SouthState Corp Sells 4,102 Shares of CVS Health Co. (NYSE:CVS)

SouthState Corp lowered its stake in CVS Health Co. (NYSE:CVS) by 59.1% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,842 shares of the pharmacy operator’s stock after selling 4,102 shares during the period. SouthState Corp’s holdings in CVS Health were worth $179,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Capital World Investors grew its holdings in shares of CVS Health by 8.0% during the first quarter. Capital World Investors now owns 43,776,874 shares of the pharmacy operator’s stock valued at $3,491,643,000 after buying an additional 3,232,172 shares during the last quarter. Capital International Investors boosted its stake in shares of CVS Health by 12.5% in the first quarter. Capital International Investors now owns 37,917,923 shares of the pharmacy operator’s stock worth $3,024,334,000 after acquiring an additional 4,226,225 shares during the period. Capital Research Global Investors grew its stake in CVS Health by 1.4% during the first quarter. Capital Research Global Investors now owns 13,143,822 shares of the pharmacy operator’s stock valued at $1,048,351,000 after acquiring an additional 184,297 shares in the last quarter. Pzena Investment Management LLC increased its stake in CVS Health by 132.9% in the 2nd quarter. Pzena Investment Management LLC now owns 12,936,388 shares of the pharmacy operator’s stock worth $764,023,000 after acquiring an additional 7,382,931 shares during the last quarter. Finally, Lazard Asset Management LLC raised its position in shares of CVS Health by 5.9% during the 1st quarter. Lazard Asset Management LLC now owns 6,963,508 shares of the pharmacy operator’s stock valued at $555,406,000 after buying an additional 389,166 shares in the last quarter. Institutional investors own 80.66% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Evercore ISI raised their price objective on shares of CVS Health from $62.00 to $75.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Barclays lowered their price target on CVS Health from $75.00 to $71.00 and set an “overweight” rating for the company in a report on Thursday, November 7th. TD Cowen upgraded CVS Health from a “hold” rating to a “buy” rating and boosted their price target for the company from $59.00 to $85.00 in a research note on Friday, October 4th. Mizuho decreased their price target on CVS Health from $73.00 to $66.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $62.00 price objective on shares of CVS Health in a research note on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $72.78.

CVS Health Price Performance

NYSE:CVS opened at $55.82 on Wednesday. The stock has a 50 day moving average of $59.18 and a two-hundred day moving average of $58.60. CVS Health Co. has a 12 month low of $52.71 and a 12 month high of $83.25. The firm has a market cap of $70.24 billion, a P/E ratio of 14.17, a price-to-earnings-growth ratio of 0.92 and a beta of 0.55. The company has a current ratio of 0.80, a quick ratio of 0.59 and a debt-to-equity ratio of 0.80.

CVS Health (NYSE:CVS) last issued its quarterly earnings results on Wednesday, November 6th. The pharmacy operator reported $1.09 EPS for the quarter, topping the consensus estimate of $1.08 by $0.01. The firm had revenue of $95.43 billion during the quarter, compared to analysts’ expectations of $92.72 billion. CVS Health had a return on equity of 10.72% and a net margin of 1.36%. The firm’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same period in the previous year, the business earned $2.21 earnings per share. On average, analysts expect that CVS Health Co. will post 5.48 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were given a $0.665 dividend. The ex-dividend date of this dividend was Monday, October 21st. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.77%. CVS Health’s dividend payout ratio (DPR) is presently 67.51%.

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.