Mengis Capital Management Inc. Trims Position in CVS Health Co. (NYSE:CVS)

Mengis Capital Management Inc. lessened its stake in shares of CVS Health Co. (NYSE:CVSFree Report) by 1.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 59,424 shares of the pharmacy operator’s stock after selling 573 shares during the period. CVS Health comprises about 0.9% of Mengis Capital Management Inc.’s portfolio, making the stock its 25th largest holding. Mengis Capital Management Inc.’s holdings in CVS Health were worth $4,149,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. Live Oak Investment Partners acquired a new position in CVS Health during the 4th quarter valued at $25,000. Cornerstone Planning Group LLC grew its holdings in shares of CVS Health by 111.5% during the third quarter. Cornerstone Planning Group LLC now owns 461 shares of the pharmacy operator’s stock worth $32,000 after buying an additional 243 shares in the last quarter. PCA Investment Advisory Services Inc. acquired a new position in CVS Health during the second quarter worth $37,000. Northwest Capital Management Inc bought a new position in CVS Health in the second quarter valued at approximately $44,000. Finally, True Wealth Design LLC bought a new stake in CVS Health in the fourth quarter valued at approximately $48,000. 75.99% of the stock is owned by hedge funds and other institutional investors.

CVS Health Stock Performance

Shares of CVS Health stock traded up $0.97 on Monday, reaching $77.29. 11,186,836 shares of the stock were exchanged, compared to its average volume of 13,852,402. CVS Health Co. has a 1-year low of $64.41 and a 1-year high of $90.57. The firm has a market capitalization of $97.27 billion, a PE ratio of 11.81, a PEG ratio of 1.74 and a beta of 0.50. The company has a current ratio of 0.86, a quick ratio of 0.63 and a debt-to-equity ratio of 0.77. The business has a fifty day moving average price of $76.02 and a two-hundred day moving average price of $71.99.

CVS Health (NYSE:CVSGet Free Report) last released its earnings results on Wednesday, February 7th. The pharmacy operator reported $2.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.11. CVS Health had a net margin of 2.33% and a return on equity of 15.25%. The business had revenue of $93.81 billion for the quarter, compared to analysts’ expectations of $90.58 billion. During the same period last year, the company earned $1.99 earnings per share. The company’s quarterly revenue was up 11.9% on a year-over-year basis. As a group, research analysts anticipate that CVS Health Co. will post 8.38 earnings per share for the current fiscal year.

CVS Health Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 1st. Shareholders of record on Monday, January 22nd were paid a dividend of $0.665 per share. This is an increase from CVS Health’s previous quarterly dividend of $0.61. This represents a $2.66 annualized dividend and a yield of 3.44%. The ex-dividend date of this dividend was Friday, January 19th. CVS Health’s payout ratio is 41.18%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. TD Cowen lowered their price target on CVS Health from $102.00 to $99.00 and set an “outperform” rating for the company in a report on Monday, December 11th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $87.00 target price on shares of CVS Health in a research note on Thursday. StockNews.com downgraded shares of CVS Health from a “buy” rating to a “hold” rating in a research report on Thursday, February 1st. Royal Bank of Canada dropped their price target on CVS Health from $86.00 to $84.00 and set an “outperform” rating on the stock in a research note on Thursday. Finally, HSBC began coverage on shares of CVS Health in a research note on Friday, December 22nd. They issued a “buy” rating and a $94.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $90.11.

Get Our Latest Report on CVS

CVS Health Profile

(Free Report)

CVS Health Corporation provides health services in the United States. It operates through Health Care Benefits, Pharmacy Services, and Retail/LTC segments. The Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services. It serves employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups, and expatriates.

See Also

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

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