CVS Health Corp (NYSE:CVS) announced a quarterly dividend on Tuesday, March 13th, RTT News reports. Shareholders of record on Monday, April 23rd will be paid a dividend of 0.50 per share by the pharmacy operator on Thursday, May 3rd. This represents a $2.00 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date is Friday, April 20th.
CVS Health has increased its dividend payment by an average of 22.1% per year over the last three years and has increased its dividend every year for the last 10 years. CVS Health has a dividend payout ratio of 34.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect CVS Health to earn $6.74 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 29.7%.
Shares of CVS stock traded down $0.02 during mid-day trading on Wednesday, reaching $62.92. 3,790,552 shares of the company’s stock were exchanged, compared to its average volume of 8,812,240. The company has a market cap of $64,554.67, a price-to-earnings ratio of 9.75, a PEG ratio of 1.05 and a beta of 1.03. The company has a quick ratio of 0.52, a current ratio of 1.02 and a debt-to-equity ratio of 0.59. CVS Health has a fifty-two week low of $61.87 and a fifty-two week high of $84.00.
CVS Health (NYSE:CVS) last posted its quarterly earnings data on Thursday, February 8th. The pharmacy operator reported $1.92 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.88 by $0.04. The firm had revenue of $48.39 billion for the quarter, compared to the consensus estimate of $47.54 billion. CVS Health had a net margin of 3.58% and a return on equity of 17.21%. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.71 EPS. research analysts anticipate that CVS Health will post 6.37 EPS for the current year.
In related news, EVP Lisa Bisaccia sold 29,445 shares of the stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $75.00, for a total transaction of $2,208,375.00. Following the sale, the executive vice president now directly owns 15,556 shares of the company’s stock, valued at $1,166,700. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Helena Foulkes sold 19,965 shares of the stock in a transaction on Friday, February 16th. The shares were sold at an average price of $71.04, for a total value of $1,418,313.60. Following the sale, the executive vice president now directly owns 65,072 shares in the company, valued at $4,622,714.88. The disclosure for this sale can be found here. 0.61% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the business. Fieldpoint Private Securities LLC increased its position in shares of CVS Health by 333.3% during the 2nd quarter. Fieldpoint Private Securities LLC now owns 1,300 shares of the pharmacy operator’s stock valued at $105,000 after purchasing an additional 1,000 shares during the last quarter. Optimum Investment Advisors increased its position in shares of CVS Health by 20.0% during the 2nd quarter. Optimum Investment Advisors now owns 3,444 shares of the pharmacy operator’s stock valued at $277,000 after purchasing an additional 573 shares during the last quarter. Bluefin Trading LLC bought a new position in shares of CVS Health during the 2nd quarter valued at approximately $298,000. Keel Point LLC increased its position in shares of CVS Health by 16.0% during the 2nd quarter. Keel Point LLC now owns 3,824 shares of the pharmacy operator’s stock valued at $308,000 after purchasing an additional 528 shares during the last quarter. Finally, Wafra Investment Advisory Group Inc. NY bought a new position in shares of CVS Health during the 2nd quarter valued at approximately $507,000. 83.96% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages recently issued reports on CVS. Bank of America began coverage on CVS Health in a research note on Tuesday, February 27th. They issued a “buy” rating and a $91.00 price objective on the stock. Citigroup set a $77.00 price target on CVS Health and gave the company a “neutral” rating in a research report on Tuesday, February 13th. Leerink Swann set a $85.00 price target on CVS Health and gave the company a “buy” rating in a research report on Friday, February 9th. Robert W. Baird decreased their price objective on shares of CVS Health from $85.00 to $80.00 and set a “neutral” rating on the stock in a research report on Friday, February 9th. Finally, Royal Bank of Canada set a $89.00 price objective on shares of CVS Health and gave the stock a “buy” rating in a research report on Thursday, February 8th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. CVS Health currently has an average rating of “Buy” and an average price target of $87.03.
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About CVS Health
CVS Health Corporation, together with its subsidiaries, is an integrated pharmacy healthcare company. The Company provides pharmacy care for the senior community through Omnicare, Inc (Omnicare) and Omnicare’s long-term care (LTC) operations, which include distribution of pharmaceuticals, related pharmacy consulting and other ancillary services to chronic care facilities and other care settings.
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