Confluence Wealth Services Inc. Decreases Position in CVS Health Co. (NYSE:CVS)

Confluence Wealth Services Inc. cut its stake in shares of CVS Health Co. (NYSE:CVS) by 51.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,118 shares of the pharmacy operator’s stock after selling 4,336 shares during the period. Confluence Wealth Services Inc.’s holdings in CVS Health were worth $185,000 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 the stock. Assetmark Inc. grew 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 buying an additional 36,132 shares during the last quarter. TD Private Client Wealth LLC grew its stake in shares of CVS Health by 28.7% during the third quarter. TD Private Client Wealth LLC now owns 46,938 shares of the pharmacy operator’s stock valued at $2,951,000 after buying an additional 10,465 shares during the last quarter. Cullinan Associates Inc. grew 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 buying an additional 37,395 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of CVS Health by 4.8% during the third quarter. Principal Financial Group Inc. now owns 1,434,476 shares of the pharmacy operator’s stock valued at $90,200,000 after buying an additional 66,244 shares during the last quarter. Finally, Sompo Asset Management Co. Ltd. grew its stake in shares of CVS Health by 8.4% during the third quarter. Sompo Asset Management Co. Ltd. now owns 134,523 shares of the pharmacy operator’s stock valued at $8,459,000 after buying an additional 10,453 shares during the last quarter. 80.66% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on CVS. Deutsche Bank Aktiengesellschaft raised CVS Health from a “hold” rating to a “buy” rating and set a $66.00 price objective on the stock in a research note on Tuesday, December 3rd. Royal Bank of Canada dropped their price objective 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 increased their price objective on CVS Health from $60.00 to $62.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Mizuho dropped their price objective on CVS Health from $73.00 to $66.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Finally, Edward Jones raised CVS Health from a “hold” rating to a “buy” rating in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, CVS Health currently has an average rating of “Moderate Buy” and a consensus target price of $68.12.

CVS Health Stock Performance

Shares of CVS opened at $54.20 on Friday. CVS Health Co. has a 12 month low of $43.56 and a 12 month high of $80.75. The stock has a fifty day moving average price of $51.02 and a 200-day moving average price of $56.04. The company has a current ratio of 0.80, a quick ratio of 0.59 and a debt-to-equity ratio of 0.80. The firm has a market cap of $68.21 billion, a PE ratio of 13.76, a P/E/G ratio of 0.62 and a beta of 0.61.

CVS Health (NYSE:CVS) last issued its quarterly earnings data on Wednesday, November 6th. The pharmacy operator reported $1.09 EPS for the quarter, beating the consensus estimate of $1.08 by $0.01. The firm had revenue of $95.43 billion during the quarter, compared to analyst estimates 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 for the quarter was up 6.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.21 EPS. Equities research analysts predict that CVS Health Co. will post 5.14 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Investors of record on Thursday, January 23rd were paid a $0.665 dividend. The ex-dividend date was Thursday, January 23rd. This represents a $2.66 dividend on an annualized basis and a yield of 4.91%. CVS Health’s dividend payout ratio (DPR) is 67.51%.

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.