New England Asset Management Inc. Lowers Stake in CVS Health Co. (NYSE:CVS)

New England Asset Management Inc. trimmed its position in CVS Health Co. (NYSE:CVS) by 0.5% during the third quarter, HoldingsChannel.com reports. The firm owned 96,725 shares of the pharmacy operator’s stock after selling 500 shares during the quarter. New England Asset Management Inc.’s holdings in CVS Health were worth $6,082,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. MidAtlantic Capital Management Inc. acquired a new position in CVS Health during the third quarter valued at approximately $25,000. Livelsberger Financial Advisory acquired a new position in shares of CVS Health during the 3rd quarter valued at $31,000. Reston Wealth Management LLC purchased a new stake in CVS Health during the 3rd quarter worth $32,000. First Community Trust NA increased its holdings in CVS Health by 116.2% in the 2nd 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. acquired a new position in shares of CVS Health during the third quarter worth about $33,000. Hedge funds and other institutional investors own 80.66% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on CVS shares. Wells Fargo & Company upgraded CVS Health from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $60.00 to $66.00 in a research note on Monday. Mizuho reduced their target price on shares of CVS Health from $73.00 to $66.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. TD Cowen raised shares of CVS Health from a “hold” rating to a “buy” rating and raised their price target for the company from $59.00 to $85.00 in a report on Friday, October 4th. Cantor Fitzgerald reissued a “neutral” rating and issued a $62.00 price objective on shares of CVS Health in a research report on Tuesday, October 1st. Finally, Barclays dropped 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 investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $72.78.

CVS Health Stock Performance

Shares of CVS opened at $56.08 on Tuesday. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.80 and a quick ratio of 0.59. CVS Health Co. has a 12-month low of $52.71 and a 12-month high of $83.25. The business’s fifty day moving average price is $59.19 and its 200 day moving average price is $58.60. The stock has a market capitalization of $70.57 billion, a PE ratio of 14.23, a price-to-earnings-growth ratio of 0.92 and a beta of 0.55.

CVS Health (NYSE:CVS) last posted its quarterly earnings results on Wednesday, November 6th. The pharmacy operator reported $1.09 EPS for the quarter, beating the consensus estimate of $1.08 by $0.01. The business had revenue of $95.43 billion during 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 quarterly revenue was up 6.3% on a year-over-year basis. During the same period in the previous year, the business posted $2.21 EPS. Equities research analysts forecast that CVS Health Co. will post 5.48 EPS for the current year.

CVS Health Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were given a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.74%. The ex-dividend date of this dividend was Monday, October 21st. CVS Health’s payout ratio is 67.51%.

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.