Conning Inc. Lowers Holdings in CVS Health Co. (NYSE:CVS)

Conning Inc. cut its holdings in CVS Health Co. (NYSE:CVS) by 96.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,717 shares of the pharmacy operator’s stock after selling 495,932 shares during the period. Conning Inc.’s holdings in CVS Health were worth $987,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Riverpoint Wealth Management Holdings LLC purchased a new position in CVS Health in the 4th quarter worth approximately $218,000. Canoe Financial LP lifted its holdings in CVS Health by 95.1% in the 4th quarter. Canoe Financial LP now owns 1,762,629 shares of the pharmacy operator’s stock worth $139,177,000 after purchasing an additional 859,134 shares in the last quarter. Steph & Co. lifted its holdings in CVS Health by 192.0% in the 1st quarter. Steph & Co. now owns 438 shares of the pharmacy operator’s stock worth $35,000 after purchasing an additional 288 shares in the last quarter. Forum Financial Management LP lifted its holdings in CVS Health by 19.4% in the 4th quarter. Forum Financial Management LP now owns 17,856 shares of the pharmacy operator’s stock worth $1,410,000 after purchasing an additional 2,901 shares in the last quarter. Finally, Douglas Lane & Associates LLC raised its holdings in shares of CVS Health by 1.6% during the 1st quarter. Douglas Lane & Associates LLC now owns 1,084,256 shares of the pharmacy operator’s stock worth $86,480,000 after acquiring an additional 16,840 shares in the last quarter. 80.66% of the stock is owned by hedge funds and other institutional investors.

CVS Health Trading Down 0.4 %

CVS Health stock traded down $0.22 during mid-day trading on Wednesday, hitting $57.24. The company’s stock had a trading volume of 7,832,059 shares, compared to its average volume of 11,211,881. The company has a 50 day moving average of $58.81 and a 200-day moving average of $64.89. The stock has a market cap of $71.86 billion, a PE ratio of 10.03, a P/E/G ratio of 0.57 and a beta of 0.52. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.61 and a current ratio of 0.81. CVS Health Co. has a one year low of $52.77 and a one year high of $83.25.

CVS Health (NYSE:CVS) last announced its quarterly earnings data on Wednesday, August 7th. The pharmacy operator reported $1.83 EPS for the quarter, beating the consensus estimate of $1.73 by $0.10. The company 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 13.53% and a net margin of 2.03%. CVS Health’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.21 EPS. On average, research analysts anticipate that CVS Health Co. will post 7 EPS for the current year.

CVS Health Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 22nd were given a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.65%. The ex-dividend date was Monday, July 22nd. CVS Health’s payout ratio is 46.75%.

Wall Street Analyst Weigh In

CVS has been the topic of several recent research reports. Bank of America decreased their price objective on CVS Health from $95.00 to $77.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Baird R W raised CVS Health to a “hold” rating in a report on Thursday, May 30th. Barclays decreased their price objective on CVS Health from $65.00 to $63.00 and set an “equal weight” rating on the stock in a report on Thursday, August 8th. Leerink Partnrs cut CVS Health from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 1st. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $62.00 price objective on shares of CVS Health in a report on Monday, August 19th. Eleven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $73.24.

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.