Smith Salley Wealth Management Sells 1,106 Shares of CVS Health Co. (NYSE:CVS)

Smith Salley Wealth Management cut its holdings in CVS Health Co. (NYSE:CVS) by 5.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 19,038 shares of the pharmacy operator’s stock after selling 1,106 shares during the period. Smith Salley Wealth Management’s holdings in CVS Health were worth $1,197,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in CVS. Wealth Enhancement Advisory Services LLC grew its position in CVS Health by 0.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 202,838 shares of the pharmacy operator’s stock worth $16,178,000 after buying an additional 823 shares in the last quarter. Vicus Capital boosted its stake in CVS Health by 12.8% during the first quarter. Vicus Capital now owns 6,330 shares of the pharmacy operator’s stock worth $505,000 after buying an additional 717 shares in the last quarter. Founders Financial Securities LLC acquired a new position in shares of CVS Health in the 1st quarter valued at $1,076,000. Cornerstone Wealth Group LLC bought a new position in shares of CVS Health during the 1st quarter worth about $207,000. Finally, Breakwater Capital Group boosted its position in shares of CVS Health by 7.1% during the 1st quarter. Breakwater Capital Group now owns 7,401 shares of the pharmacy operator’s stock valued at $590,000 after acquiring an additional 491 shares in the last quarter. Institutional investors own 80.66% of the company’s stock.

CVS Health Price Performance

Shares of CVS stock opened at $56.49 on Friday. The company has a quick ratio of 0.66, a current ratio of 0.86 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 firm has a market cap of $70.92 billion, a price-to-earnings ratio of 9.93, a PEG ratio of 0.84 and a beta of 0.54. The stock has a 50-day moving average price of $59.82 and a 200 day moving average price of $59.92.

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

CVS Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Monday, October 21st will be given a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.71%. The ex-dividend date is Monday, October 21st. CVS Health’s dividend payout ratio is currently 46.75%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CVS. Mizuho cut their price target on shares of CVS Health from $73.00 to $66.00 and set an “outperform” rating for the company in a research note on Thursday. Barclays decreased their price target on CVS Health from $82.00 to $75.00 and set an “overweight” rating on the stock in a research note on Wednesday. Cantor Fitzgerald reissued a “neutral” rating and set a $62.00 price objective on shares of CVS Health in a report on Tuesday, October 1st. Royal Bank of Canada restated an “outperform” rating and issued a $68.00 target price on shares of CVS Health in a research note on Wednesday, September 4th. Finally, Wells Fargo & Company lifted their price target on shares of CVS Health from $60.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday, August 12th. Nine equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.58.

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.