Allen Wealth Management LLC Lowers Stake in CVS Health Co. (NYSE:CVS)

Allen Wealth Management LLC decreased its stake in shares of CVS Health Co. (NYSE:CVS) by 34.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,113 shares of the pharmacy operator’s stock after selling 3,181 shares during the quarter. Allen Wealth Management LLC’s holdings in CVS Health were worth $384,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CVS. Capital World Investors raised its stake in shares of CVS Health by 8.0% during the first quarter. Capital World Investors now owns 43,776,874 shares of the pharmacy operator’s stock valued at $3,491,643,000 after acquiring an additional 3,232,172 shares in the last quarter. Capital International Investors raised its position in CVS Health by 12.5% during the 1st quarter. Capital International Investors now owns 37,917,923 shares of the pharmacy operator’s stock valued at $3,024,334,000 after purchasing an additional 4,226,225 shares in the last quarter. Capital Research Global Investors lifted its holdings in shares of CVS Health by 1.4% in the 1st quarter. Capital Research Global Investors now owns 13,143,822 shares of the pharmacy operator’s stock worth $1,048,351,000 after buying an additional 184,297 shares during the period. Pzena Investment Management LLC grew its position in shares of CVS Health by 132.9% during the 2nd quarter. Pzena Investment Management LLC now owns 12,936,388 shares of the pharmacy operator’s stock worth $764,023,000 after buying an additional 7,382,931 shares in the last quarter. Finally, Lazard Asset Management LLC increased its stake in shares of CVS Health by 5.9% during the first quarter. Lazard Asset Management LLC now owns 6,963,508 shares of the pharmacy operator’s stock valued at $555,406,000 after buying an additional 389,166 shares during the period. 80.66% of the stock is owned by hedge funds and other institutional investors.

CVS Health Price Performance

Shares of CVS opened at $55.81 on Friday. 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’s fifty day moving average price is $59.66 and its 200-day moving average price is $59.56. CVS Health Co. has a 1-year low of $52.77 and a 1-year high of $83.25. The firm has a market capitalization of $70.21 billion, a PE ratio of 9.93, a price-to-earnings-growth ratio of 0.83 and a beta of 0.55.

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

CVS Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Monday, October 21st were paid a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a yield of 4.77%. The ex-dividend date of this dividend was Monday, October 21st. CVS Health’s payout ratio is 47.33%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CVS. TD Cowen raised shares of CVS Health from a “hold” rating to a “buy” rating and upped their price target for the stock from $59.00 to $85.00 in a research report on Friday, October 4th. Royal Bank of Canada restated an “outperform” rating and set a $68.00 target price on shares of CVS Health in a report on Wednesday, September 4th. Wells Fargo & Company lifted their price target on CVS Health from $60.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday, August 12th. Evercore ISI upped their price objective on CVS Health from $62.00 to $75.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Finally, Barclays cut their target price 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. Nine investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $73.17.

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.