Eastern Bank Sells 18,360 Shares of CVS Health Co. (NYSE:CVS)

Eastern Bank decreased its holdings in CVS Health Co. (NYSE:CVS) by 39.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,927 shares of the pharmacy operator’s stock after selling 18,360 shares during the period. Eastern Bank’s holdings in CVS Health were worth $1,756,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Wellington Management Group LLP raised its position in shares of CVS Health by 33.2% during the fourth quarter. Wellington Management Group LLP now owns 219,030 shares of the pharmacy operator’s stock valued at $17,295,000 after buying an additional 54,616 shares during the last quarter. AdvisorNet Financial Inc lifted its stake in CVS Health by 30.6% in the 1st quarter. AdvisorNet Financial Inc now owns 7,005 shares of the pharmacy operator’s stock worth $559,000 after purchasing an additional 1,642 shares in the last quarter. Annex Advisory Services LLC bought a new position in shares of CVS Health during the 1st quarter valued at about $300,000. First Financial Corp IN increased its holdings in shares of CVS Health by 33.7% in the first quarter. First Financial Corp IN now owns 1,622 shares of the pharmacy operator’s stock worth $129,000 after purchasing an additional 409 shares during the last quarter. Finally, Atlas Capital Advisors LLC lifted its position in shares of CVS Health by 20.2% in the first quarter. Atlas Capital Advisors LLC now owns 5,101 shares of the pharmacy operator’s stock worth $407,000 after buying an additional 858 shares in the last quarter. Hedge funds and other institutional investors own 80.66% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Wells Fargo & Company lifted their price objective on CVS Health from $60.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Monday, August 12th. Barclays raised shares of CVS Health from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $63.00 to $82.00 in a research note on Thursday, October 10th. Truist Financial boosted their target price on shares of CVS Health from $66.00 to $76.00 and gave the stock a “buy” rating in a report on Friday, October 11th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of CVS Health from $64.00 to $63.00 and set a “hold” rating for the company in a report on Friday, August 9th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $62.00 price objective on shares of CVS Health in a research report on Tuesday, October 1st. Nine investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.26.

CVS Health Stock Performance

CVS stock opened at $56.85 on Wednesday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.86 and a quick ratio of 0.66. CVS Health Co. has a 1-year low of $52.77 and a 1-year high of $83.25. The business has a 50-day moving average price of $59.87 and a 200 day moving average price of $60.19. The company has a market capitalization of $71.37 billion, a P/E ratio of 9.99, a PEG ratio of 0.93 and a beta of 0.54.

CVS Health (NYSE:CVS) last released its quarterly earnings data on Wednesday, August 7th. The pharmacy operator reported $1.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.10. The firm had revenue of $91.23 billion for the quarter, compared to the consensus estimate of $91.41 billion. CVS Health had a net margin of 1.98% and a return on equity of 12.72%. The company’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period last year, the firm earned $2.21 earnings per share. As a group, equities research analysts forecast that CVS Health Co. will post 6.51 EPS for the current fiscal year.

CVS Health Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Monday, October 21st will be paid a $0.665 dividend. The ex-dividend date of this dividend is Monday, October 21st. This represents a $2.66 annualized dividend and a yield of 4.68%. CVS Health’s dividend payout ratio (DPR) is presently 46.75%.

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.