Hartford Financial Management Inc. Cuts Position in CVS Health Corp (NYSE:CVS)

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Hartford Financial Management Inc. trimmed its position in shares of CVS Health Corp (NYSE:CVS) by 1.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 39,494 shares of the pharmacy operator’s stock after selling 541 shares during the period. Hartford Financial Management Inc.’s holdings in CVS Health were worth $2,152,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Bay Harbor Wealth Management LLC increased its stake in shares of CVS Health by 1,871.4% during the first quarter. Bay Harbor Wealth Management LLC now owns 552 shares of the pharmacy operator’s stock worth $30,000 after buying an additional 524 shares during the period. Centaurus Financial Inc. increased its stake in CVS Health by 570.8% in the first quarter. Centaurus Financial Inc. now owns 1,630 shares of the pharmacy operator’s stock valued at $30,000 after purchasing an additional 1,387 shares during the last quarter. Manchester Financial Inc. purchased a new position in CVS Health in the second quarter valued at approximately $31,000. Hudock Capital Group LLC increased its stake in CVS Health by 54.0% in the second quarter. Hudock Capital Group LLC now owns 576 shares of the pharmacy operator’s stock valued at $31,000 after purchasing an additional 202 shares during the last quarter. Finally, C J Advisory Inc purchased a new position in CVS Health in the first quarter valued at approximately $33,000. Hedge funds and other institutional investors own 77.18% of the company’s stock.

CVS Health stock opened at $59.85 on Wednesday. CVS Health Corp has a one year low of $51.72 and a one year high of $82.15. The company has a current ratio of 0.95, a quick ratio of 0.64 and a debt-to-equity ratio of 1.39. The firm has a fifty day simple moving average of $56.12. The firm has a market capitalization of $77.11 billion, a P/E ratio of 8.45, a P/E/G ratio of 1.30 and a beta of 0.90.

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

The firm also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Thursday, July 25th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date of this dividend was Wednesday, July 24th. CVS Health’s dividend payout ratio (DPR) is currently 28.25%.

Several equities analysts have commented on the stock. Raymond James dropped their price target on shares of CVS Health from $90.00 to $75.00 and set a “strong-buy” rating on the stock in a research note on Thursday, April 18th. UBS Group lowered their target price on shares of CVS Health from $74.00 to $67.00 and set a “sell” rating on the stock in a research report on Thursday, May 2nd. Citigroup raised their target price on shares of CVS Health from $68.00 to $72.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Credit Suisse Group lowered shares of CVS Health from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $73.00 to $61.00 in a research report on Monday, April 29th. Finally, BMO Capital Markets set a $63.00 price target on CVS Health and gave the stock a “hold” rating in a report on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $75.14.

About CVS Health

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.

Further Reading: What does it mean to hold a stock in street name?

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

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