Spire Wealth Management Sells 2,004 Shares of CVS Health Co. (NYSE:CVS)

Spire Wealth Management reduced its holdings in CVS Health Co. (NYSE:CVS) by 9.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 18,585 shares of the pharmacy operator’s stock after selling 2,004 shares during the quarter. Spire Wealth Management’s holdings in CVS Health were worth $1,285,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the stock. Live Oak Investment Partners bought a new stake in shares of CVS Health during the fourth quarter valued at approximately $25,000. True Wealth Design LLC purchased a new position in CVS Health in the fourth quarter worth about $48,000. 25 LLC purchased a new position in CVS Health in the 1st quarter worth approximately $39,000. Northwest Capital Management Inc purchased a new stake in CVS Health during the 2nd quarter valued at $44,000. Finally, Glass Jacobson Investment Advisors llc bought a new stake in shares of CVS Health in the 2nd quarter worth $48,000. Institutional investors own 75.99% of the company’s stock.

CVS Health Stock Up 0.9 %

Shares of NYSE:CVS opened at $69.15 on Thursday. The firm has a market capitalization of $88.99 billion, a PE ratio of 10.43, a price-to-earnings-growth ratio of 1.77 and a beta of 0.58. The business has a 50 day simple moving average of $69.76 and a two-hundred day simple moving average of $70.07. CVS Health Co. has a 1 year low of $64.41 and a 1 year high of $104.83. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.86 and a quick ratio of 0.64.

CVS Health (NYSE:CVS) last announced its quarterly earnings data on Wednesday, November 1st. The pharmacy operator reported $2.21 EPS for the quarter, beating the consensus estimate of $2.13 by $0.08. CVS Health had a return on equity of 15.36% and a net margin of 2.47%. The company had revenue of $89.76 billion for the quarter, compared to the consensus estimate of $88.29 billion. During the same quarter in the prior year, the company posted $2.09 EPS. CVS Health’s quarterly revenue was up 10.6% on a year-over-year basis. On average, equities analysts predict that CVS Health Co. will post 8.59 EPS for the current year.

CVS Health Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 1st. Shareholders of record on Friday, October 20th were paid a $0.605 dividend. The ex-dividend date of this dividend was Thursday, October 19th. This represents a $2.42 dividend on an annualized basis and a yield of 3.50%. CVS Health’s dividend payout ratio is currently 36.50%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on CVS shares. Morgan Stanley decreased their price objective on shares of CVS Health from $110.00 to $100.00 and set an “overweight” rating for the company in a report on Thursday, November 2nd. Piper Sandler decreased their price target on shares of CVS Health from $85.00 to $82.00 and set an “overweight” rating on the stock in a research report on Friday, September 1st. Cantor Fitzgerald restated an “overweight” rating and issued a $87.00 price objective on shares of CVS Health in a research note on Thursday, September 14th. Edward Jones downgraded CVS Health from a “buy” rating to a “hold” rating in a research note on Thursday, August 17th. Finally, Sanford C. Bernstein reduced their target price on shares of CVS Health from $93.00 to $80.00 in a report on Tuesday, October 10th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $92.59.

Insider Transactions at CVS Health

In other news, Director Edward J. Ludwig acquired 2,000 shares of the company’s stock in a transaction that occurred on Friday, November 3rd. The shares were bought at an average price of $70.47 per share, with a total value of $140,940.00. Following the completion of the purchase, the director now directly owns 20,630 shares in the company, valued at $1,453,796.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.25% of the company’s stock.

About CVS Health

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.