Triangle Securities Wealth Management Raises Stake in CVS Health Co. (NYSE:CVS)

Triangle Securities Wealth Management lifted its stake in CVS Health Co. (NYSE:CVS) by 0.5% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 30,787 shares of the pharmacy operator’s stock after buying an additional 144 shares during the quarter. Triangle Securities Wealth Management’s holdings in CVS Health were worth $2,613,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. Archford Capital Strategies LLC lifted its holdings in shares of CVS Health by 9.1% in the third quarter. Archford Capital Strategies LLC now owns 5,711 shares of the pharmacy operator’s stock worth $485,000 after buying an additional 476 shares in the last quarter. Norway Savings Bank lifted its holdings in shares of CVS Health by 2.3% in the third quarter. Norway Savings Bank now owns 28,120 shares of the pharmacy operator’s stock worth $2,386,000 after buying an additional 644 shares in the last quarter. Schneider Downs Wealth Management Advisors LP purchased a new position in shares of CVS Health in the third quarter worth $207,000. Atalanta Sosnoff Capital LLC purchased a new position in shares of CVS Health in the third quarter worth $239,000. Finally, Investors Asset Management of Georgia Inc. GA ADV lifted its holdings in shares of CVS Health by 14.6% in the third quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 8,783 shares of the pharmacy operator’s stock worth $745,000 after buying an additional 1,121 shares in the last quarter. 75.99% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:CVS opened at $92.65 on Thursday. CVS Health Co. has a 1-year low of $67.06 and a 1-year high of $96.57. The company has a 50-day moving average of $88.26 and a 200 day moving average of $85.75. The firm has a market cap of $122.30 billion, a PE ratio of 16.20, a price-to-earnings-growth ratio of 1.74 and a beta of 0.81. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.94 and a quick ratio of 0.67.

CVS Health (NYSE:CVS) last released its quarterly earnings data on Wednesday, November 3rd. The pharmacy operator reported $1.97 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.79 by $0.18. The company had revenue of $73.79 billion during the quarter, compared to analyst estimates of $70.52 billion. CVS Health had a net margin of 2.66% and a return on equity of 14.16%. The firm’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.66 earnings per share. Sell-side analysts anticipate that CVS Health Co. will post 7.97 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, November 1st. Shareholders of record on Friday, October 22nd were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.16%. The ex-dividend date was Thursday, October 21st. CVS Health’s payout ratio is 34.97%.

Several equities research analysts recently weighed in on CVS shares. Raymond James boosted their price target on shares of CVS Health from $95.00 to $115.00 and gave the stock a “strong-buy” rating in a research report on Thursday, November 4th. Truist boosted their price target on shares of CVS Health from $94.00 to $112.00 and gave the stock a “buy” rating in a research report on Thursday, November 4th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of CVS Health from $101.00 to $107.00 and gave the stock a “buy” rating in a research report on Friday, November 5th. Royal Bank of Canada boosted their price target on shares of CVS Health from $97.00 to $107.00 and gave the stock an “outperform” rating in a research report on Thursday, November 4th. Finally, Citigroup boosted their price objective on shares of CVS Health from $98.00 to $111.00 and gave the company a “buy” rating in a research report on Thursday, November 4th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, CVS Health has a consensus rating of “Buy” and a consensus price target of $104.11.

In related news, EVP Troyen A. Brennan sold 2,625 shares of the stock in a transaction that occurred on Thursday, September 2nd. The shares were sold at an average price of $87.00, for a total value of $228,375.00. Following the transaction, the executive vice president now owns 140,201 shares in the company, valued at approximately $12,197,487. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Troyen A. Brennan sold 82,757 shares of the stock in a transaction that occurred on Tuesday, October 26th. The stock was sold at an average price of $88.00, for a total transaction of $7,282,616.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 222,411 shares of company stock valued at $20,387,951. Insiders own 0.69% of the company’s stock.

About CVS Health

CVS Health Corp. engages in the provision of health care services. It operates through the following segments: Pharmacy Services, Retail or Long Term Care, Health Care Benefits, and Corporate/Other. The Pharmacy Services segment offers pharmacy benefit management solutions. The Retail or Long Term Care segment includes selling of prescription drugs and assortment of general merchandise.

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

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