Sheets Smith Wealth Management Sells 11,800 Shares of CVS Health Corporation $CVS

Key Points

• Sheets Smith Wealth Management significantly reduced its holdings in CVS Health, selling 11,800 shares and bringing its total ownership down to 5,623 shares, valued at about $388,000.
• CVS Health reported a 2.2% decline in stock price, with shares trading at $74.71, despite a strong quarterly earnings performance where EPS exceeded analysts' expectations.
• The company recently announced a quarterly dividend of $0.665, representing an annualized yield of 3.6%, with a dividend payout ratio of 74.30%.

Sheets Smith Wealth Management cut its holdings in shares of CVS Health Corporation (NYSE:CVS - Free Report) by 67.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,623 shares of the pharmacy operator's stock after selling 11,800 shares during the period. Sheets Smith Wealth Management's holdings in CVS Health were worth $388,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Bell Investment Advisors Inc grew its position in CVS Health by 119.8% in the first quarter. Bell Investment Advisors Inc now owns 455 shares of the pharmacy operator's stock valued at $31,000 after acquiring an additional 248 shares during the last quarter. Roxbury Financial LLC boosted its stake in shares of CVS Health by 78.3% in the 2nd quarter. Roxbury Financial LLC now owns 460 shares of the pharmacy operator's stock valued at $32,000 after purchasing an additional 202 shares in the last quarter. Saudi Central Bank bought a new stake in shares of CVS Health during the 1st quarter valued at approximately $34,000. Livelsberger Financial Advisory acquired a new position in CVS Health during the 2nd quarter worth approximately $35,000. Finally, Costello Asset Management INC lifted its stake in CVS Health by 281.3% in the 1st quarter. Costello Asset Management INC now owns 572 shares of the pharmacy operator's stock valued at $39,000 after purchasing an additional 422 shares during the last quarter. Institutional investors own 80.66% of the company's stock.

Insider Buying and Selling at CVS Health

In other news, Director Anne A. Finucane sold 7,500 shares of the company's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $71.02, for a total transaction of $532,650.00. Following the transaction, the director owned 22,156 shares in the company, valued at approximately $1,573,519.12. This represents a 25.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.22% of the company's stock.

CVS Health Stock Down 2.2%

Shares of NYSE:CVS opened at $74.71 on Friday. CVS Health Corporation has a 1 year low of $43.56 and a 1 year high of $77.34. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.80 and a quick ratio of 0.62. The business's 50-day moving average is $68.85 and its 200-day moving average is $66.90. The company has a market capitalization of $94.75 billion, a price-to-earnings ratio of 20.87, a P/E/G ratio of 0.84 and a beta of 0.62.

CVS Health (NYSE:CVS - Get Free Report) last issued its earnings results on Thursday, July 31st. The pharmacy operator reported $1.81 earnings per share for the quarter, topping analysts' consensus estimates of $1.46 by $0.35. The business 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 for the quarter was up 8.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.83 earnings per share. CVS Health has set its FY 2025 guidance at 6.300-6.400 EPS. Equities research analysts predict that CVS Health Corporation will post 5.89 earnings per share for the current year.

CVS Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Thursday, October 23rd will be issued a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Thursday, October 23rd. CVS Health's dividend payout ratio (DPR) is presently 74.30%.

Analyst Upgrades and Downgrades

CVS has been the subject of several research analyst reports. Wall Street Zen upgraded shares of CVS Health from a "hold" rating to a "buy" rating in a report on Sunday, September 21st. Wolfe Research boosted their price objective on CVS Health from $80.00 to $85.00 and gave the stock an "outperform" rating in a research report on Monday. Cowen reiterated a "buy" rating on shares of CVS Health in a research report on Monday, August 4th. UBS Group upgraded CVS Health from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $67.00 to $79.00 in a report on Monday, August 18th. Finally, Sanford C. Bernstein raised their price objective on shares of CVS Health from $72.00 to $77.00 and gave the company a "market perform" rating in a report on Friday, September 5th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $78.25.

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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