Wealthedge Investment Advisors LLC Buys New Shares in CVS Health Co. (NYSE:CVS)

Wealthedge Investment Advisors LLC bought a new stake in CVS Health Co. (NYSE:CVS) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 56,249 shares of the pharmacy operator’s stock, valued at approximately $2,525,000. CVS Health makes up 1.1% of Wealthedge Investment Advisors LLC’s holdings, making the stock its 21st biggest position.

Several other hedge funds and other institutional investors have also made changes to their positions in CVS. Stonebridge Financial Group LLC bought a new position in CVS Health during the fourth quarter worth $28,000. Hopwood Financial Services Inc. bought a new position in CVS Health during the fourth quarter worth $29,000. McIlrath & Eck LLC boosted its position in CVS Health by 32.6% during the fourth quarter. McIlrath & Eck LLC now owns 707 shares of the pharmacy operator’s stock worth $32,000 after purchasing an additional 174 shares during the period. Financial Perspectives Inc boosted its position in CVS Health by 137.5% during the fourth quarter. Financial Perspectives Inc now owns 805 shares of the pharmacy operator’s stock worth $36,000 after purchasing an additional 466 shares during the period. Finally, MidAtlantic Capital Management Inc. boosted its position in CVS Health by 112.1% during the fourth quarter. MidAtlantic Capital Management Inc. now owns 827 shares of the pharmacy operator’s stock worth $37,000 after purchasing an additional 437 shares during the period. 80.66% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CVS has been the subject of a number of research analyst reports. UBS Group lifted their price objective on shares of CVS Health from $67.00 to $71.00 and gave the stock a “neutral” rating in a research report on Friday, May 2nd. Wolfe Research lifted their price objective on shares of CVS Health from 67.00 to 70.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 11th. JPMorgan Chase & Co. boosted their target price on shares of CVS Health from $80.00 to $81.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Truist Financial boosted their target price on shares of CVS Health from $82.00 to $84.00 and gave the company a “buy” rating in a research report on Monday, May 12th. Finally, Wall Street Zen raised shares of CVS Health from a “hold” rating to a “buy” rating in a research report on Friday, May 9th. Three analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, CVS Health presently has an average rating of “Moderate Buy” and an average target price of $74.94.

CVS Health Stock Up 0.8%

CVS stock opened at $61.33 on Wednesday. The company has a market cap of $77.58 billion, a PE ratio of 16.76, a price-to-earnings-growth ratio of 0.98 and a beta of 0.60. The business has a 50-day simple moving average of $65.86 and a 200 day simple moving average of $59.46. CVS Health Co. has a 52 week low of $43.56 and a 52 week high of $72.51. The company has a quick ratio of 0.60, a current ratio of 0.81 and a debt-to-equity ratio of 0.80.

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

CVS Health Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 22nd were paid a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a yield of 4.34%. The ex-dividend date was Tuesday, April 22nd. CVS Health’s payout ratio is 63.48%.

Insider Transactions at CVS Health

In other news, SVP James David Clark sold 7,513 shares of the business’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $66.35, for a total transaction of $498,487.55. Following the sale, the senior vice president now directly owns 8,394 shares in the company, valued at approximately $556,941.90. The trade was a 47.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.22% 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.