CVS Health Co. (NYSE:CVS) Stock Position Cut by Confluence Wealth Services Inc.

Confluence Wealth Services Inc. trimmed its stake in shares of CVS Health Co. (NYSE:CVS) by 14.1% during the third quarter, Holdings Channel reports. The institutional investor owned 8,454 shares of the pharmacy operator’s stock after selling 1,386 shares during the period. Confluence Wealth Services Inc.’s holdings in CVS Health were worth $532,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Pzena Investment Management LLC boosted its stake in CVS Health by 132.9% during 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 purchasing an additional 7,382,931 shares in the last quarter. Capital International Investors boosted 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 valued at $3,024,334,000 after buying an additional 4,226,225 shares in the last quarter. Capital World Investors grew its holdings 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 acquiring an additional 3,232,172 shares during the period. Pathway Financial Advisers LLC raised its position in CVS Health by 5,864.2% in the third quarter. Pathway Financial Advisers LLC now owns 1,730,343 shares of the pharmacy operator’s stock worth $108,804,000 after acquiring an additional 1,701,331 shares in the last quarter. Finally, State of Michigan Retirement System boosted its position in shares of CVS Health by 402.5% during the 2nd quarter. State of Michigan Retirement System now owns 2,005,677 shares of the pharmacy operator’s stock valued at $118,455,000 after purchasing an additional 1,606,500 shares in the last quarter. 80.66% of the stock is currently owned by institutional investors.

CVS Health Stock Performance

Shares of CVS stock opened at $55.81 on Monday. CVS Health Co. has a fifty-two week low of $52.77 and a fifty-two week high of $83.25. The stock’s 50-day moving average is $59.66 and its two-hundred day moving average is $59.49. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.86 and a quick ratio of 0.66. The firm has a market cap of $70.21 billion, a P/E ratio of 9.93, a PEG ratio of 0.83 and a beta of 0.55.

CVS Health (NYSE:CVS) last released its quarterly earnings data on Wednesday, August 7th. The pharmacy operator reported $1.83 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.10. The firm had revenue of $91.23 billion for the quarter, compared to the consensus estimate of $91.41 billion. CVS Health had a return on equity of 12.72% and a net margin of 1.98%. The firm’s revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.21 earnings per share. Analysts predict that CVS Health Co. will post 6.41 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Monday, October 21st were issued a dividend of $0.665 per share. The ex-dividend date of this dividend was Monday, October 21st. This represents a $2.66 annualized dividend and a yield of 4.77%. CVS Health’s dividend payout ratio (DPR) is currently 47.33%.

Analyst Ratings Changes

A number of analysts recently commented on CVS shares. TD Cowen upgraded shares of CVS Health from a “hold” rating to a “buy” rating and boosted their target price for the stock from $59.00 to $85.00 in a report on Friday, October 4th. Royal Bank of Canada reissued an “outperform” rating and set a $68.00 price objective on shares of CVS Health in a research note on Wednesday, September 4th. Evercore ISI boosted their target price on CVS Health from $62.00 to $75.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Wells Fargo & Company increased their price target on CVS Health from $60.00 to $61.00 and gave the company an “equal weight” rating in a research report on Monday, August 12th. Finally, Mizuho cut their price objective 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 analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $73.17.

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.