CNB Bank Raises Holdings in CVS Health Co. (NYSE:CVS)

CNB Bank increased its position in shares of CVS Health Co. (NYSE:CVS) by 112.6% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 3,968 shares of the pharmacy operator’s stock after purchasing an additional 2,102 shares during the period. CNB Bank’s holdings in CVS Health were worth $250,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Wellington Management Group LLP increased its holdings in CVS Health by 33.2% during the fourth quarter. Wellington Management Group LLP now owns 219,030 shares of the pharmacy operator’s stock valued at $17,295,000 after buying an additional 54,616 shares during the period. Park Avenue Securities LLC increased its holdings in shares of CVS Health by 3.2% in the 1st quarter. Park Avenue Securities LLC now owns 26,985 shares of the pharmacy operator’s stock valued at $2,152,000 after acquiring an additional 827 shares during the period. &PARTNERS bought a new position in shares of CVS Health in the 1st quarter worth $430,000. High Net Worth Advisory Group LLC bought a new stake in CVS Health during the first quarter valued at about $203,000. Finally, Steph & Co. grew its stake in CVS Health by 192.0% in the first quarter. Steph & Co. now owns 438 shares of the pharmacy operator’s stock valued at $35,000 after purchasing an additional 288 shares during the last quarter. 80.66% of the stock is currently owned by institutional investors.

CVS Health Stock Down 5.2 %

NYSE:CVS opened at $60.34 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.86 and a quick ratio of 0.66. The company’s fifty day moving average price is $59.80 and its 200-day moving average price is $60.53. CVS Health Co. has a 1-year low of $52.77 and a 1-year high of $83.25. The firm has a market capitalization of $75.75 billion, a P/E ratio of 10.60, a PEG ratio of 0.93 and a beta of 0.54.

CVS Health (NYSE:CVS) last announced its quarterly earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 earnings per share for the quarter, topping 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 12.72% and a net margin of 1.98%. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period last year, the firm earned $2.21 EPS. As a group, equities research analysts anticipate that CVS Health Co. will post 6.51 EPS for the current year.

CVS Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Monday, October 21st will be given a $0.665 dividend. The ex-dividend date of this dividend is Monday, October 21st. This represents a $2.66 annualized dividend and a yield of 4.41%. CVS Health’s dividend payout ratio is presently 46.75%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $68.00 price target on shares of CVS Health in a report on Wednesday, September 4th. Wells Fargo & Company raised their target price on shares of CVS Health from $60.00 to $61.00 and gave the company an “equal weight” rating in a research note on Monday, August 12th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $62.00 price target on shares of CVS Health in a research report on Tuesday, October 1st. Truist Financial raised their price objective on CVS Health from $66.00 to $76.00 and gave the stock a “buy” rating in a research report on Friday, October 11th. Finally, Evercore ISI upped their target price on CVS Health from $62.00 to $75.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Nine research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $75.26.

CVS Health Company 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.