TrinityPoint Wealth LLC Takes Position in CVS Health Corp (NYSE:CVS)

TrinityPoint Wealth LLC purchased a new stake in shares of CVS Health Corp (NYSE:CVS) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 51,247 shares of the pharmacy operator’s stock, valued at approximately $2,869,000. CVS Health accounts for 1.4% of TrinityPoint Wealth LLC’s portfolio, making the stock its 14th biggest holding.

Several other hedge funds have also recently added to or reduced their stakes in the company. Bay Harbor Wealth Management LLC increased its stake in CVS Health by 1,871.4% in the 1st quarter. Bay Harbor Wealth Management LLC now owns 552 shares of the pharmacy operator’s stock valued at $30,000 after buying an additional 524 shares during the period. Centaurus Financial Inc. increased its stake in CVS Health by 570.8% in the 1st quarter. Centaurus Financial Inc. now owns 1,630 shares of the pharmacy operator’s stock valued at $30,000 after buying an additional 1,387 shares during the period. Manchester Financial Inc. acquired a new position in CVS Health in the 2nd quarter valued at approximately $31,000. Hudock Capital Group LLC increased its stake in CVS Health by 54.0% in the 2nd quarter. Hudock Capital Group LLC now owns 576 shares of the pharmacy operator’s stock valued at $31,000 after buying an additional 202 shares during the period. Finally, Executive Wealth Management LLC increased its stake in CVS Health by 62.4% in the 2nd quarter. Executive Wealth Management LLC now owns 565 shares of the pharmacy operator’s stock valued at $31,000 after buying an additional 217 shares during the period. Institutional investors and hedge funds own 75.20% of the company’s stock.

CVS stock traded up $0.17 during trading hours on Thursday, hitting $61.82. The company’s stock had a trading volume of 2,919,886 shares, compared to its average volume of 9,125,229. The company has a quick ratio of 0.64, a current ratio of 0.95 and a debt-to-equity ratio of 1.39. The company has a market capitalization of $79.84 billion, a PE ratio of 8.73, a price-to-earnings-growth ratio of 1.35 and a beta of 0.90. CVS Health Corp has a 12 month low of $51.72 and a 12 month high of $82.15. The stock has a 50 day moving average price of $57.08 and a two-hundred day moving average price of $56.37.

CVS Health (NYSE:CVS) last posted its earnings results on Wednesday, August 7th. The pharmacy operator reported $1.89 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.70 by $0.19. The company had revenue of $63.43 billion during the quarter, compared to the consensus estimate of $62.66 billion. CVS Health had a net margin of 1.91% and a return on equity of 16.15%. The company’s revenue for the quarter was up 35.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.69 earnings per share. Sell-side analysts expect that CVS Health Corp will post 6.96 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Thursday, July 25th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 3.24%. The ex-dividend date was Wednesday, July 24th. CVS Health’s dividend payout ratio is 28.25%.

Several research analysts have weighed in on the stock. BMO Capital Markets set a $63.00 price objective on shares of CVS Health and gave the company a “hold” rating in a research note on Friday, May 3rd. Credit Suisse Group lowered shares of CVS Health from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $73.00 to $61.00 in a research note on Monday, April 29th. ValuEngine lowered shares of CVS Health from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 2nd. Evercore ISI set a $63.00 price objective on shares of CVS Health and gave the company a “buy” rating in a research note on Wednesday, August 7th. Finally, Standpoint Research upgraded shares of CVS Health from a “hold” rating to a “buy” rating in a research note on Wednesday, June 5th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $75.14.

CVS Health Profile

CVS Health Corporation provides health services and plans in the United States. Its Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, retail pharmacy network management, mail order pharmacy, specialty pharmacy and infusion, Medicare Part D, clinical, disease management, and medical spend management services.

See Also: Outstanding Shares

Want to see what other hedge funds are holding CVS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CVS Health Corp (NYSE:CVS).

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

Receive News & Ratings for CVS Health Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CVS Health and related companies with MarketBeat.com's FREE daily email newsletter.