Sheets Smith Wealth Management Sells 76,287 Shares of CVS Health Co. (NYSE:CVS)

Sheets Smith Wealth Management lessened its holdings in shares of CVS Health Co. (NYSE:CVS) by 71.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 31,229 shares of the pharmacy operator’s stock after selling 76,287 shares during the period. Sheets Smith Wealth Management’s holdings in CVS Health were worth $1,964,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Pzena Investment Management LLC grew its position in shares of CVS Health by 132.9% in the 2nd quarter. Pzena Investment Management LLC now owns 12,936,388 shares of the pharmacy operator’s stock valued at $764,023,000 after buying an additional 7,382,931 shares during the last quarter. Capital International Investors boosted its holdings in CVS Health by 12.5% in the first quarter. Capital International Investors now owns 37,917,923 shares of the pharmacy operator’s stock valued at $3,024,334,000 after acquiring an additional 4,226,225 shares during the last quarter. Capital World Investors increased its position in CVS Health by 8.0% during the 1st quarter. Capital World Investors now owns 43,776,874 shares of the pharmacy operator’s stock valued at $3,491,643,000 after purchasing an additional 3,232,172 shares during the period. Pathway Financial Advisers LLC raised its holdings in CVS Health by 5,864.2% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,730,343 shares of the pharmacy operator’s stock worth $108,804,000 after purchasing an additional 1,701,331 shares during the last quarter. Finally, State of Michigan Retirement System lifted its position in shares of CVS Health by 402.5% in the 2nd quarter. State of Michigan Retirement System now owns 2,005,677 shares of the pharmacy operator’s stock worth $118,455,000 after purchasing an additional 1,606,500 shares during the period. Institutional investors own 80.66% of the company’s stock.

CVS Health Price Performance

CVS stock opened at $55.54 on Friday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.66 and a current ratio of 0.80. The business has a 50-day simple moving average of $59.56 and a two-hundred day simple moving average of $59.19. The company has a market capitalization of $69.87 billion, a P/E ratio of 14.10, a price-to-earnings-growth ratio of 0.94 and a beta of 0.55. CVS Health Co. has a 52-week low of $52.77 and a 52-week high of $83.25.

CVS Health (NYSE:CVS) last announced its earnings results on Wednesday, November 6th. The pharmacy operator reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.01. The company had revenue of $95.43 billion for the quarter, compared to analysts’ expectations of $92.72 billion. CVS Health had a return on equity of 10.72% and a net margin of 1.36%. CVS Health’s quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.21 earnings per share. Research analysts expect that CVS Health Co. will post 6.18 EPS for the current fiscal year.

CVS Health Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were issued a $0.665 dividend. The ex-dividend date was Monday, October 21st. This represents a $2.66 annualized dividend and a dividend yield of 4.79%. CVS Health’s dividend payout ratio is currently 67.51%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CVS. Evercore ISI lifted their target price on shares of CVS Health from $62.00 to $75.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. TD Cowen raised CVS Health from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $59.00 to $85.00 in a research report on Friday, October 4th. Wells Fargo & Company cut their target price on CVS Health from $61.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Monday, November 4th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $62.00 target price on shares of CVS Health in a report on Tuesday, October 1st. Finally, Mizuho cut their price target on CVS Health from $73.00 to $66.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Nine equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, CVS Health presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.00.

CVS Health Company 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.