Empire Financial Management Company LLC Sells 510 Shares of CVS Health Co. (NYSE:CVS)

Empire Financial Management Company LLC cut its position in shares of CVS Health Co. (NYSE:CVS) by 9.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,766 shares of the pharmacy operator’s stock after selling 510 shares during the period. Empire Financial Management Company LLC’s holdings in CVS Health were worth $300,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in CVS. Coldstream Capital Management Inc. raised its holdings in shares of CVS Health by 27.8% in the 3rd quarter. Coldstream Capital Management Inc. now owns 17,400 shares of the pharmacy operator’s stock valued at $1,084,000 after purchasing an additional 3,788 shares in the last quarter. Geode Capital Management LLC increased its holdings in CVS Health by 1.8% during the third quarter. Geode Capital Management LLC now owns 26,361,673 shares of the pharmacy operator’s stock valued at $1,651,997,000 after buying an additional 461,569 shares during the period. Nabity Jensen Investment Management Inc bought a new stake in CVS Health during the 3rd quarter valued at $263,000. Public Employees Retirement System of Ohio increased its holdings in shares of CVS Health by 2.5% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 635,796 shares of the pharmacy operator’s stock valued at $39,979,000 after acquiring an additional 15,746 shares during the period. Finally, Nomura Asset Management Co. Ltd. raised its position in shares of CVS Health by 0.6% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 1,442,726 shares of the pharmacy operator’s stock worth $90,719,000 after acquiring an additional 8,212 shares in the last quarter. 80.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CVS has been the subject of several analyst reports. Royal Bank of Canada decreased their price target on shares of CVS Health from $68.00 to $58.00 and set an “outperform” rating for the company in a research report on Friday, November 15th. Cantor Fitzgerald reissued a “neutral” rating and issued a $62.00 price target on shares of CVS Health in a report on Tuesday, October 1st. Truist Financial reiterated a “buy” rating and issued a $67.00 target price (down from $76.00) on shares of CVS Health in a research note on Wednesday, November 20th. Piper Sandler decreased their price target on shares of CVS Health from $72.00 to $64.00 and set an “overweight” rating for the company in a report on Monday, November 25th. Finally, Deutsche Bank Aktiengesellschaft raised shares of CVS Health from a “hold” rating to a “buy” rating and set a $66.00 price objective on the stock in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $70.50.

CVS Health Stock Performance

Shares of CVS stock opened at $55.15 on Wednesday. The company has a market capitalization of $69.40 billion, a P/E ratio of 14.00, a P/E/G ratio of 0.95 and a beta of 0.54. CVS Health Co. has a 12-month low of $52.71 and a 12-month high of $83.25. The business’s 50 day moving average is $59.21 and its two-hundred day moving average is $58.78. The company has a current ratio of 0.80, a quick ratio of 0.59 and a debt-to-equity ratio of 0.80.

CVS Health (NYSE:CVS) last announced its earnings results on Wednesday, November 6th. The pharmacy operator reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.01. The business had revenue of $95.43 billion for the quarter, compared to analyst estimates of $92.72 billion. CVS Health had a net margin of 1.36% and a return on equity of 10.72%. The company’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same quarter last year, the business earned $2.21 earnings per share. Analysts expect that CVS Health Co. will post 5.32 EPS for the current fiscal year.

CVS Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors 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 annualized dividend and a yield of 4.82%. CVS Health’s dividend payout ratio is presently 67.51%.

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.