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

Cornerstone Advisors LLC cut its stake in CVS Health Co. (NYSE:CVS) by 2.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,200 shares of the pharmacy operator’s stock after selling 800 shares during the period. Cornerstone Advisors LLC’s holdings in CVS Health were worth $1,606,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Ables Iannone Moore & Associates Inc. purchased a new stake in shares of CVS Health in the fourth quarter valued at approximately $32,000. First Community Trust NA grew its position in shares of CVS Health by 116.2% in the second 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 in the last quarter. Creekmur Asset Management LLC purchased a new position in CVS Health in the fourth quarter worth approximately $34,000. Steph & Co. grew its position in CVS Health by 192.0% in the first quarter. Steph & Co. now owns 438 shares of the pharmacy operator’s stock worth $35,000 after acquiring an additional 288 shares during the period. Finally, ORG Partners LLC grew its position in CVS Health by 11,840.0% in the second quarter. ORG Partners LLC now owns 597 shares of the pharmacy operator’s stock worth $35,000 after acquiring an additional 592 shares during the period. 80.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CVS has been the subject of several analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $68.00 price objective on shares of CVS Health in a research report on Wednesday, September 4th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $62.00 price objective on shares of CVS Health in a research report on Monday. Robert W. Baird initiated coverage on CVS Health in a research report on Thursday, May 30th. They issued a “neutral” rating and a $61.00 price objective for the company. Wells Fargo & Company increased their price objective on CVS Health from $60.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Monday, August 12th. Finally, Baird R W upgraded CVS Health to a “hold” rating in a research report on Thursday, May 30th. Eleven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $72.10.

CVS Health Stock Up 0.7 %

Shares of NYSE CVS opened at $58.37 on Tuesday. The stock has a market cap of $73.28 billion, a P/E ratio of 10.26, a PEG ratio of 0.79 and a beta of 0.53. The company has a current ratio of 0.86, a quick ratio of 0.66 and a debt-to-equity ratio of 0.83. CVS Health Co. has a 12-month low of $52.77 and a 12-month high of $83.25. The business’s fifty day simple moving average is $58.31 and its 200-day simple moving average is $62.88.

CVS Health (NYSE:CVS) last announced its quarterly earnings data on Wednesday, August 7th. The pharmacy operator reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.10. The business had revenue of $91.23 billion for the quarter, compared to analysts’ expectations of $91.41 billion. CVS Health had a return on equity of 12.72% and a net margin of 1.98%. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period last year, the firm earned $2.21 earnings per share. As a group, equities analysts predict that CVS Health Co. will post 6.51 EPS for the current fiscal year.

CVS Health Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 22nd were issued a $0.665 dividend. This represents a $2.66 annualized dividend and a yield of 4.56%. The ex-dividend date was Monday, July 22nd. CVS Health’s dividend payout ratio (DPR) is presently 46.75%.

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.