Hartford Financial Management Inc. Reduces Stake in CVS Health Corp (CVS)

Hartford Financial Management Inc. reduced its position in CVS Health Corp (NYSE:CVS) by 3.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 51,132 shares of the pharmacy operator’s stock after selling 1,572 shares during the period. CVS Health makes up about 1.4% of Hartford Financial Management Inc.’s investment portfolio, making the stock its 18th biggest position. Hartford Financial Management Inc.’s holdings in CVS Health were worth $4,025,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CVS. BlackRock Inc. raised its holdings in CVS Health by 5.9% in the 2nd quarter. BlackRock Inc. now owns 74,135,102 shares of the pharmacy operator’s stock worth $4,770,597,000 after purchasing an additional 4,121,620 shares during the period. Charles Schwab Investment Advisory Inc. bought a new position in CVS Health in the 2nd quarter worth $190,701,000. Boston Partners raised its holdings in CVS Health by 41.9% in the 2nd quarter. Boston Partners now owns 9,908,888 shares of the pharmacy operator’s stock worth $637,637,000 after purchasing an additional 2,924,875 shares during the period. Morgan Stanley raised its holdings in CVS Health by 28.4% in the 2nd quarter. Morgan Stanley now owns 8,358,263 shares of the pharmacy operator’s stock worth $537,854,000 after purchasing an additional 1,848,678 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec raised its holdings in CVS Health by 52.1% in the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 5,171,271 shares of the pharmacy operator’s stock worth $332,771,000 after purchasing an additional 1,771,170 shares during the period. Hedge funds and other institutional investors own 82.42% of the company’s stock.

NYSE:CVS opened at $79.83 on Friday. The company has a current ratio of 2.44, a quick ratio of 1.87 and a debt-to-equity ratio of 1.66. The stock has a market cap of $80.25 billion, a price-to-earnings ratio of 11.55, a price-to-earnings-growth ratio of 1.05 and a beta of 0.98. CVS Health Corp has a 52 week low of $60.14 and a 52 week high of $83.88.

CVS Health (NYSE:CVS) last posted its quarterly earnings results on Tuesday, November 6th. The pharmacy operator reported $1.73 EPS for the quarter, beating the Zacks’ consensus estimate of $1.71 by $0.02. The business had revenue of $47.27 billion for the quarter, compared to analysts’ expectations of $47.22 billion. CVS Health had a return on equity of 18.69% and a net margin of 1.65%. The business’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period last year, the firm earned $1.50 earnings per share. As a group, analysts predict that CVS Health Corp will post 7.04 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Shareholders of record on Wednesday, October 24th were issued a dividend of $0.50 per share. The ex-dividend date was Tuesday, October 23rd. This represents a $2.00 dividend on an annualized basis and a yield of 2.51%. CVS Health’s dividend payout ratio is presently 33.90%.

A number of equities analysts recently commented on the company. Loop Capital set a $80.00 target price on CVS Health and gave the stock a “hold” rating in a report on Friday. Leerink Swann raised their target price on CVS Health from $85.00 to $95.00 and gave the stock a “positive” rating in a report on Thursday. Morgan Stanley set a $100.00 target price on CVS Health and gave the stock a “buy” rating in a report on Wednesday. Royal Bank of Canada set a $100.00 target price on CVS Health and gave the stock a “buy” rating in a report on Wednesday. Finally, ValuEngine raised CVS Health from a “sell” rating to a “hold” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $89.38.

In other CVS Health news, EVP Lisa Bisaccia sold 21,534 shares of the firm’s stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $80.00, for a total transaction of $1,722,720.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Eva C. Boratto sold 13,311 shares of the firm’s stock in a transaction dated Monday, September 17th. The shares were sold at an average price of $77.16, for a total value of $1,027,076.76. Following the sale, the executive vice president now directly owns 55,162 shares in the company, valued at $4,256,299.92. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,409 shares of company stock worth $3,392,097. Insiders own 0.53% of the company’s stock.

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CVS Health Profile

CVS Health Corporation, together with its subsidiaries, provides integrated pharmacy health care services. It operates through Pharmacy Services and Retail/LTC segments. The Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, Medicare Part D services, mail order, specialty pharmacy and infusion services, retail pharmacy network management services, prescription management systems, clinical services, disease management programs, and medical pharmacy management services.

See Also: Return on Investment (ROI)

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

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