Morey & Quinn Wealth Partners LLC Has $1.17 Million Stock Holdings in CVS Health Co. (NYSE:CVS)

Morey & Quinn Wealth Partners LLC cut its holdings in CVS Health Co. (NYSE:CVS) by 1.6% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 17,266 shares of the pharmacy operator’s stock after selling 273 shares during the quarter. CVS Health comprises approximately 1.0% of Morey & Quinn Wealth Partners LLC’s portfolio, making the stock its 25th largest holding. Morey & Quinn Wealth Partners LLC’s holdings in CVS Health were worth $1,170,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Norges Bank bought a new stake in CVS Health during the 4th quarter worth about $839,574,000. Capital World Investors raised its holdings in CVS Health by 26.6% during the 4th quarter. Capital World Investors now owns 61,039,777 shares of the pharmacy operator’s stock worth $2,739,927,000 after purchasing an additional 12,819,148 shares during the last quarter. Davis Selected Advisers raised its holdings in CVS Health by 2,998.1% during the 4th quarter. Davis Selected Advisers now owns 11,385,950 shares of the pharmacy operator’s stock worth $511,115,000 after purchasing an additional 11,018,438 shares during the last quarter. Dodge & Cox raised its holdings in CVS Health by 11.2% during the 4th quarter. Dodge & Cox now owns 70,105,899 shares of the pharmacy operator’s stock worth $3,147,054,000 after purchasing an additional 7,075,209 shares during the last quarter. Finally, Pzena Investment Management LLC raised its holdings in CVS Health by 49.3% during the 4th quarter. Pzena Investment Management LLC now owns 19,610,579 shares of the pharmacy operator’s stock worth $880,319,000 after purchasing an additional 6,475,271 shares during the last quarter. 80.66% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CVS. Mizuho boosted their price objective on CVS Health from $70.00 to $76.00 and gave the stock an “outperform” rating in a report on Wednesday, April 9th. Wall Street Zen upgraded CVS Health from a “hold” rating to a “buy” rating in a research report on Friday, May 9th. JPMorgan Chase & Co. boosted their target price on CVS Health from $80.00 to $81.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 18th. Wells Fargo & Company restated an “overweight” rating and set a $84.00 target price (up from $76.00) on shares of CVS Health in a research report on Tuesday, May 6th. Finally, Piper Sandler boosted their target price on CVS Health from $72.00 to $74.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. Two investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $74.75.

CVS Health Trading Up 1.6%

NYSE:CVS opened at $67.42 on Friday. CVS Health Co. has a fifty-two week low of $43.56 and a fifty-two week high of $72.51. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.81 and a quick ratio of 0.60. The stock has a market capitalization of $85.29 billion, a PE ratio of 18.42, a price-to-earnings-growth ratio of 0.98 and a beta of 0.56. The business’s 50-day simple moving average is $65.15 and its 200-day simple moving average is $60.15.

CVS Health (NYSE:CVS) last released its quarterly earnings data on Thursday, May 1st. The pharmacy operator reported $2.25 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.63. The business had revenue of $94.59 billion for the quarter, compared to analysts’ expectations of $93.07 billion. CVS Health had a return on equity of 9.11% and a net margin of 1.24%. CVS Health’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.31 EPS. Sell-side analysts expect that CVS Health Co. will post 5.89 earnings per share for the current fiscal year.

CVS Health Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 22nd were paid a $0.665 dividend. This represents a $2.66 annualized dividend and a yield of 3.95%. The ex-dividend date of this dividend was Tuesday, April 22nd. CVS Health’s payout ratio is 63.48%.

Insider Buying and Selling at CVS Health

In other news, Director Guy P. Sansone bought 1,570 shares of the business’s stock in a transaction on Thursday, June 5th. The shares were purchased at an average price of $63.70 per share, for a total transaction of $100,009.00. Following the purchase, the director now owns 12,007 shares of the company’s stock, valued at approximately $764,845.90. The trade was a 15.04% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.22% of the company’s stock.

About CVS Health

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.