CVS Health Co. (NYSE:CVS) Sees Significant Drop in Short Interest

CVS Health Co. (NYSE:CVS) was the recipient of a large decrease in short interest during the month of September. As of September 15th, there was short interest totalling 17,400,000 shares, a decrease of 5.9% from the August 31st total of 18,500,000 shares. Based on an average daily volume of 8,620,000 shares, the short-interest ratio is currently 2.0 days. Currently, 1.4% of the shares of the stock are sold short.

CVS Health Stock Down 2.1 %

Shares of NYSE CVS opened at $61.54 on Wednesday. The company has a 50 day simple moving average of $58.37 and a 200-day simple moving average of $61.66. The company has a market capitalization of $77.26 billion, a P/E ratio of 10.82, a P/E/G ratio of 0.81 and a beta of 0.53. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.86 and a quick ratio of 0.66. CVS Health has a 1 year low of $52.77 and a 1 year high of $83.25.

CVS Health (NYSE:CVS) last announced its quarterly earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.10. The business had revenue of $91.23 billion during the quarter, compared to the consensus estimate of $91.41 billion. CVS Health had a net margin of 1.98% and a return on equity of 12.72%. The business’s revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the firm earned $2.21 EPS. On average, equities research analysts predict that CVS Health will post 6.51 earnings per share for the current year.

CVS Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Monday, October 21st will be given a dividend of $0.665 per share. The ex-dividend date is Monday, October 21st. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.32%. CVS Health’s payout ratio is currently 46.75%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CVS. Barclays reduced their price target on shares of CVS Health from $65.00 to $63.00 and set an “equal weight” rating for the company in a research report on Thursday, August 8th. Royal Bank of Canada restated an “outperform” rating and set a $68.00 price target on shares of CVS Health in a research report on Wednesday, September 4th. Cantor Fitzgerald restated a “neutral” rating and set a $62.00 price target on shares of CVS Health in a research report on Tuesday. Evercore ISI reduced their price target on shares of CVS Health from $65.00 to $62.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Finally, Wells Fargo & Company upped their price target on shares of CVS Health from $60.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Monday, August 12th. Eleven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $72.10.

Hedge Funds Weigh In On CVS Health

Hedge funds have recently made changes to their positions in the stock. Deerfield Management Company L.P. Series C purchased a new position in shares of CVS Health during the 2nd quarter worth approximately $57,584,000. Susquehanna Fundamental Investments LLC boosted its position in shares of CVS Health by 27.9% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 665,451 shares of the pharmacy operator’s stock worth $39,302,000 after purchasing an additional 145,158 shares during the period. Steph & Co. boosted its position in shares of CVS Health by 192.0% during the 1st quarter. Steph & Co. now owns 438 shares of the pharmacy operator’s stock worth $35,000 after purchasing an additional 288 shares during the period. Douglas Lane & Associates LLC boosted its position in shares of CVS Health by 1.6% during the 1st quarter. Douglas Lane & Associates LLC now owns 1,084,256 shares of the pharmacy operator’s stock worth $86,480,000 after purchasing an additional 16,840 shares during the period. Finally, OLD Point Trust & Financial Services N A purchased a new position in shares of CVS Health during the 4th quarter worth approximately $151,000. Hedge funds and other institutional investors own 80.66% of the company’s stock.

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.