchasing an additional 3,232,172 shares during the period. Capital International Investors increased its stake in CVS Health by 12.5% during the first 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 period. Capital Research Global Investors increased its stake in 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 worth $1,048,351,000 after purchasing an additional 184,297 shares during the period. Pzena Investment Management LLC increased 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 worth $764,023,000 after purchasing an additional 7,382,931 shares during the period. Finally, Lazard Asset Management LLC increased 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 worth $555,406,000 after purchasing an additional 389,166 shares during the period. 80.66% of the stock is currently owned by hedge funds and other institutional investors.

CVS Health Trading Up 1.5 %

NYSE:CVS opened at $57.36 on Tuesday. The stock has a fifty day moving average price of $59.79 and a two-hundred day moving average price of $59.76. The stock has a market capitalization of $72.01 billion, a price-to-earnings ratio of 10.08, a PEG ratio of 0.84 and a beta of 0.54. 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 Co. has a 1 year low of $52.77 and a 1 year high of $83.25.

CVS Health (NYSE:CVS) last announced its quarterly earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.73 by $0.10. CVS Health had a return on equity of 12.72% and a net margin of 1.98%. The business 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 posted $2.21 earnings per share. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, sell-side analysts anticipate that CVS Health Co. will post 6.41 earnings per share for the current fiscal year.

CVS Health Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Monday, October 21st will be paid a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.64%. The ex-dividend date of this dividend is Monday, October 21st. CVS Health’s payout ratio is currently 46.75%.

Analyst Ratings Changes

CVS has been the topic of a number of recent research reports. Mizuho cut their price target 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. Cantor Fitzgerald restated a “neutral” rating and set a $62.00 target price on shares of CVS Health in a research note on Tuesday, October 1st. Truist Financial upped their target price on shares of CVS Health from $66.00 to $76.00 and gave the stock a “buy” rating in a research note on Friday, October 11th. TD Cowen upgraded shares of CVS Health from a “hold” rating to a “buy” rating and upped their target price for the stock from $59.00 to $85.00 in a research note on Friday, October 4th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $68.00 target price on shares of CVS Health in a research note on Wednesday, September 4th. Nine analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.58.

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.