Sigma Investment Counselors Inc. Trims Stake in CVS Health Co. (NYSE:CVS)

Sigma Investment Counselors Inc. reduced its position in CVS Health Co. (NYSE:CVS) by 86.0% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 4,374 shares of the pharmacy operator’s stock after selling 26,921 shares during the period. Sigma Investment Counselors Inc.’s holdings in CVS Health were worth $275,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CVS. Deerfield Management Company L.P. Series C purchased a new stake in CVS Health during the 2nd quarter valued at approximately $57,584,000. CX Institutional raised its stake in CVS Health by 698.0% during the 3rd quarter. CX Institutional now owns 74,609 shares of the pharmacy operator’s stock valued at $4,691,000 after acquiring an additional 65,259 shares during the last quarter. Susquehanna Fundamental Investments LLC raised its stake in CVS Health by 27.9% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 665,451 shares of the pharmacy operator’s stock valued at $39,302,000 after acquiring an additional 145,158 shares during the last quarter. First Hawaiian Bank raised its stake in CVS Health by 30.1% during the 2nd quarter. First Hawaiian Bank now owns 100,302 shares of the pharmacy operator’s stock valued at $5,924,000 after acquiring an additional 23,213 shares during the last quarter. Finally, Czech National Bank raised its stake in CVS Health by 7.2% during the 3rd quarter. Czech National Bank now owns 256,430 shares of the pharmacy operator’s stock valued at $16,124,000 after acquiring an additional 17,206 shares during the last quarter. 80.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Truist Financial upped their price objective on CVS Health from $66.00 to $76.00 and gave the company a “buy” rating in a research note on Friday, October 11th. Cantor Fitzgerald reiterated a “neutral” rating and set a $62.00 target price on shares of CVS Health in a research report on Tuesday, October 1st. Barclays dropped their target price on CVS Health from $82.00 to $75.00 and set an “overweight” rating on the stock in a research report on Wednesday. TD Cowen upgraded CVS Health from a “hold” rating to a “buy” rating and boosted their target price for the stock from $59.00 to $85.00 in a research report on Friday, October 4th. Finally, Mizuho dropped their target price on CVS Health from $73.00 to $66.00 and set an “outperform” rating on the stock in a research report on Thursday. Nine investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $74.58.

CVS Health Price Performance

Shares of NYSE:CVS opened at $56.49 on Friday. The business’s fifty day moving average price is $59.85 and its two-hundred day moving average price is $60.14. The stock has a market cap of $71.06 billion, a PE ratio of 10.05, a price-to-earnings-growth ratio of 0.84 and a beta of 0.54. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.66 and a current ratio of 0.86. CVS Health Co. has a one year low of $52.77 and a one year high of $83.25.

CVS Health (NYSE:CVS) last announced its earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.10. The firm had revenue of $91.23 billion for the quarter, compared to analysts’ expectations of $91.41 billion. CVS Health had a return on equity of 12.72% and a net margin of 1.98%. CVS Health’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.21 EPS. On average, analysts forecast that CVS Health Co. will post 6.41 EPS for the current fiscal year.

CVS Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Monday, October 21st will be issued a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a yield of 4.71%. The ex-dividend date is Monday, October 21st. CVS Health’s dividend payout ratio (DPR) is presently 47.33%.

About CVS Health

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.