AE Wealth Management LLC Cuts Stock Position in CVS Health Corporation (NYSE:CVS)

Key Points

• AE Wealth Management LLC has reduced its stake in CVS Health Corporation by 22.1%, now holding 34,237 shares valued at approximately $2.32 million.
• Analysts have set a consensus price target of $74.82 for CVS, with a majority rating it as a Moderate Buy.
• CVS Health announced a quarterly dividend of $0.665 per share, representing an annualized yield of 4.38%.

AE Wealth Management LLC trimmed its position in CVS Health Corporation (NYSE:CVS - Free Report) by 22.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 34,237 shares of the pharmacy operator's stock after selling 9,737 shares during the period. AE Wealth Management LLC's holdings in CVS Health were worth $2,320,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Essex Financial Services Inc. raised its stake in CVS Health by 0.8% in the first quarter. Essex Financial Services Inc. now owns 20,705 shares of the pharmacy operator's stock valued at $1,403,000 after buying an additional 166 shares during the last quarter. McIlrath & Eck LLC increased its holdings in shares of CVS Health by 32.6% during the fourth quarter. McIlrath & Eck LLC now owns 707 shares of the pharmacy operator's stock valued at $32,000 after acquiring an additional 174 shares in the last quarter. Sumitomo Life Insurance Co. raised its position in shares of CVS Health by 1.0% in the 1st quarter. Sumitomo Life Insurance Co. now owns 17,114 shares of the pharmacy operator's stock valued at $1,159,000 after purchasing an additional 174 shares during the last quarter. Koshinski Asset Management Inc. boosted its stake in CVS Health by 3.7% in the 1st quarter. Koshinski Asset Management Inc. now owns 4,930 shares of the pharmacy operator's stock worth $334,000 after purchasing an additional 178 shares in the last quarter. Finally, Horizon Bancorp Inc. IN grew its position in CVS Health by 7.4% during the 1st quarter. Horizon Bancorp Inc. IN now owns 2,610 shares of the pharmacy operator's stock worth $177,000 after purchasing an additional 180 shares during the last quarter. 80.66% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on CVS shares. UBS Group decreased their price target on shares of CVS Health from $71.00 to $67.00 and set a "neutral" rating for the company in a report on Tuesday, July 22nd. Morgan Stanley reaffirmed an "overweight" rating on shares of CVS Health in a research report on Tuesday, April 15th. Jefferies Financial Group increased their price objective on CVS Health from $74.00 to $80.00 and gave the company a "buy" rating in a report on Monday, June 30th. Truist Financial raised their price objective on CVS Health from $82.00 to $84.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Finally, Robert W. Baird upped their target price on CVS Health from $51.00 to $71.00 and gave the company a "neutral" rating in a research report on Tuesday, April 15th. Two equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $74.82.

Insider Buying and Selling

In related news, Director Guy P. Sansone acquired 1,570 shares of the firm's stock in a transaction on Thursday, June 5th. The shares were acquired at an average cost of $63.70 per share, with a total value of $100,009.00. Following the completion of the acquisition, the director directly owned 12,007 shares in the company, valued at approximately $764,845.90. This trade represents a 15.04% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 1.22% of the company's stock.

CVS Health Trading Up 3.3%

CVS stock opened at $60.67 on Friday. The company's 50-day simple moving average is $64.61 and its 200-day simple moving average is $63.53. The company has a quick ratio of 0.63, a current ratio of 0.82 and a debt-to-equity ratio of 0.77. CVS Health Corporation has a 52-week low of $43.56 and a 52-week high of $72.51. The firm has a market cap of $76.75 billion, a P/E ratio of 14.48, a PEG ratio of 0.87 and a beta of 0.57.

CVS Health (NYSE:CVS - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The pharmacy operator reported $2.25 earnings per share for the quarter, topping analysts' consensus estimates of $1.62 by $0.63. CVS Health had a return on equity of 10.59% and a net margin of 1.39%. The company had revenue of $94.59 billion during the quarter, compared to analysts' expectations of $93.07 billion. During the same quarter in the prior year, the firm posted $1.31 EPS. CVS Health's quarterly revenue was up 7.0% compared to the same quarter last year. As a group, equities analysts forecast that CVS Health Corporation will post 5.89 EPS for the current fiscal year.

CVS Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 22nd will be paid a $0.665 dividend. The ex-dividend date of this dividend is Tuesday, July 22nd. This represents a $2.66 dividend on an annualized basis and a yield of 4.38%. CVS Health's dividend payout ratio is currently 63.48%.

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.

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