World Asset Management Inc Sells 1,650 Shares of CVS Health Co. (NYSE:CVS)

World Asset Management Inc decreased its holdings in CVS Health Co. (NYSE:CVS) by 3.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 53,723 shares of the pharmacy operator’s stock after selling 1,650 shares during the quarter. World Asset Management Inc’s holdings in CVS Health were worth $4,483,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in CVS. Ausdal Financial Partners Inc. lifted its position in CVS Health by 14.2% in the 1st quarter. Ausdal Financial Partners Inc. now owns 7,080 shares of the pharmacy operator’s stock valued at $533,000 after acquiring an additional 880 shares in the last quarter. Unigestion Holding SA increased its stake in CVS Health by 35.6% in the 1st quarter. Unigestion Holding SA now owns 12,679 shares of the pharmacy operator’s stock valued at $954,000 after buying an additional 3,329 shares during the last quarter. Slow Capital Inc. increased its stake in CVS Health by 13.1% in the 1st quarter. Slow Capital Inc. now owns 4,021 shares of the pharmacy operator’s stock valued at $302,000 after buying an additional 467 shares during the last quarter. Commerce Bank grew its stake in CVS Health by 3.7% in the 1st quarter. Commerce Bank now owns 189,335 shares of the pharmacy operator’s stock valued at $14,243,000 after buying an additional 6,764 shares in the last quarter. Finally, Tortoise Investment Management LLC grew its stake in CVS Health by 28.1% in the 1st quarter. Tortoise Investment Management LLC now owns 912 shares of the pharmacy operator’s stock valued at $69,000 after buying an additional 200 shares in the last quarter. 75.94% of the stock is currently owned by institutional investors and hedge funds.

Shares of CVS stock traded up $0.85 during trading hours on Wednesday, reaching $84.74. 153,149 shares of the stock were exchanged, compared to its average volume of 6,445,591. The firm has a market capitalization of $111.82 billion, a P/E ratio of 15.39, a P/E/G ratio of 1.68 and a beta of 0.83. CVS Health Co. has a 12-month low of $55.36 and a 12-month high of $90.61. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.95 and a quick ratio of 0.67. The business’s fifty day moving average is $83.62 and its two-hundred day moving average is $81.03.

CVS Health (NYSE:CVS) last announced its quarterly earnings results on Tuesday, August 3rd. The pharmacy operator reported $2.42 earnings per share for the quarter, beating analysts’ consensus estimates of $2.07 by $0.35. CVS Health had a return on equity of 13.81% and a net margin of 2.59%. The business had revenue of $72.62 billion during the quarter, compared to analysts’ expectations of $70.27 billion. During the same quarter last year, the business posted $2.62 earnings per share. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities research analysts predict that CVS Health Co. will post 7.84 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 2nd. Shareholders of record on Friday, July 23rd were given a $0.50 dividend. The ex-dividend date was Thursday, July 22nd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.36%. CVS Health’s dividend payout ratio is currently 26.67%.

CVS has been the subject of several analyst reports. Morgan Stanley raised their price target on shares of CVS Health from $99.00 to $114.00 and gave the company an “overweight” rating in a report on Tuesday, August 31st. Wells Fargo & Company initiated coverage on shares of CVS Health in a research note on Monday, May 24th. They issued an “equal weight” rating and a $89.00 price target for the company. BMO Capital Markets boosted their price target on shares of CVS Health from $90.00 to $96.00 and gave the stock a “market perform” rating in a research note on Wednesday, May 19th. Tigress Financial restated a “buy” rating and issued a $108.00 price objective on shares of CVS Health in a research report on Friday, July 23rd. Finally, Barclays boosted their price target on shares of CVS Health from $92.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, May 19th. Four research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $94.89.

In other CVS Health news, Director Edward J. Ludwig bought 3,000 shares of CVS Health stock in a transaction on Thursday, August 5th. The shares were purchased at an average cost of $79.55 per share, for a total transaction of $238,650.00. Following the completion of the acquisition, the director now owns 17,334 shares in the company, valued at approximately $1,378,919.70. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Troyen A. Brennan sold 2,625 shares of the business’s stock in a transaction dated Thursday, September 2nd. The shares were sold at an average price of $87.00, for a total value of $228,375.00. Following the completion of the sale, the executive vice president now owns 140,201 shares in the company, valued at $12,197,487. The disclosure for this sale can be found here. Corporate insiders own 0.69% of the company’s stock.

CVS Health Profile

CVS Health Corp. engages in the provision of health care services. It operates through the following segments: Pharmacy Services, Retail or Long Term Care, Health Care Benefits, and Corporate/Other. The Pharmacy Services segment offers pharmacy benefit management solutions. The Retail or Long Term Care segment includes selling of prescription drugs and assortment of general merchandise.

Further Reading: What is the CBOE Russell 2000® Volatility Index?

Want to see what other hedge funds are holding CVS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CVS Health Co. (NYSE:CVS).

Institutional Ownership by Quarter for CVS Health (NYSE:CVS)

Receive News & Ratings for CVS Health Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CVS Health and related companies with MarketBeat.com's FREE daily email newsletter.