Readystate Asset Management LP Acquires New Holdings in CVS Health Co. (NYSE:CVS)

Readystate Asset Management LP acquired a new position in CVS Health Co. (NYSE:CVS) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 17,931 shares of the pharmacy operator’s stock, valued at approximately $1,128,000.

Several other institutional investors have also recently added to or reduced their stakes in CVS. Assetmark Inc. lifted its stake in CVS Health by 9.7% during the 3rd quarter. Assetmark Inc. now owns 410,001 shares of the pharmacy operator’s stock worth $25,781,000 after acquiring an additional 36,132 shares in the last quarter. Cullinan Associates Inc. boosted its stake in shares of CVS Health by 43.8% in the third quarter. Cullinan Associates Inc. now owns 122,682 shares of the pharmacy operator’s stock valued at $7,125,000 after purchasing an additional 37,395 shares during the period. Sompo Asset Management Co. Ltd. increased its stake in CVS Health by 8.4% during the 3rd quarter. Sompo Asset Management Co. Ltd. now owns 134,523 shares of the pharmacy operator’s stock worth $8,459,000 after buying an additional 10,453 shares during the period. Deerfield Management Company L.P. Series C acquired a new stake in CVS Health during the 2nd quarter worth approximately $57,584,000. Finally, Oppenheimer Asset Management Inc. boosted its position in CVS Health by 5.7% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 448,323 shares of the pharmacy operator’s stock valued at $28,191,000 after buying an additional 24,285 shares during the period. Institutional investors and hedge funds own 80.66% of the company’s stock.

CVS Health Trading Down 1.9 %

NYSE:CVS opened at $58.05 on Thursday. The company has a market capitalization of $73.05 billion, a PE ratio of 14.73, a P/E/G ratio of 1.01 and a beta of 0.54. CVS Health Co. has a 52-week low of $52.71 and a 52-week high of $83.25. The stock’s 50 day moving average price is $59.43 and its 200 day moving average price is $58.81. The company has a quick ratio of 0.59, a current ratio of 0.80 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, topping analysts’ consensus estimates of $1.08 by $0.01. CVS Health had a net margin of 1.36% and a return on equity of 10.72%. The business had revenue of $95.43 billion for the quarter, compared to analyst estimates of $92.72 billion. During the same period last year, the firm posted $2.21 earnings per share. The company’s revenue for the quarter was up 6.3% compared to the same quarter last year. On average, research analysts anticipate that CVS Health Co. will post 5.37 EPS for the current year.

CVS Health Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were issued a $0.665 dividend. The ex-dividend date was Monday, October 21st. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.58%. CVS Health’s payout ratio is 67.51%.

Analysts Set New Price Targets

Several analysts have recently issued reports on CVS shares. Mizuho reduced their price objective on CVS Health from $73.00 to $66.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. UBS Group lifted their price objective on CVS Health from $60.00 to $62.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Piper Sandler cut their target price on shares of CVS Health from $72.00 to $64.00 and set an “overweight” rating on the stock in a research note on Monday, November 25th. Truist Financial reiterated a “buy” rating and issued a $67.00 price target (down previously from $76.00) on shares of CVS Health in a research note on Wednesday, November 20th. Finally, Barclays reduced their price objective on shares of CVS Health from $75.00 to $71.00 and set an “overweight” rating on the stock in a report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, CVS Health currently has an average rating of “Moderate Buy” and a consensus target price of $70.50.

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.