Independent Advisor Alliance Sells 27,018 Shares of CVS Health Co. (NYSE:CVS)

Independent Advisor Alliance cut its holdings in CVS Health Co. (NYSE:CVS) by 40.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,118 shares of the pharmacy operator’s stock after selling 27,018 shares during the quarter. Independent Advisor Alliance’s holdings in CVS Health were worth $2,460,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. MidAtlantic Capital Management Inc. bought a new position in shares of CVS Health during the 3rd quarter valued at $25,000. Livelsberger Financial Advisory bought a new position in CVS Health in the third quarter valued at about $31,000. Reston Wealth Management LLC purchased a new position in CVS Health in the third quarter worth about $32,000. First Community Trust NA grew its stake in shares of CVS Health by 116.2% during the 2nd quarter. First Community Trust NA now owns 562 shares of the pharmacy operator’s stock valued at $33,000 after purchasing an additional 302 shares during the period. Finally, Kathleen S. Wright Associates Inc. bought a new position in shares of CVS Health in the 3rd quarter worth approximately $33,000. 80.66% of the stock is owned by institutional investors.

CVS Health Trading Up 3.6 %

Shares of CVS opened at $60.10 on Tuesday. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.80 and a quick ratio of 0.59. CVS Health Co. has a 1 year low of $52.71 and a 1 year high of $83.25. The company has a 50 day simple moving average of $59.25 and a two-hundred day simple moving average of $58.67. The firm has a market cap of $75.63 billion, a P/E ratio of 15.25, a price-to-earnings-growth ratio of 0.98 and a beta of 0.55.

CVS Health (NYSE:CVS) last announced its quarterly earnings data on Wednesday, November 6th. The pharmacy operator reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.01. CVS Health had a net margin of 1.36% and a return on equity of 10.72%. The business had revenue of $95.43 billion during the quarter, compared to analyst estimates of $92.72 billion. During the same period last year, the firm posted $2.21 EPS. The company’s revenue was up 6.3% on a year-over-year basis. On average, equities analysts expect that CVS Health Co. will post 5.43 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were issued a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.43%. The ex-dividend date was Monday, October 21st. CVS Health’s dividend payout ratio (DPR) is presently 67.51%.

Analyst Ratings Changes

Several brokerages recently issued reports on CVS. Piper Sandler cut their target price on shares of CVS Health from $72.00 to $64.00 and set an “overweight” rating for the company in a research report on Monday. Cantor Fitzgerald restated a “neutral” rating and issued a $62.00 price objective on shares of CVS Health in a research note on Tuesday, October 1st. Truist Financial reiterated a “buy” rating and set a $67.00 target price (down from $76.00) on shares of CVS Health in a research report on Wednesday, November 20th. Barclays reduced their price target on CVS Health from $75.00 to $71.00 and set an “overweight” rating for the company in a research report on Thursday, November 7th. Finally, UBS Group lifted their price objective on CVS Health from $60.00 to $62.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $70.33.

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.