Cornerstone Advisors LLC Reduces Stock Holdings in CVS Health Co. (NYSE:CVS)

Cornerstone Advisors LLC trimmed its holdings in shares of CVS Health Co. (NYSE:CVS) by 2.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,200 shares of the pharmacy operator’s stock after selling 800 shares during the quarter. Cornerstone Advisors LLC’s holdings in CVS Health were worth $1,606,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CVS. Ables Iannone Moore & Associates Inc. acquired a new stake in CVS Health during the 4th quarter worth about $32,000. First Community Trust NA lifted its position in CVS Health by 116.2% during the 2nd quarter. First Community Trust NA now owns 562 shares of the pharmacy operator’s stock worth $33,000 after acquiring an additional 302 shares during the period. Creekmur Asset Management LLC acquired a new stake in CVS Health during the 4th quarter worth about $34,000. Steph & Co. lifted its position in CVS Health by 192.0% during the 1st quarter. Steph & Co. now owns 438 shares of the pharmacy operator’s stock worth $35,000 after acquiring an additional 288 shares during the period. Finally, ORG Partners LLC lifted its position in CVS Health by 11,840.0% during the 2nd quarter. ORG Partners LLC now owns 597 shares of the pharmacy operator’s stock worth $35,000 after acquiring an additional 592 shares during the period. 80.66% of the stock is currently owned by hedge funds and other institutional investors.

CVS Health Price Performance

NYSE:CVS opened at $58.37 on Tuesday. CVS Health Co. has a 12 month low of $52.77 and a 12 month high of $83.25. The stock has a 50 day moving average of $58.31 and a two-hundred day moving average of $62.88. The company has a current ratio of 0.86, a quick ratio of 0.66 and a debt-to-equity ratio of 0.83. The firm has a market cap of $73.28 billion, a P/E ratio of 10.26, a price-to-earnings-growth ratio of 0.79 and a beta of 0.53.

CVS Health (NYSE:CVS) last posted its quarterly earnings data on Wednesday, August 7th. The pharmacy operator reported $1.83 EPS 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 company had revenue of $91.23 billion during the quarter, compared to analyst estimates of $91.41 billion. During the same period in the previous year, the business earned $2.21 EPS. CVS Health’s quarterly revenue was up 2.6% on a year-over-year basis. On average, analysts expect that CVS Health Co. will post 6.51 earnings per share for the current fiscal year.

CVS Health Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 22nd were paid a dividend of $0.665 per share. The ex-dividend date of this dividend was Monday, July 22nd. This represents a $2.66 annualized dividend and a yield of 4.56%. CVS Health’s dividend payout ratio (DPR) is currently 46.75%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CVS. Deutsche Bank Aktiengesellschaft lowered their price target on CVS Health from $64.00 to $63.00 and set a “hold” rating for the company in a research report on Friday, August 9th. Robert W. Baird initiated coverage on CVS Health in a report on Thursday, May 30th. They issued a “neutral” rating and a $61.00 price objective for the company. Barclays decreased their price objective on CVS Health from $65.00 to $63.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. Wells Fargo & Company boosted their price objective on CVS Health from $60.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday, August 12th. Finally, JPMorgan Chase & Co. decreased their price objective on CVS Health from $101.00 to $86.00 and set an “overweight” rating for the company in a report on Thursday, May 30th. Eleven analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, CVS Health presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.10.

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.