Moran Wealth Management LLC Lowers Stock Position in CVS Health Co. (NYSE:CVS)

Moran Wealth Management LLC lessened its position in CVS Health Co. (NYSE:CVS) by 77.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 38,205 shares of the pharmacy operator’s stock after selling 128,902 shares during the period. Moran Wealth Management LLC’s holdings in CVS Health were worth $2,402,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. MidAtlantic Capital Management Inc. acquired a new position in CVS Health during the third quarter worth $25,000. Livelsberger Financial Advisory purchased a new stake in shares of CVS Health in the 3rd quarter worth about $31,000. Reston Wealth Management LLC purchased a new position in CVS Health during the 3rd quarter valued at about $32,000. First Community Trust NA lifted its holdings 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. Finally, Kathleen S. Wright Associates Inc. purchased a new position in shares of CVS Health during the 3rd quarter worth approximately $33,000. 80.66% of the stock is owned by institutional investors and hedge funds.

CVS Health Stock Performance

NYSE:CVS opened at $57.07 on Friday. CVS Health Co. has a 1-year low of $52.71 and a 1-year high of $83.25. The stock has a market cap of $71.81 billion, a P/E ratio of 14.48, a PEG ratio of 0.94 and a beta of 0.55. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.80 and a quick ratio of 0.59. The firm has a 50-day moving average of $59.20 and a two-hundred day moving average of $58.60.

CVS Health (NYSE:CVS) last posted its quarterly earnings data on Wednesday, November 6th. The pharmacy operator reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.01. CVS Health had a return on equity of 10.72% and a net margin of 1.36%. The company had revenue of $95.43 billion for the quarter, compared to the consensus estimate of $92.72 billion. During the same period in the previous year, the business earned $2.21 EPS. CVS Health’s revenue for the quarter was up 6.3% compared to the same quarter last year. On average, research analysts expect that CVS Health Co. will post 5.43 earnings per share for the current fiscal year.

CVS Health Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were paid a $0.665 dividend. The ex-dividend date of this dividend was Monday, October 21st. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.66%. CVS Health’s dividend payout ratio (DPR) is presently 67.51%.

Analyst Upgrades and Downgrades

CVS has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft decreased their price objective on CVS Health from $64.00 to $63.00 and set a “hold” rating on the stock in a research note on Friday, August 9th. StockNews.com downgraded shares of CVS Health from a “hold” rating to a “sell” rating in a research note on Thursday, November 14th. Truist Financial reiterated a “buy” rating and issued a $67.00 price target (down from $76.00) on shares of CVS Health in a report on Wednesday. TD Cowen upgraded CVS Health from a “hold” rating to a “buy” rating and raised their price objective for the stock from $59.00 to $85.00 in a report on Friday, October 4th. Finally, Barclays reduced their target price on CVS Health from $75.00 to $71.00 and set an “overweight” rating on the stock in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.28.

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.