Tower Bridge Advisors Reduces Holdings in CVS Health Co. (NYSE:CVS)

Tower Bridge Advisors trimmed its position in shares of CVS Health Co. (NYSE:CVS) by 16.7% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 34,107 shares of the pharmacy operator’s stock after selling 6,845 shares during the quarter. Tower Bridge Advisors’ holdings in CVS Health were worth $2,145,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Assetmark Inc. boosted its stake in shares of CVS Health by 9.7% during the third quarter. Assetmark Inc. now owns 410,001 shares of the pharmacy operator’s stock valued at $25,781,000 after purchasing an additional 36,132 shares during the period. Cullinan Associates Inc. boosted its stake in shares of CVS Health by 43.8% during the third quarter. Cullinan Associates Inc. now owns 122,682 shares of the pharmacy operator’s stock valued at $7,125,000 after purchasing an additional 37,395 shares during the period. Deerfield Management Company L.P. Series C purchased a new stake in shares of CVS Health during the second quarter valued at $57,584,000. Oppenheimer Asset Management Inc. boosted its stake in shares of CVS Health by 5.7% during the third quarter. Oppenheimer Asset Management Inc. now owns 448,323 shares of the pharmacy operator’s stock valued at $28,191,000 after purchasing an additional 24,285 shares during the period. Finally, CX Institutional boosted its stake in shares of CVS Health by 698.0% during the third quarter. CX Institutional now owns 74,609 shares of the pharmacy operator’s stock valued at $4,691,000 after purchasing an additional 65,259 shares during the period. 80.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CVS has been the subject of a number of recent analyst reports. Truist Financial boosted their target price on shares of CVS Health from $66.00 to $76.00 and gave the company a “buy” rating in a research note on Friday, October 11th. UBS Group lifted their price objective on CVS Health from $60.00 to $62.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Mizuho decreased their price objective on CVS Health from $73.00 to $66.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Wells Fargo & Company decreased their price objective on CVS Health from $61.00 to $60.00 and set an “equal weight” rating for the company in a report on Monday, November 4th. Finally, StockNews.com downgraded CVS Health from a “hold” rating to a “sell” rating in a report on Thursday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $72.44.

CVS Health Stock Performance

CVS opened at $53.19 on Friday. CVS Health Co. has a 52-week low of $52.71 and a 52-week high of $83.25. The company has a quick ratio of 0.59, a current ratio of 0.80 and a debt-to-equity ratio of 0.80. The company has a market cap of $66.93 billion, a P/E ratio of 13.50, a price-to-earnings-growth ratio of 0.92 and a beta of 0.55. The firm’s 50-day moving average price is $59.23 and its 200-day moving average price is $58.66.

CVS Health (NYSE:CVS) last posted its quarterly earnings data on Wednesday, November 6th. The pharmacy operator reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.01. The firm had revenue of $95.43 billion for the quarter, compared to the consensus estimate of $92.72 billion. CVS Health had a net margin of 1.36% and a return on equity of 10.72%. The company’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.21 earnings per share. As a group, equities analysts anticipate that CVS Health Co. will post 5.48 EPS for the current fiscal year.

CVS Health Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were given a $0.665 dividend. The ex-dividend date of this dividend was Monday, October 21st. This represents a $2.66 dividend on an annualized basis and a yield of 5.00%. CVS Health’s dividend payout ratio is currently 67.51%.

CVS Health Company 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.