Fmr LLC Reduces Stock Position in CVS Health Co. (NYSE:CVS)

Fmr LLC cut its holdings in CVS Health Co. (NYSE:CVS) by 3.6% during the third quarter, HoldingsChannel reports. The fund owned 28,327,041 shares of the pharmacy operator’s stock after selling 1,044,903 shares during the period. Fmr LLC’s holdings in CVS Health were worth $1,781,204,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in CVS. Garland Capital Management Inc. lifted its stake in CVS Health by 0.3% during the second quarter. Garland Capital Management Inc. now owns 60,810 shares of the pharmacy operator’s stock worth $3,591,000 after purchasing an additional 160 shares in the last quarter. Sound Income Strategies LLC lifted its stake in CVS Health by 7.2% during the third quarter. Sound Income Strategies LLC now owns 2,397 shares of the pharmacy operator’s stock worth $151,000 after purchasing an additional 162 shares in the last quarter. Plimoth Trust Co. LLC lifted its stake in CVS Health by 0.4% during the second quarter. Plimoth Trust Co. LLC now owns 46,637 shares of the pharmacy operator’s stock worth $2,754,000 after purchasing an additional 174 shares in the last quarter. Hexagon Capital Partners LLC lifted its stake in CVS Health by 3.5% during the third quarter. Hexagon Capital Partners LLC now owns 5,268 shares of the pharmacy operator’s stock worth $331,000 after purchasing an additional 178 shares in the last quarter. Finally, Pallas Capital Advisors LLC lifted its stake in CVS Health by 2.5% during the second quarter. Pallas Capital Advisors LLC now owns 7,458 shares of the pharmacy operator’s stock worth $447,000 after purchasing an additional 183 shares in the last quarter. 80.66% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently issued reports on CVS shares. Barclays reduced their price objective on CVS Health from $75.00 to $71.00 and set an “overweight” rating on the stock in a research note on Thursday, November 7th. Wells Fargo & Company upgraded CVS Health from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $60.00 to $66.00 in a research note on Monday, November 18th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $62.00 price objective on shares of CVS Health in a research note on Tuesday, October 1st. Piper Sandler dropped their target price on CVS Health from $72.00 to $64.00 and set an “overweight” rating on the stock in a report on Monday. Finally, StockNews.com lowered CVS Health from a “hold” rating to a “sell” rating in a report on Thursday, November 14th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.33.

CVS Health Price Performance

Shares of NYSE:CVS opened at $59.02 on Wednesday. The company has a quick ratio of 0.59, a current ratio of 0.80 and a debt-to-equity ratio of 0.80. The company has a market cap of $74.27 billion, a P/E ratio of 14.98, a PEG ratio of 1.01 and a beta of 0.55. CVS Health Co. has a 52 week low of $52.71 and a 52 week high of $83.25. The company has a 50-day moving average price of $59.26 and a 200 day moving average price of $58.69.

CVS Health (NYSE:CVS) last posted its quarterly earnings results 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 company had revenue of $95.43 billion during the quarter, compared to the consensus estimate of $92.72 billion. During the same period last year, the firm earned $2.21 EPS. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. Research analysts predict that CVS Health Co. will post 5.43 earnings per share for the current year.

CVS Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were paid a dividend of $0.665 per share. The ex-dividend date was Monday, October 21st. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.51%. CVS Health’s dividend payout ratio (DPR) is 67.51%.

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.