Pinnacle Financial Partners Inc Has $23.86 Million Holdings in CVS Health Co. (NYSE:CVS)

Pinnacle Financial Partners Inc lowered its holdings in shares of CVS Health Co. (NYSE:CVS) by 23.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 379,462 shares of the pharmacy operator’s stock after selling 113,041 shares during the period. Pinnacle Financial Partners Inc’s holdings in CVS Health were worth $23,861,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CVS. Pzena Investment Management LLC increased its holdings 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 acquiring an additional 7,382,931 shares during the last quarter. Capital International Investors raised its holdings in CVS Health by 12.5% in 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 buying an additional 4,226,225 shares during the last quarter. Capital World Investors raised its position in CVS Health by 8.0% during the 1st quarter. Capital World Investors now owns 43,776,874 shares of the pharmacy operator’s stock worth $3,491,643,000 after purchasing an additional 3,232,172 shares during the last quarter. Pathway Financial Advisers LLC boosted its holdings in CVS Health by 5,864.2% in the third quarter. Pathway Financial Advisers LLC now owns 1,730,343 shares of the pharmacy operator’s stock valued at $108,804,000 after acquiring an additional 1,701,331 shares during the last quarter. Finally, State of Michigan Retirement System lifted its position in shares of CVS Health by 402.5% during the 2nd quarter. State of Michigan Retirement System now owns 2,005,677 shares of the pharmacy operator’s stock valued at $118,455,000 after acquiring an additional 1,606,500 shares during the period. Institutional investors and hedge funds own 80.66% of the company’s stock.

CVS Health Stock Performance

Shares of CVS Health stock opened at $54.04 on Wednesday. CVS Health Co. has a 12 month low of $52.77 and a 12 month high of $83.25. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.80 and a quick ratio of 0.59. The firm’s fifty day simple moving average is $59.47 and its 200-day simple moving average is $58.88. The stock has a market capitalization of $68.00 billion, a price-to-earnings ratio of 13.72, a PEG ratio of 0.97 and a beta of 0.55.

CVS Health (NYSE:CVS) last announced its quarterly earnings results on Wednesday, November 6th. The pharmacy operator reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.01. CVS Health had a return on equity of 10.72% and a net margin of 1.36%. The business had revenue of $95.43 billion during the quarter, compared to analysts’ expectations of $92.72 billion. During the same quarter last year, the business posted $2.21 earnings per share. The business’s revenue for the quarter was up 6.3% on a year-over-year basis. As a group, equities analysts forecast that CVS Health Co. will post 5.44 earnings per share for the current year.

CVS Health Announces Dividend

The business 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 annualized dividend and a dividend yield of 4.92%. CVS Health’s dividend payout ratio is presently 67.51%.

Wall Street Analyst Weigh In

CVS has been the topic of a number of recent analyst reports. Barclays dropped their price target on CVS Health from $75.00 to $71.00 and set an “overweight” rating on the stock in a report on Thursday, November 7th. Truist Financial upped their price target on shares of CVS Health from $66.00 to $76.00 and gave the stock a “buy” rating in a report on Friday, October 11th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of CVS Health from $64.00 to $63.00 and set a “hold” rating for the company in a report on Friday, August 9th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $62.00 target price on shares of CVS Health in a research report on Tuesday, October 1st. Finally, Wells Fargo & Company lowered their price target on CVS Health from $61.00 to $60.00 and set an “equal weight” rating for the company in a research report on Monday, November 4th. Nine investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, CVS Health currently has an average rating of “Moderate Buy” and an average target price of $73.00.

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.