Prentice Wealth Management LLC Trims Stake in CVS Health Co. (NYSE:CVS)

Prentice Wealth Management LLC lowered its stake in shares of CVS Health Co. (NYSE:CVS) by 2.2% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 10,833 shares of the pharmacy operator’s stock after selling 247 shares during the period. CVS Health comprises about 0.5% of Prentice Wealth Management LLC’s holdings, making the stock its 22nd largest position. Prentice Wealth Management LLC’s holdings in CVS Health were worth $904,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in CVS. Clarus Group Inc. bought a new stake in CVS Health during the first quarter worth about $116,000. IndexIQ Advisors LLC boosted its stake in CVS Health by 18.8% during the first quarter. IndexIQ Advisors LLC now owns 59,660 shares of the pharmacy operator’s stock worth $4,488,000 after acquiring an additional 9,437 shares in the last quarter. Sowell Financial Services LLC boosted its stake in CVS Health by 25.5% during the first quarter. Sowell Financial Services LLC now owns 53,050 shares of the pharmacy operator’s stock worth $4,440,000 after acquiring an additional 10,768 shares in the last quarter. Meridian Wealth Advisors LLC bought a new stake in CVS Health during the first quarter worth about $424,000. Finally, Meridian Wealth Management LLC boosted its stake in CVS Health by 26.7% during the first quarter. Meridian Wealth Management LLC now owns 8,117 shares of the pharmacy operator’s stock worth $611,000 after acquiring an additional 1,712 shares in the last quarter. Institutional investors own 75.94% of the company’s stock.

CVS has been the topic of several analyst reports. Tigress Financial reiterated a “buy” rating and issued a $108.00 target price on shares of CVS Health in a research note on Friday, July 23rd. Wells Fargo & Company initiated coverage on shares of CVS Health in a research note on Monday, May 24th. They issued an “equal weight” rating and a $89.00 target price on the stock. Deutsche Bank Aktiengesellschaft upped their target price on shares of CVS Health from $95.00 to $101.00 and gave the stock a “buy” rating in a research note on Thursday, August 5th. Finally, Morgan Stanley increased their price objective on shares of CVS Health from $99.00 to $114.00 and gave the company an “overweight” rating in a research report on Tuesday, August 31st. Four investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $94.89.

CVS stock traded up $0.58 during midday trading on Tuesday, reaching $85.16. 45,870 shares of the company’s stock traded hands, compared to its average volume of 6,438,997. CVS Health Co. has a 52-week low of $55.36 and a 52-week high of $90.61. The stock has a market cap of $112.38 billion, a P/E ratio of 15.52, a PEG ratio of 1.68 and a beta of 0.83. The company has a current ratio of 0.95, a quick ratio of 0.67 and a debt-to-equity ratio of 0.81. The stock’s 50-day moving average is $83.95 and its 200 day moving average is $81.49.

CVS Health (NYSE:CVS) last announced its earnings results on Tuesday, August 3rd. The pharmacy operator reported $2.42 EPS for the quarter, beating the Zacks’ consensus estimate of $2.07 by $0.35. CVS Health had a net margin of 2.59% and a return on equity of 13.81%. The business had revenue of $72.62 billion during the quarter, compared to analysts’ expectations of $70.27 billion. During the same period in the prior year, the company earned $2.62 earnings per share. The firm’s revenue was up 11.1% on a year-over-year basis. As a group, research analysts expect that CVS Health Co. will post 7.84 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 2nd. Stockholders of record on Friday, July 23rd were paid a $0.50 dividend. The ex-dividend date of this dividend was Thursday, July 22nd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.35%. CVS Health’s dividend payout ratio (DPR) is presently 26.67%.

In related news, Director Edward J. Ludwig bought 3,000 shares of the company’s stock in a transaction that occurred on Thursday, August 5th. The stock was purchased at an average price of $79.55 per share, for a total transaction of $238,650.00. Following the completion of the transaction, the director now owns 17,334 shares in the company, valued at $1,378,919.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Troyen A. Brennan sold 2,625 shares of the company’s stock in a transaction on Thursday, September 2nd. The stock was sold at an average price of $87.00, for a total transaction of $228,375.00. Following the transaction, the executive vice president now owns 140,201 shares of the company’s stock, valued at approximately $12,197,487. The disclosure for this sale can be found here. Corporate insiders own 0.69% of the company’s stock.

CVS Health Company Profile

CVS Health Corp. engages in the provision of health care services. It operates through the following segments: Pharmacy Services, Retail or Long Term Care, Health Care Benefits, and Corporate/Other. The Pharmacy Services segment offers pharmacy benefit management solutions. The Retail or Long Term Care segment includes selling of prescription drugs and assortment of general merchandise.

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Institutional Ownership by Quarter for CVS Health (NYSE:CVS)

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