Teamwork Financial Advisors LLC trimmed its holdings in CVS Health Corp (NYSE:CVS) by 34.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,602 shares of the pharmacy operator’s stock after selling 5,970 shares during the quarter. Teamwork Financial Advisors LLC’s holdings in CVS Health were worth $678,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Hoover Financial Advisors Inc. bought a new position in CVS Health in the 2nd quarter worth approximately $32,000. Exchange Traded Concepts LLC bought a new position in CVS Health in the 2nd quarter worth approximately $41,000. Keebeck Wealth Management LLC bought a new position in CVS Health during the 2nd quarter valued at $42,000. Balentine LLC bought a new position in CVS Health during the 1st quarter valued at $47,000. Finally, Campbell Wealth Management bought a new position in CVS Health during the 2nd quarter valued at $49,000. 75.88% of the stock is owned by institutional investors and hedge funds.
CVS has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft decreased their price target on CVS Health from $109.00 to $104.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Credit Suisse Group increased their price target on CVS Health from $75.00 to $90.00 and gave the company an “outperform” rating in a research note on Friday, August 7th. Piper Sandler initiated coverage on CVS Health in a research note on Thursday, September 17th. They set an “overweight” rating and a $72.00 price target for the company. Royal Bank of Canada reaffirmed a “buy” rating on shares of CVS Health in a research note on Thursday, July 9th. Finally, SVB Leerink increased their price target on CVS Health from $72.00 to $73.00 and gave the company a “market perform” rating in a research note on Thursday, August 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. CVS Health currently has an average rating of “Buy” and an average price target of $81.94.
CVS Health (NYSE:CVS) last released its earnings results on Wednesday, August 5th. The pharmacy operator reported $2.64 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.93 by $0.71. The company had revenue of $65.30 billion during the quarter, compared to analyst estimates of $64.29 billion. CVS Health had a return on equity of 16.32% and a net margin of 3.13%. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.89 earnings per share. On average, analysts predict that CVS Health Corp will post 7.22 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Thursday, October 22nd will be issued a $0.50 dividend. The ex-dividend date of this dividend is Wednesday, October 21st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.36%. CVS Health’s payout ratio is currently 28.25%.
CVS Health Company Profile
CVS Health Corporation provides health services and plans in the United States. Its Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, retail pharmacy network management, mail order pharmacy, specialty pharmacy and infusion, Medicare Part D, clinical, disease management, and medical spend management services.
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