Ropes Wealth Advisors LLC Reduces Stock Position in CVS Health Corp (NYSE:CVS)
Ropes Wealth Advisors LLC lessened its position in shares of CVS Health Corp (NYSE:CVS) by 2.8% during the 2nd quarter, Holdings Channel reports. The firm owned 12,345 shares of the pharmacy operator’s stock after selling 350 shares during the quarter. Ropes Wealth Advisors LLC’s holdings in CVS Health were worth $673,000 as of its most recent filing with the SEC.
Other institutional investors have also recently bought and sold shares of the company. Bay Harbor Wealth Management LLC grew its stake in CVS Health by 1,871.4% during the 1st quarter. Bay Harbor Wealth Management LLC now owns 552 shares of the pharmacy operator’s stock valued at $30,000 after purchasing an additional 524 shares during the last quarter. Centaurus Financial Inc. grew its stake in CVS Health by 570.8% during the 1st quarter. Centaurus Financial Inc. now owns 1,630 shares of the pharmacy operator’s stock valued at $30,000 after purchasing an additional 1,387 shares during the last quarter. Manchester Financial Inc. purchased a new stake in CVS Health during the 2nd quarter valued at about $31,000. Hudock Capital Group LLC grew its stake in CVS Health by 54.0% during the 2nd quarter. Hudock Capital Group LLC now owns 576 shares of the pharmacy operator’s stock valued at $31,000 after purchasing an additional 202 shares during the last quarter. Finally, C J Advisory Inc purchased a new stake in CVS Health during the 1st quarter valued at about $33,000. Institutional investors and hedge funds own 77.18% of the company’s stock.
CVS has been the topic of several research analyst reports. Mizuho set a $71.00 price target on CVS Health and gave the company a “buy” rating in a research note on Wednesday, June 5th. Credit Suisse Group downgraded CVS Health from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $73.00 to $61.00 in a research note on Monday, April 29th. ValuEngine downgraded CVS Health from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 2nd. Morgan Stanley restated a “buy” rating and issued a $74.00 target price on shares of CVS Health in a research note on Sunday. Finally, Guggenheim began coverage on CVS Health in a research note on Thursday, April 18th. They issued a “buy” rating and a $75.00 target price on the stock. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. CVS Health presently has an average rating of “Buy” and an average target price of $75.14.
CVS Health (NYSE:CVS) last released its quarterly earnings results on Wednesday, August 7th. The pharmacy operator reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.70 by $0.19. The company had revenue of $63.43 billion during the quarter, compared to analysts’ expectations of $62.66 billion. CVS Health had a return on equity of 16.15% and a net margin of 1.91%. CVS Health’s quarterly revenue was up 35.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.69 EPS. Analysts anticipate that CVS Health Corp will post 6.96 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Thursday, July 25th were issued a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, July 24th. This represents a $2.00 dividend on an annualized basis and a yield of 3.35%. CVS Health’s payout ratio is 28.25%.
CVS Health Profile
CVS Health Corporation provides health services and plans in the United States. Its Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, retail pharmacy network management, mail order pharmacy, specialty pharmacy and infusion, Medicare Part D, clinical, disease management, and medical spend management services.
Recommended Story: How do CD ladders protect against rising interest rates?
Want to see what other hedge funds are holding CVS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CVS Health Corp (NYSE:CVS).
Receive News & Ratings for CVS Health Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CVS Health and related companies with MarketBeat.com's FREE daily email newsletter.