CVS Health Corporation (NYSE:CVS) Shares Sold by ProVise Management Group LLC

Key Points

• ProVise Management Group LLC has decreased its stake in CVS Health by 27.3%, reducing their holdings to 12,850 shares worth $871,000.
• CVS Health reported earnings of $1.81 per share for the last quarter, surpassing estimates, with revenues of $98.92 billion, an 8.4% year-over-year increase.
• The company declared a quarterly dividend of $0.665 per share, equating to an annualized yield of 4.3%, with a payout ratio of 74.30%.

ProVise Management Group LLC trimmed its holdings in CVS Health Corporation (NYSE:CVS - Free Report) by 27.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 12,850 shares of the pharmacy operator's stock after selling 4,824 shares during the period. ProVise Management Group LLC's holdings in CVS Health were worth $871,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in CVS. BCGM Wealth Management LLC lifted its stake in shares of CVS Health by 13.6% in the 1st quarter. BCGM Wealth Management LLC now owns 26,595 shares of the pharmacy operator's stock valued at $1,802,000 after purchasing an additional 3,194 shares in the last quarter. Nicolet Advisory Services LLC lifted its stake in shares of CVS Health by 63.0% in the 1st quarter. Nicolet Advisory Services LLC now owns 12,341 shares of the pharmacy operator's stock valued at $851,000 after purchasing an additional 4,768 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in shares of CVS Health in the 1st quarter valued at about $229,000. Harbour Investments Inc. lifted its stake in shares of CVS Health by 8.5% in the 1st quarter. Harbour Investments Inc. now owns 5,877 shares of the pharmacy operator's stock valued at $398,000 after purchasing an additional 461 shares in the last quarter. Finally, Sound View Wealth Advisors Group LLC acquired a new position in CVS Health during the 1st quarter worth approximately $286,000. 80.66% of the stock is owned by institutional investors and hedge funds.

CVS Health Stock Performance

CVS traded down $1.02 during trading on Monday, reaching $61.45. 7,861,514 shares of the company were exchanged, compared to its average volume of 9,079,778. The stock has a market cap of $77.74 billion, a P/E ratio of 17.16, a PEG ratio of 0.86 and a beta of 0.58. The firm has a 50 day moving average of $64.56 and a 200 day moving average of $64.01. The company has a current ratio of 0.80, a quick ratio of 0.62 and a debt-to-equity ratio of 0.74. CVS Health Corporation has a 52 week low of $43.56 and a 52 week high of $72.51.

CVS Health (NYSE:CVS - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The pharmacy operator reported $1.81 EPS for the quarter, topping analysts' consensus estimates of $1.46 by $0.35. The firm had revenue of $98.92 billion during the quarter, compared to the consensus estimate of $94.87 billion. CVS Health had a return on equity of 10.51% and a net margin of 1.17%. The firm's revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.83 EPS. On average, sell-side analysts forecast that CVS Health Corporation will post 5.89 EPS for the current fiscal year.

CVS Health Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 22nd were given a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date was Tuesday, July 22nd. CVS Health's payout ratio is 74.30%.

Insider Transactions at CVS Health

In other CVS Health news, Director Guy P. Sansone purchased 1,570 shares of CVS Health stock in a transaction on Thursday, June 5th. The stock was bought at an average price of $63.70 per share, for a total transaction of $100,009.00. Following the transaction, the director owned 12,007 shares of the company's stock, valued at $764,845.90. The trade was a 15.04% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.22% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on CVS shares. Wall Street Zen raised CVS Health from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Robert W. Baird boosted their price target on CVS Health from $51.00 to $71.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 15th. Truist Financial lifted their price objective on CVS Health from $82.00 to $84.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Barclays lifted their price objective on CVS Health from $79.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday. Finally, Jefferies Financial Group lifted their price objective on CVS Health from $74.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, June 30th. Three research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $75.11.

CVS Health 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.