1620 Investment Advisors Inc. Reduces Position in CVS Health Co. (NYSE:CVS)

1620 Investment Advisors Inc. lowered its stake in CVS Health Co. (NYSE:CVS) by 16.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,044 shares of the pharmacy operator’s stock after selling 609 shares during the period. 1620 Investment Advisors Inc.’s holdings in CVS Health were worth $180,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

CVS has been the topic of several recent research reports. Leerink Partnrs lowered shares of CVS Health from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 1st. JPMorgan Chase & Co. dropped their target price on CVS Health from $101.00 to $86.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Robert W. Baird initiated coverage on CVS Health in a report on Thursday, May 30th. They issued a “neutral” rating and a $61.00 price target for the company. TD Cowen cut shares of CVS Health from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $99.00 to $59.00 in a research note on Tuesday, May 7th. Finally, SVB Leerink reiterated a “market perform” rating and issued a $60.00 target price (down from $87.00) on shares of CVS Health in a research note on Wednesday, May 1st. Eleven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $73.24.

CVS Health Price Performance

Shares of NYSE:CVS traded down $0.59 during midday trading on Thursday, hitting $57.73. The company’s stock had a trading volume of 7,882,184 shares, compared to its average volume of 11,299,519. CVS Health Co. has a 12-month low of $52.77 and a 12-month 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 company has a market cap of $72.47 billion, a P/E ratio of 10.15, a price-to-earnings-growth ratio of 0.57 and a beta of 0.52. The business’s 50 day simple moving average is $58.89 and its 200 day simple moving average is $65.24.

CVS Health (NYSE:CVS) last posted its earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.10. The company had revenue of $91.23 billion for 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%. CVS Health’s revenue was up 2.6% on a year-over-year basis. During the same period in the previous year, the business posted $2.21 EPS. On average, analysts forecast that CVS Health Co. will post 7 EPS for the current year.

CVS Health Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 22nd were paid a $0.665 dividend. This represents a $2.66 annualized dividend and a dividend yield of 4.61%. The ex-dividend date of this dividend was Monday, July 22nd. CVS Health’s dividend payout ratio (DPR) is presently 46.75%.

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.