CVS Health Co. (NYSE:CVS) Sees Significant Drop in Short Interest

CVS Health Co. (NYSE:CVS) saw a significant drop in short interest in the month of September. As of September 15th, there was short interest totalling 17,400,000 shares, a drop of 5.9% from the August 31st total of 18,500,000 shares. Based on an average daily trading volume, of 8,620,000 shares, the days-to-cover ratio is presently 2.0 days. Approximately 1.4% of the company’s stock are short sold.

CVS Health Price Performance

NYSE:CVS opened at $61.54 on Wednesday. CVS Health has a one year low of $52.77 and a one year high of $83.25. 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 firm has a market cap of $77.26 billion, a price-to-earnings ratio of 10.82, a PEG ratio of 0.81 and a beta of 0.53. The firm’s fifty day moving average is $58.37 and its two-hundred day moving average is $61.66.

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

CVS Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Monday, October 21st will be issued a $0.665 dividend. This represents a $2.66 annualized dividend and a yield of 4.32%. The ex-dividend date is Monday, October 21st. CVS Health’s payout ratio is 46.75%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Cantor Fitzgerald reissued a “neutral” rating and set a $62.00 price objective on shares of CVS Health in a report on Tuesday. Barclays cut their price target on shares of CVS Health from $65.00 to $63.00 and set an “equal weight” rating on the stock in a report on Thursday, August 8th. Wells Fargo & Company lifted their price target on shares of CVS Health from $60.00 to $61.00 and gave the stock an “equal weight” rating in a report on Monday, August 12th. Deutsche Bank Aktiengesellschaft cut their price target on shares of CVS Health from $64.00 to $63.00 and set a “hold” rating on the stock in a report on Friday, August 9th. Finally, Evercore ISI cut their price target on shares of CVS Health from $65.00 to $62.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Eleven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.10.

Institutional Investors Weigh In On CVS Health

Several hedge funds have recently added to or reduced their stakes in the business. Mattson Financial Services LLC purchased a new stake in shares of CVS Health during the 2nd quarter worth about $1,014,000. Newbridge Financial Services Group Inc. boosted its stake in shares of CVS Health by 82.5% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 4,096 shares of the pharmacy operator’s stock worth $242,000 after acquiring an additional 1,852 shares in the last quarter. Prio Wealth Limited Partnership boosted its stake in shares of CVS Health by 1.1% during the 2nd quarter. Prio Wealth Limited Partnership now owns 57,413 shares of the pharmacy operator’s stock worth $3,391,000 after acquiring an additional 600 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of CVS Health during the 2nd quarter worth about $8,005,000. Finally, Brown Financial Advisors purchased a new stake in shares of CVS Health during the 2nd quarter worth about $684,000. 80.66% of the stock is owned by hedge funds and other institutional investors.

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.