Pallas Capital Advisors LLC Sells 3,219 Shares of CVS Health Co. (NYSE:CVS)

Pallas Capital Advisors LLC lowered its holdings in shares of CVS Health Co. (NYSE:CVS) by 23.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 10,397 shares of the pharmacy operator’s stock after selling 3,219 shares during the quarter. Pallas Capital Advisors LLC’s holdings in CVS Health were worth $467,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. MidAtlantic Capital Management Inc. purchased a new position in CVS Health in the third quarter worth about $25,000. Ridgewood Investments LLC boosted its holdings in shares of CVS Health by 255.7% in the 4th quarter. Ridgewood Investments LLC now owns 626 shares of the pharmacy operator’s stock worth $28,000 after purchasing an additional 450 shares during the period. Livelsberger Financial Advisory bought a new position in shares of CVS Health during the 3rd quarter valued at approximately $31,000. Legacy Investment Solutions LLC purchased a new stake in CVS Health during the 3rd quarter valued at $31,000. Finally, Reston Wealth Management LLC bought a new stake in CVS Health in the third quarter worth $32,000. 80.66% of the stock is owned by hedge funds and other institutional investors.

CVS Health Price Performance

NYSE CVS opened at $51.60 on Wednesday. The company has a market cap of $64.93 billion, a PE ratio of 13.10, a P/E/G ratio of 0.85 and a beta of 0.59. The firm’s 50 day moving average price is $51.68 and its 200-day moving average price is $56.44. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.59 and a current ratio of 0.80. CVS Health Co. has a 52-week low of $43.56 and a 52-week high of $80.75.

CVS Health (NYSE:CVS) last announced its quarterly earnings results on Wednesday, November 6th. The pharmacy operator reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.01. The business had revenue of $95.43 billion for the quarter, compared to the consensus estimate of $92.72 billion. CVS Health had a return on equity of 10.72% and a net margin of 1.36%. The business’s revenue was up 6.3% compared to the same quarter last year. During the same period last year, the business posted $2.21 EPS. Sell-side analysts forecast that CVS Health Co. will post 5.32 EPS for the current fiscal year.

CVS Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Thursday, January 23rd will be issued a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a dividend yield of 5.16%. The ex-dividend date of this dividend is Thursday, January 23rd. CVS Health’s dividend payout ratio is currently 67.51%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CVS. Piper Sandler reduced their target price on shares of CVS Health from $72.00 to $64.00 and set an “overweight” rating on the stock in a research note on Monday, November 25th. StockNews.com lowered shares of CVS Health from a “hold” rating to a “sell” rating in a research report on Thursday, November 14th. Royal Bank of Canada cut their target price on CVS Health from $68.00 to $58.00 and set an “outperform” rating on the stock in a research note on Friday, November 15th. UBS Group raised their price target on CVS Health from $60.00 to $62.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Truist Financial reduced their target price on CVS Health from $67.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $68.71.

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.