Bryce Point Capital LLC Takes $810,000 Position in CVS Health Corporation (NYSE:CVS)

Bryce Point Capital LLC purchased a new stake in shares of CVS Health Corporation (NYSE:CVS) in the 1st quarter, Holdings Channel reports. The fund purchased 12,460 shares of the pharmacy operator’s stock, valued at approximately $810,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Dodge & Cox grew its stake in shares of CVS Health by 11.2% during the 4th quarter. Dodge & Cox now owns 70,105,899 shares of the pharmacy operator’s stock valued at $3,147,054,000 after acquiring an additional 7,075,209 shares during the period. Capital World Investors grew its stake in shares of CVS Health by 26.6% during the 4th quarter. Capital World Investors now owns 61,039,777 shares of the pharmacy operator’s stock valued at $2,739,927,000 after acquiring an additional 12,819,148 shares during the period. Geode Capital Management LLC grew its stake in shares of CVS Health by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 27,051,540 shares of the pharmacy operator’s stock valued at $1,211,582,000 after acquiring an additional 689,867 shares during the period. Capital International Investors grew its stake in shares of CVS Health by 4.8% during the 4th quarter. Capital International Investors now owns 26,666,401 shares of the pharmacy operator’s stock valued at $1,196,989,000 after acquiring an additional 1,212,126 shares during the period. Finally, Invesco Ltd. grew its stake in shares of CVS Health by 30.1% during the 4th quarter. Invesco Ltd. now owns 18,038,089 shares of the pharmacy operator’s stock valued at $809,730,000 after acquiring an additional 4,173,243 shares during the period. Hedge funds and other institutional investors own 80.66% of the company’s stock.

Wall Street Analysts Forecast Growth

CVS has been the subject of several recent analyst reports. Truist Financial upped their price target on CVS Health from $82.00 to $84.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. Cowen restated a “buy” rating on shares of CVS Health in a research note on Monday, May 5th. Royal Bank Of Canada upped their price target on CVS Health from $74.00 to $81.00 and gave the stock an “outperform” rating in a research note on Monday, May 5th. Mizuho upped their price target on CVS Health from $70.00 to $76.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 9th. Finally, Wall Street Zen upgraded CVS Health from a “hold” rating to a “buy” rating in a research note on Friday, May 9th. Two analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $74.82.

CVS Health Stock Up 3.3%

Shares of CVS opened at $60.67 on Friday. The business’s 50 day simple moving average is $64.61 and its 200-day simple moving average is $63.53. CVS Health Corporation has a 1 year low of $43.56 and a 1 year high of $72.51. The stock has a market capitalization of $76.75 billion, a price-to-earnings ratio of 14.48, a price-to-earnings-growth ratio of 0.87 and a beta of 0.57. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.82 and a quick ratio of 0.63.

CVS Health (NYSE:CVS) last released its quarterly earnings results 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. CVS Health had a return on equity of 10.59% and a net margin of 1.39%. The company had revenue of $94.59 billion for the quarter, compared to analyst estimates of $93.07 billion. During the same quarter in the prior year, the firm posted $1.31 EPS. CVS Health’s quarterly revenue was up 7.0% compared to the same quarter last year. As a group, equities analysts expect that CVS Health Corporation will post 5.89 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 22nd will be issued a dividend of $0.665 per share. The ex-dividend date is Tuesday, July 22nd. This represents a $2.66 annualized dividend and a yield of 4.38%. CVS Health’s payout ratio is presently 63.48%.

Insiders Place Their Bets

In related news, Director Guy P. Sansone purchased 1,570 shares of the firm’s stock in a transaction that occurred on Thursday, June 5th. The shares were bought at an average price of $63.70 per share, for a total transaction of $100,009.00. Following the acquisition, the director owned 12,007 shares of the company’s stock, valued at approximately $764,845.90. This represents a 15.04% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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.