Institute for Wealth Management LLC. Boosts Stock Holdings in CVS Health Co. (NYSE:CVS)

Institute for Wealth Management LLC. grew its stake in shares of CVS Health Co. (NYSE:CVS) by 31.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 7,824 shares of the pharmacy operator’s stock after buying an additional 1,873 shares during the period. Institute for Wealth Management LLC.’s holdings in CVS Health were worth $462,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CVS. USA Financial Formulas grew its position in CVS Health by 573.2% during the fourth quarter. USA Financial Formulas now owns 377 shares of the pharmacy operator’s stock valued at $30,000 after acquiring an additional 321 shares during the period. Ables Iannone Moore & Associates Inc. purchased a new stake in shares of CVS Health during the 4th quarter worth about $32,000. First Community Trust NA increased its position in CVS Health by 116.2% during the 2nd quarter. First Community Trust NA now owns 562 shares of the pharmacy operator’s stock worth $33,000 after purchasing an additional 302 shares in the last quarter. Creekmur Asset Management LLC purchased a new position in CVS Health in the fourth quarter valued at approximately $34,000. Finally, Steph & Co. grew its stake in CVS Health by 192.0% during the first quarter. Steph & Co. now owns 438 shares of the pharmacy operator’s stock worth $35,000 after buying an additional 288 shares during the period. 80.66% of the stock is currently owned by institutional investors and hedge funds.

CVS Health Stock Performance

CVS traded up $1.01 during trading hours on Friday, hitting $58.75. 9,614,381 shares of the stock were exchanged, compared to its average volume of 11,289,169. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.81 and a quick ratio of 0.61. CVS Health Co. has a 12 month low of $52.77 and a 12 month high of $83.25. The stock has a 50-day simple moving average of $58.86 and a 200-day simple moving average of $65.09. The stock has a market cap of $73.75 billion, a price-to-earnings ratio of 10.33, a price-to-earnings-growth ratio of 0.57 and a beta of 0.52.

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

CVS Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 22nd were given a dividend of $0.665 per share. The ex-dividend date of this dividend was Monday, July 22nd. This represents a $2.66 dividend on an annualized basis and a yield of 4.53%. CVS Health’s dividend payout ratio is currently 46.75%.

Analysts Set New Price Targets

A number of brokerages have recently commented on CVS. Deutsche Bank Aktiengesellschaft cut their target price on shares of CVS Health from $64.00 to $63.00 and set a “hold” rating on the stock in a research note on Friday, August 9th. Wells Fargo & Company boosted their price objective on CVS Health from $60.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Monday, August 12th. Baird R W upgraded CVS Health to a “hold” rating in a report on Thursday, May 30th. Truist Financial restated a “buy” rating and issued a $66.00 price target (down previously from $90.00) on shares of CVS Health in a report on Thursday, May 2nd. Finally, UBS Group lowered shares of CVS Health from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $85.00 to $60.00 in a research note on Thursday, May 2nd. Eleven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.24.

CVS Health Company 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.