Pettee Investors Inc. Sells 1,600 Shares of CVS Health Co. (NYSE:CVS)

Pettee Investors Inc. decreased its position in CVS Health Co. (NYSE:CVS) by 10.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 13,575 shares of the pharmacy operator’s stock after selling 1,600 shares during the quarter. Pettee Investors Inc.’s holdings in CVS Health were worth $802,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in CVS. Pzena Investment Management LLC grew its position in shares of CVS Health by 132.9% during the 2nd quarter. Pzena Investment Management LLC now owns 12,936,388 shares of the pharmacy operator’s stock valued at $764,023,000 after acquiring an additional 7,382,931 shares during the period. FSB Premier Wealth Management Inc. purchased a new stake in CVS Health in the second quarter worth about $210,000. Archer Investment Corp raised its stake in shares of CVS Health by 1.8% in the second quarter. Archer Investment Corp now owns 40,791 shares of the pharmacy operator’s stock worth $2,409,000 after buying an additional 723 shares during the period. Founders Financial Securities LLC lifted its position in shares of CVS Health by 3.1% during the 2nd quarter. Founders Financial Securities LLC now owns 13,906 shares of the pharmacy operator’s stock valued at $821,000 after buying an additional 420 shares in the last quarter. Finally, Novare Capital Management LLC grew its stake in shares of CVS Health by 6.7% during the 2nd quarter. Novare Capital Management LLC now owns 96,383 shares of the pharmacy operator’s stock valued at $5,692,000 after acquiring an additional 6,081 shares during the period. 80.66% of the stock is currently owned by institutional investors.

CVS Health Stock Performance

CVS Health stock opened at $58.01 on Wednesday. The company’s 50-day moving average price is $58.35 and its 200-day moving average price is $64.07. The company has a quick ratio of 0.66, a current ratio of 0.86 and a debt-to-equity ratio of 0.83. The company has a market cap of $72.82 billion, a PE ratio of 10.08, a price-to-earnings-growth ratio of 0.80 and a beta of 0.52. CVS Health Co. has a twelve month low of $52.77 and a twelve month high of $83.25.

CVS Health (NYSE:CVS) last issued its quarterly earnings data on Wednesday, August 7th. The pharmacy operator reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.10. The company had revenue of $91.23 billion for the quarter, compared to analysts’ expectations of $91.41 billion. CVS Health had a return on equity of 12.72% and a net margin of 1.98%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.21 earnings per share. On average, equities research analysts forecast that CVS Health Co. will post 6.52 EPS for the current fiscal year.

CVS Health Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 22nd were paid a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a yield of 4.59%. The ex-dividend date of this dividend was Monday, July 22nd. CVS Health’s payout ratio is 46.75%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Argus lowered their price target on shares of CVS Health from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Wednesday, May 8th. Evercore ISI lowered their target price on shares of CVS Health from $65.00 to $62.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. TD Cowen downgraded shares of CVS Health from a “buy” rating to a “hold” rating and dropped their target price for the stock from $99.00 to $59.00 in a report on Tuesday, May 7th. Robert W. Baird initiated coverage on CVS Health in a research report on Thursday, May 30th. They issued a “neutral” rating and a $61.00 price objective on the stock. Finally, JPMorgan Chase & Co. cut their target price on CVS Health from $101.00 to $86.00 and set an “overweight” rating for the company in a research report on Thursday, May 30th. Eleven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $73.24.

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.