Hennion & Walsh Asset Management Inc. Decreases Position in CVS Health Co. (NYSE:CVS)

Hennion & Walsh Asset Management Inc. cut its stake in shares of CVS Health Co. (NYSE:CVS) by 51.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,515 shares of the pharmacy operator’s stock after selling 9,068 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in CVS Health were worth $535,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CVS. Livelsberger Financial Advisory purchased a new stake in shares of CVS Health in the third quarter worth approximately $31,000. Crewe Advisors LLC purchased a new stake in shares of CVS Health in the first quarter worth approximately $40,000. Retirement Group LLC raised its holdings in shares of CVS Health by 54.3% in the first quarter. Retirement Group LLC now owns 517 shares of the pharmacy operator’s stock worth $41,000 after buying an additional 182 shares during the period. Kathleen S. Wright Associates Inc. purchased a new stake in shares of CVS Health in the third quarter worth approximately $33,000. Finally, First Community Trust NA raised its holdings in shares of CVS Health by 116.2% in the second quarter. First Community Trust NA now owns 562 shares of the pharmacy operator’s stock worth $33,000 after buying an additional 302 shares during the period. 80.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CVS shares. Barclays dropped their price objective on CVS Health from $82.00 to $75.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 23rd. Royal Bank of Canada restated an “outperform” rating and set a $68.00 price objective on shares of CVS Health in a report on Wednesday, September 4th. Cantor Fitzgerald restated a “neutral” rating and set a $62.00 price objective on shares of CVS Health in a report on Tuesday, October 1st. Truist Financial raised their price objective on CVS Health from $66.00 to $76.00 and gave the stock a “buy” rating in a report on Friday, October 11th. Finally, TD Cowen upgraded CVS Health from a “hold” rating to a “buy” rating and raised their price objective for the stock from $59.00 to $85.00 in a report on Friday, October 4th. Nine investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, CVS Health presently has an average rating of “Moderate Buy” and a consensus target price of $74.58.

CVS Health Stock Up 1.5 %

Shares of CVS stock opened at $57.36 on Tuesday. CVS Health Co. has a 1-year low of $52.77 and a 1-year high of $83.25. The stock’s fifty day moving average price is $59.79 and its 200 day moving average price is $59.76. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.86 and a quick ratio of 0.66. The company has a market cap of $72.01 billion, a price-to-earnings ratio of 10.08, a price-to-earnings-growth ratio of 0.84 and a beta of 0.54.

CVS Health (NYSE:CVS) last announced its earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.10. CVS Health had a return on equity of 12.72% and a net margin of 1.98%. The firm had revenue of $91.23 billion for the quarter, compared to the consensus estimate of $91.41 billion. During the same period in the previous year, the business earned $2.21 EPS. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, research analysts expect that CVS Health Co. will post 6.41 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Monday, October 21st will be given a dividend of $0.665 per share. The ex-dividend date is Monday, October 21st. This represents a $2.66 dividend on an annualized basis and a yield of 4.64%. CVS Health’s dividend payout ratio is currently 46.75%.

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.