Summit Financial Wealth Advisors LLC Lowers Stake in CVS Health Co. (NYSE:CVS)

Summit Financial Wealth Advisors LLC trimmed its holdings in CVS Health Co. (NYSE:CVS) by 25.6% in the third quarter, Holdings Channel.com reports. The institutional investor owned 15,948 shares of the pharmacy operator’s stock after selling 5,475 shares during the quarter. Summit Financial Wealth Advisors LLC’s holdings in CVS Health were worth $1,003,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Waverly Advisors LLC increased its holdings in shares of CVS Health by 25.0% in the first quarter. Waverly Advisors LLC now owns 14,057 shares of the pharmacy operator’s stock valued at $1,121,000 after purchasing an additional 2,815 shares during the period. Janus Henderson Group PLC increased its stake in CVS Health by 2.5% in the 1st quarter. Janus Henderson Group PLC now owns 177,372 shares of the pharmacy operator’s stock valued at $14,143,000 after buying an additional 4,318 shares during the period. B. Riley Wealth Advisors Inc. lifted its stake in shares of CVS Health by 29.3% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 79,876 shares of the pharmacy operator’s stock worth $6,371,000 after acquiring an additional 18,093 shares during the period. Semmax Financial Advisors Inc. boosted its holdings in shares of CVS Health by 28.0% in the first quarter. Semmax Financial Advisors Inc. now owns 14,157 shares of the pharmacy operator’s stock valued at $1,129,000 after acquiring an additional 3,099 shares in the last quarter. Finally, KLCM Advisors Inc. increased its stake in shares of CVS Health by 53.8% during the first quarter. KLCM Advisors Inc. now owns 4,724 shares of the pharmacy operator’s stock worth $377,000 after acquiring an additional 1,652 shares during the period. Institutional investors and hedge funds own 80.66% of the company’s stock.

Analyst Upgrades and Downgrades

CVS has been the topic of several recent analyst reports. Cantor Fitzgerald reiterated a “neutral” rating and set a $62.00 target price on shares of CVS Health in a research report on Tuesday, October 1st. Evercore ISI increased their price objective on CVS Health from $62.00 to $75.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Wells Fargo & Company raised shares of CVS Health from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $60.00 to $66.00 in a research note on Monday, November 18th. TD Cowen upped their target price on shares of CVS Health from $73.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday. Finally, StockNews.com lowered CVS Health from a “hold” rating to a “sell” rating in a report on Thursday, November 14th. One research 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. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $70.33.

CVS Health Price Performance

Shares of NYSE CVS opened at $60.10 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 1-year low of $52.71 and a 1-year high of $83.25. The business’s fifty day moving average price is $59.25 and its two-hundred day moving average price is $58.67. The firm has a market capitalization of $75.63 billion, a PE ratio of 15.25, a P/E/G ratio of 0.98 and a beta of 0.55.

CVS Health (NYSE:CVS) last released its quarterly earnings results on Wednesday, November 6th. The pharmacy operator reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.01. CVS Health had a return on equity of 10.72% and a net margin of 1.36%. The company had revenue of $95.43 billion for the quarter, compared to analysts’ expectations of $92.72 billion. During the same quarter in the previous year, the company posted $2.21 earnings per share. The business’s revenue for the quarter was up 6.3% compared to the same quarter last year. On average, research analysts expect that CVS Health Co. will post 5.43 EPS for the current year.

CVS Health Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were issued a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.43%. The ex-dividend date was Monday, October 21st. CVS Health’s dividend payout ratio (DPR) is 67.51%.

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.