Pettyjohn Wood & White Inc. Decreases Stake in CVS Health Corp (NYSE:CVS)

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Pettyjohn Wood & White Inc. lowered its stake in CVS Health Corp (NYSE:CVS) by 1.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 72,189 shares of the pharmacy operator’s stock after selling 1,218 shares during the period. Pettyjohn Wood & White Inc.’s holdings in CVS Health were worth $3,934,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. FMR LLC raised its holdings in shares of CVS Health by 30.6% in the fourth quarter. FMR LLC now owns 39,263,265 shares of the pharmacy operator’s stock worth $2,572,528,000 after buying an additional 9,194,005 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of CVS Health by 36.2% in the fourth quarter. Geode Capital Management LLC now owns 16,462,292 shares of the pharmacy operator’s stock worth $1,076,697,000 after acquiring an additional 4,376,604 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of CVS Health by 28.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 13,790,753 shares of the pharmacy operator’s stock worth $903,574,000 after acquiring an additional 3,041,266 shares during the period. Norges Bank acquired a new stake in shares of CVS Health in the fourth quarter worth $840,254,000. Finally, Nordea Investment Management AB increased its stake in shares of CVS Health by 2.8% in the first quarter. Nordea Investment Management AB now owns 12,426,745 shares of the pharmacy operator’s stock worth $670,172,000 after acquiring an additional 340,315 shares during the period. 77.18% of the stock is owned by institutional investors and hedge funds.

CVS stock traded up $1.44 during midday trading on Friday, hitting $60.28. 9,558,400 shares of the stock traded hands, compared to its average volume of 8,465,183. The firm has a market cap of $76.16 billion, a P/E ratio of 8.51, a PEG ratio of 1.28 and a beta of 0.90. The company has a debt-to-equity ratio of 1.39, a current ratio of 0.95 and a quick ratio of 0.64. The stock’s fifty day simple moving average is $56.43 and its 200-day simple moving average is $56.34. CVS Health Corp has a 1-year low of $51.72 and a 1-year high of $82.15.

CVS Health (NYSE:CVS) last released its quarterly earnings results on Wednesday, August 7th. The pharmacy operator reported $1.89 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.70 by $0.19. The company had revenue of $63.43 billion for the quarter, compared to analyst estimates of $62.66 billion. CVS Health had a net margin of 1.91% and a return on equity of 16.15%. The firm’s revenue was up 35.2% on a year-over-year basis. During the same quarter last year, the business earned $1.69 earnings per share. On average, research analysts predict that CVS Health Corp will post 6.96 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Thursday, July 25th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.32%. The ex-dividend date was Wednesday, July 24th. CVS Health’s payout ratio is 28.25%.

A number of research firms have recently weighed in on CVS. Cantor Fitzgerald reiterated a “buy” rating and issued a $80.00 price objective on shares of CVS Health in a research note on Wednesday, May 1st. Credit Suisse Group lowered shares of CVS Health from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $73.00 to $61.00 in a research note on Monday, April 29th. UBS Group cut their price objective on shares of CVS Health from $74.00 to $67.00 and set a “sell” rating on the stock in a research note on Thursday, May 2nd. Evercore ISI set a $63.00 price objective on shares of CVS Health and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Finally, Citigroup increased their price objective on shares of CVS Health from $68.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. CVS Health currently has a consensus rating of “Buy” and a consensus price target of $75.14.

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.

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Institutional Ownership by Quarter for CVS Health (NYSE:CVS)

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