First Citizens Bank & Trust Co. lowered its stake in CVS Health Corp (NYSE:CVS) by 7.0% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,169 shares of the pharmacy operator’s stock after selling 2,413 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in CVS Health were worth $1,878,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Inc. raised its stake in shares of CVS Health by 1.3% in the second quarter. BlackRock Inc. now owns 97,156,370 shares of the pharmacy operator’s stock worth $6,312,247,000 after buying an additional 1,281,119 shares during the period. State Street Corp raised its stake in shares of CVS Health by 0.5% in the first quarter. State Street Corp now owns 56,039,417 shares of the pharmacy operator’s stock worth $3,324,819,000 after buying an additional 251,722 shares during the period. Morgan Stanley raised its stake in shares of CVS Health by 19.4% in the first quarter. Morgan Stanley now owns 20,645,844 shares of the pharmacy operator’s stock worth $1,224,919,000 after buying an additional 3,352,364 shares during the period. Nordea Investment Management AB raised its stake in shares of CVS Health by 91.3% in the second quarter. Nordea Investment Management AB now owns 18,518,644 shares of the pharmacy operator’s stock worth $1,189,082,000 after buying an additional 8,837,591 shares during the period. Finally, Capital World Investors raised its stake in shares of CVS Health by 12.5% in the first quarter. Capital World Investors now owns 12,343,789 shares of the pharmacy operator’s stock worth $732,357,000 after buying an additional 1,369,061 shares during the period. 75.88% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts recently issued reports on the company. Piper Sandler assumed coverage on CVS Health in a research report on Thursday, September 17th. They set an “overweight” rating and a $72.00 target price for the company. Deutsche Bank Aktiengesellschaft cut their target price on CVS Health from $109.00 to $104.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Royal Bank of Canada reiterated a “buy” rating on shares of CVS Health in a research report on Thursday, July 9th. SVB Leerink increased their target price on CVS Health from $72.00 to $73.00 and gave the stock a “market perform” rating in a research report on Thursday, August 6th. Finally, Credit Suisse Group increased their target price on CVS Health from $75.00 to $90.00 and gave the stock an “outperform” rating in a research report on Friday, August 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $81.94.
CVS Health (NYSE:CVS) last announced its earnings results on Wednesday, August 5th. The pharmacy operator reported $2.64 EPS for the quarter, topping the Zacks’ consensus estimate of $1.93 by $0.71. The firm had revenue of $65.30 billion during the quarter, compared to analysts’ expectations of $64.29 billion. CVS Health had a return on equity of 16.32% and a net margin of 3.13%. The company’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.89 EPS. On average, analysts anticipate that CVS Health Corp will post 7.22 EPS for the current fiscal year.
The business 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. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date is Wednesday, October 21st. CVS Health’s dividend payout ratio (DPR) is 28.25%.
About CVS Health
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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