Sheets Smith Wealth Management Has $1.96 Million Stock Position in CVS Health Co. (NYSE:CVS)

Sheets Smith Wealth Management cut its position in CVS Health Co. (NYSE:CVS) by 71.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,229 shares of the pharmacy operator’s stock after selling 76,287 shares during the quarter. Sheets Smith Wealth Management’s holdings in CVS Health were worth $1,964,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Tompkins Financial Corp lifted its stake in CVS Health by 17.1% in the 3rd quarter. Tompkins Financial Corp now owns 6,838 shares of the pharmacy operator’s stock valued at $430,000 after purchasing an additional 1,000 shares during the last quarter. Lindbrook Capital LLC raised its stake in CVS Health by 8.8% in the third quarter. Lindbrook Capital LLC now owns 6,524 shares of the pharmacy operator’s stock valued at $410,000 after buying an additional 527 shares during the period. Assetmark Inc. lifted its position in shares of CVS Health by 9.7% in 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. Beta Wealth Group Inc. boosted its stake in shares of CVS Health by 3.0% during the 3rd quarter. Beta Wealth Group Inc. now owns 46,963 shares of the pharmacy operator’s stock worth $2,953,000 after acquiring an additional 1,353 shares during the period. Finally, Windward Capital Management Co. CA increased its holdings in shares of CVS Health by 0.4% during the 3rd quarter. Windward Capital Management Co. CA now owns 292,925 shares of the pharmacy operator’s stock worth $18,419,000 after acquiring an additional 1,176 shares during the last quarter. 80.66% of the stock is currently owned by institutional investors and hedge funds.

CVS Health Price Performance

CVS Health stock opened at $55.54 on Friday. CVS Health Co. has a 52 week low of $52.77 and a 52 week high of $83.25. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.66 and a current ratio of 0.80. The stock has a fifty day moving average of $59.56 and a 200-day moving average of $59.19. The stock has a market capitalization of $69.87 billion, a P/E ratio of 14.10, a price-to-earnings-growth ratio of 0.94 and a beta of 0.55.

CVS Health (NYSE:CVS) last posted 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. The company 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 firm’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same period last year, the company posted $2.21 EPS. On average, sell-side analysts expect that CVS Health Co. will post 6.18 earnings per share for the current fiscal year.

CVS Health Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were issued a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a dividend yield of 4.79%. The ex-dividend date of this dividend was Monday, October 21st. CVS Health’s dividend payout ratio (DPR) is 67.51%.

Analysts Set New Price Targets

CVS has been the topic of several research reports. TD Cowen upgraded shares of CVS Health from a “hold” rating to a “buy” rating and upped their price objective for the company from $59.00 to $85.00 in a report on Friday, October 4th. Truist Financial increased their price target on shares of CVS Health from $66.00 to $76.00 and gave the company a “buy” rating in a report on Friday, October 11th. Barclays reduced their price objective on CVS Health from $75.00 to $71.00 and set an “overweight” rating for the company in a report on Thursday. Cantor Fitzgerald reiterated a “neutral” rating and set a $62.00 price objective on shares of CVS Health in a research report on Tuesday, October 1st. Finally, Evercore ISI boosted their target price on shares of CVS Health from $62.00 to $75.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Nine investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $73.00.

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.