Envestnet Asset Management Inc. Sells 1,590,414 Shares of CVS Health Co. (NYSE:CVS)

Envestnet Asset Management Inc. cut its stake in shares of CVS Health Co. (NYSE:CVS) by 45.3% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 1,920,331 shares of the pharmacy operator’s stock after selling 1,590,414 shares during the quarter. Envestnet Asset Management Inc.’s holdings in CVS Health were worth $113,415,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Ables Iannone Moore & Associates Inc. acquired a new position in CVS Health in the 4th quarter worth about $32,000. First Community Trust NA grew its holdings in shares of CVS Health by 116.2% during the second quarter. First Community Trust NA now owns 562 shares of the pharmacy operator’s stock worth $33,000 after purchasing an additional 302 shares during the last quarter. Creekmur Asset Management LLC acquired a new position in shares of CVS Health in the fourth quarter valued at approximately $34,000. Steph & Co. boosted its position in CVS Health by 192.0% during the 1st quarter. Steph & Co. now owns 438 shares of the pharmacy operator’s stock worth $35,000 after buying an additional 288 shares during the period. Finally, ORG Partners LLC grew its holdings in CVS Health by 11,840.0% during the 2nd quarter. ORG Partners LLC now owns 597 shares of the pharmacy operator’s stock worth $35,000 after acquiring an additional 592 shares during the last quarter. 80.66% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CVS. Evercore ISI cut their price target on shares of CVS Health from $65.00 to $62.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Robert W. Baird initiated coverage on CVS Health in a research report on Thursday, May 30th. They issued a “neutral” rating and a $61.00 price target on the stock. Cantor Fitzgerald restated a “neutral” rating and set a $62.00 price objective on shares of CVS Health in a research report on Monday. Deutsche Bank Aktiengesellschaft reduced their target price on CVS Health from $64.00 to $63.00 and set a “hold” rating on the stock in a report on Friday, August 9th. Finally, JPMorgan Chase & Co. lowered their price target on shares of CVS Health from $101.00 to $86.00 and set an “overweight” rating for the company in a report on Thursday, May 30th. Eleven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, CVS Health has an average rating of “Moderate Buy” and an average price target of $72.10.

CVS Health Stock Up 0.7 %

CVS Health stock opened at $58.37 on Tuesday. The firm has a market capitalization of $73.28 billion, a price-to-earnings ratio of 10.26, a price-to-earnings-growth ratio of 0.79 and a beta of 0.53. The firm’s fifty day moving average price is $58.31 and its two-hundred day moving average price is $62.88. CVS Health Co. has a 1-year low of $52.77 and a 1-year high of $83.25. The company has a current ratio of 0.86, a quick ratio of 0.66 and a debt-to-equity ratio of 0.83.

CVS Health (NYSE:CVS) last released its quarterly earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.10. The business had revenue of $91.23 billion during 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 company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.21 EPS. On average, equities research analysts predict that CVS Health Co. will post 6.51 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 22nd were paid a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a yield of 4.56%. The ex-dividend date of this dividend was Monday, July 22nd. CVS Health’s dividend payout ratio (DPR) is presently 46.75%.

CVS Health 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.