Defined Wealth Management LLC Purchases New Holdings in CVS Health Co. (NYSE:CVS)

Defined Wealth Management LLC acquired a new position in shares of CVS Health Co. (NYSE:CVS) in the first quarter, Holdings Channel reports. The fund acquired 3,547 shares of the pharmacy operator’s stock, valued at approximately $240,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Stonebridge Financial Group LLC acquired a new position in CVS Health in the 4th quarter valued at $28,000. Hopwood Financial Services Inc. purchased a new position in CVS Health during the fourth quarter worth about $29,000. McIlrath & Eck LLC lifted its position in CVS Health by 32.6% in the fourth quarter. McIlrath & Eck LLC now owns 707 shares of the pharmacy operator’s stock valued at $32,000 after purchasing an additional 174 shares during the period. Financial Perspectives Inc boosted its holdings in CVS Health by 137.5% in the 4th quarter. Financial Perspectives Inc now owns 805 shares of the pharmacy operator’s stock valued at $36,000 after purchasing an additional 466 shares in the last quarter. Finally, MidAtlantic Capital Management Inc. increased its position in CVS Health by 112.1% during the 4th 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 currently owned by hedge funds and other institutional investors.

CVS Health Stock Up 0.9%

CVS stock opened at $66.34 on Friday. 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 company’s 50 day simple moving average is $65.16 and its 200-day simple moving average is $60.09. CVS Health Co. has a 12 month low of $43.56 and a 12 month high of $72.51. The firm has a market capitalization of $83.92 billion, a PE ratio of 18.13, a P/E/G ratio of 0.98 and a beta of 0.56.

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

CVS Health Dividend Announcement

The company also recently declared 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. The ex-dividend date was Tuesday, April 22nd. This represents a $2.66 annualized dividend and a dividend yield of 4.01%. CVS Health’s dividend payout ratio is currently 63.48%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Argus set a $77.00 price target on CVS Health in a research note on Tuesday, February 18th. Robert W. Baird raised their target price on CVS Health from $51.00 to $71.00 and gave the company a “neutral” rating in a report on Tuesday, April 15th. Truist Financial upped their price target on shares of CVS Health from $82.00 to $84.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. Wall Street Zen upgraded shares of CVS Health from a “hold” rating to a “buy” rating in a report on Friday, May 9th. Finally, Wells Fargo & Company reissued an “overweight” rating and set a $84.00 price objective (up previously from $76.00) on shares of CVS Health in a report on Tuesday, May 6th. Two investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $74.75.

Insider Activity at CVS Health

In other CVS Health news, Director Guy P. Sansone purchased 1,570 shares of the stock in a transaction on Thursday, June 5th. The stock was bought at an average price of $63.70 per share, for a total transaction of $100,009.00. Following the acquisition, the director now directly owns 12,007 shares of the company’s stock, valued at $764,845.90. This represents a 15.04% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. 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.