Sky Investment Group LLC Trims Stock Position in CVS Health Co. (NYSE:CVS)

Sky Investment Group LLC trimmed its stake in CVS Health Co. (NYSE:CVS) by 23.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,671 shares of the pharmacy operator’s stock after selling 2,677 shares during the period. Sky Investment Group LLC’s holdings in CVS Health were worth $512,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. USA Financial Formulas boosted its position in CVS Health by 573.2% during the 4th quarter. USA Financial Formulas now owns 377 shares of the pharmacy operator’s stock valued at $30,000 after acquiring an additional 321 shares in the last quarter. Ables Iannone Moore & Associates Inc. purchased a new position in shares of CVS Health in the 4th quarter valued at approximately $32,000. Creekmur Asset Management LLC bought a new stake in shares of CVS Health during the fourth quarter valued at approximately $34,000. Steph & Co. grew its stake in CVS Health by 192.0% in the first quarter. Steph & Co. now owns 438 shares of the pharmacy operator’s stock worth $35,000 after purchasing an additional 288 shares during the period. Finally, Kapitalo Investimentos Ltda bought a new position in CVS Health in the fourth quarter worth $36,000. Institutional investors own 80.66% of the company’s stock.

CVS Health Stock Performance

Shares of CVS traded up $0.17 during mid-day trading on Wednesday, hitting $55.99. 5,872,895 shares of the company traded hands, compared to its average volume of 11,466,524. CVS Health Co. has a 1 year low of $52.77 and a 1 year high of $83.25. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.61 and a current ratio of 0.81. The stock has a 50-day moving average price of $59.18 and a two-hundred day moving average price of $65.83. The stock has a market cap of $70.29 billion, a price-to-earnings ratio of 9.84, a P/E/G ratio of 0.57 and a beta of 0.52.

CVS Health (NYSE:CVS) last announced its earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.73 by $0.10. The business had revenue of $91.23 billion during the quarter, compared to analyst estimates of $91.41 billion. CVS Health had a net margin of 2.03% and a return on equity of 13.53%. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.21 EPS. Equities analysts anticipate that CVS Health Co. will post 7 earnings per share for the current year.

CVS Health Announces Dividend

The company also recently declared 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 was Monday, July 22nd. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.75%. CVS Health’s dividend payout ratio is currently 46.75%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CVS. Truist Financial restated a “buy” rating and set a $66.00 target price (down previously from $90.00) on shares of CVS Health in a report on Thursday, May 2nd. Cantor Fitzgerald upped their price objective on shares of CVS Health from $58.00 to $62.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Leerink Partnrs cut CVS Health from an “outperform” rating to a “market perform” rating in a research report on Wednesday, May 1st. Argus reduced their price objective on CVS Health from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, May 8th. Finally, TD Cowen cut CVS Health from a “buy” rating to a “hold” rating and lowered their price objective for the company from $99.00 to $59.00 in a research note on Tuesday, May 7th. Twelve analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.24.

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.