Allstate Corp Trims Position in CVS Health Co. (NYSE:CVS)

Allstate Corp reduced its holdings in CVS Health Co. (NYSE:CVS) by 10.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,775 shares of the pharmacy operator’s stock after selling 432 shares during the period. Allstate Corp’s holdings in CVS Health were worth $301,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Riverpoint Wealth Management Holdings LLC purchased a new position in shares of CVS Health during the 4th quarter valued at approximately $218,000. Canoe Financial LP raised its position in shares of CVS Health by 95.1% in the fourth quarter. Canoe Financial LP now owns 1,762,629 shares of the pharmacy operator’s stock worth $139,177,000 after acquiring an additional 859,134 shares during the period. Meritage Portfolio Management boosted its stake in shares of CVS Health by 30.6% during the 4th quarter. Meritage Portfolio Management now owns 66,322 shares of the pharmacy operator’s stock worth $5,237,000 after acquiring an additional 15,548 shares in the last quarter. Steph & Co. grew its position in shares of CVS Health by 192.0% during the 1st quarter. Steph & Co. now owns 438 shares of the pharmacy operator’s stock valued at $35,000 after acquiring an additional 288 shares during the period. Finally, Forum Financial Management LP increased its stake in shares of CVS Health by 19.4% in the 4th quarter. Forum Financial Management LP now owns 17,856 shares of the pharmacy operator’s stock valued at $1,410,000 after purchasing an additional 2,901 shares in the last quarter. Institutional investors and hedge funds own 80.66% of the company’s stock.

CVS Health Trading Down 2.1 %

Shares of CVS Health stock traded down $1.24 during mid-day trading on Monday, hitting $58.33. The stock had a trading volume of 7,911,271 shares, compared to its average volume of 11,653,606. The firm has a 50-day moving average of $58.64 and a two-hundred day moving average of $68.05. The firm has a market cap of $73.22 billion, a P/E ratio of 10.47, a price-to-earnings-growth ratio of 0.57 and a beta of 0.52. The company has a quick ratio of 0.61, a current ratio of 0.81 and a debt-to-equity ratio of 0.78. CVS Health Co. has a 12-month low of $52.77 and a 12-month high of $83.25.

CVS Health (NYSE:CVS) last issued its quarterly earnings data on Wednesday, May 1st. The pharmacy operator reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.69 by ($0.38). CVS Health had a return on equity of 13.53% and a net margin of 2.03%. The business had revenue of $88.44 billion during the quarter, compared to analysts’ expectations of $89.33 billion. During the same quarter in the previous year, the company posted $2.20 earnings per share. The company’s revenue was up 3.7% on a year-over-year basis. Sell-side analysts forecast that CVS Health Co. will post 7.02 earnings per share for the current year.

CVS Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 22nd will be given a $0.665 dividend. The ex-dividend date of this dividend is Monday, July 22nd. This represents a $2.66 dividend on an annualized basis and a yield of 4.56%. CVS Health’s payout ratio is currently 46.75%.

Analyst Ratings Changes

Several analysts have commented on CVS shares. Wells Fargo & Company dropped their price objective on CVS Health from $76.00 to $60.00 and set an “equal weight” rating on the stock in a report on Tuesday, May 7th. Argus cut their price target on shares of CVS Health from $100.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, May 8th. Leerink Partnrs downgraded shares of CVS Health from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 1st. TD Cowen cut shares of CVS Health from a “buy” rating to a “hold” rating and cut their target price for the stock from $99.00 to $59.00 in a research note on Tuesday, May 7th. Finally, Robert W. Baird assumed coverage on CVS Health in a report on Thursday, May 30th. They issued a “neutral” rating and a $61.00 price objective on the stock. Eleven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, CVS Health currently has a consensus rating of “Moderate Buy” and an average price target of $75.05.

Insider Buying and Selling at CVS Health

In other news, Director Edward J. Ludwig bought 1,000 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were bought at an average price of $53.88 per share, with a total value of $53,880.00. Following the completion of the transaction, the director now directly owns 21,630 shares in the company, valued at $1,165,424.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.24% of the company’s stock.

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.