Westpac Banking Corp increased its holdings in shares of CVS Health Corp (NYSE:CVS) by 9.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 400,305 shares of the pharmacy operator’s stock after purchasing an additional 33,706 shares during the quarter. Westpac Banking Corp’s holdings in CVS Health were worth $21,813,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the stock. Bay Harbor Wealth Management LLC increased its position in CVS Health by 1,871.4% during the first quarter. Bay Harbor Wealth Management LLC now owns 552 shares of the pharmacy operator’s stock worth $30,000 after buying an additional 524 shares during the period. Manchester Financial Inc. acquired a new position in CVS Health during the second quarter worth approximately $31,000. Hudock Capital Group LLC increased its position in CVS Health by 54.0% during the second quarter. Hudock Capital Group LLC now owns 576 shares of the pharmacy operator’s stock worth $31,000 after buying an additional 202 shares during the period. C J Advisory Inc acquired a new position in CVS Health during the first quarter worth approximately $33,000. Finally, Capital Financial Planning LLC acquired a new position in CVS Health during the fourth quarter worth approximately $44,000. Hedge funds and other institutional investors own 77.18% of the company’s stock.
Shares of CVS Health stock traded up $1.08 during trading on Tuesday, reaching $59.83. The company’s stock had a trading volume of 6,593,934 shares, compared to its average volume of 8,182,775. The company has a quick ratio of 0.64, a current ratio of 0.95 and a debt-to-equity ratio of 1.39. CVS Health Corp has a 12-month low of $51.72 and a 12-month high of $82.15. The firm has a market capitalization of $77.11 billion, a P/E ratio of 8.45, a P/E/G ratio of 1.30 and a beta of 0.90. The business’s 50 day simple moving average is $55.98.
CVS Health (NYSE:CVS) last posted its quarterly earnings results on Wednesday, August 7th. The pharmacy operator reported $1.89 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.70 by $0.19. CVS Health had a return on equity of 16.15% and a net margin of 1.91%. The firm had revenue of $63.43 billion for the quarter, compared to the consensus estimate of $62.66 billion. During the same period in the previous year, the business earned $1.69 earnings per share. The company’s revenue for the quarter was up 35.2% compared to the same quarter last year. Analysts predict that CVS Health Corp will post 6.96 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Thursday, July 25th were paid a $0.50 dividend. The ex-dividend date was Wednesday, July 24th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.34%. CVS Health’s dividend payout ratio (DPR) is presently 28.25%.
Several research analysts have commented on CVS shares. CIBC reaffirmed a “market perform” rating on shares of CVS Health in a research report on Monday, April 15th. Citigroup lifted their price target on CVS Health from $68.00 to $72.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. BMO Capital Markets set a $63.00 price target on CVS Health and gave the stock a “hold” rating in a research report on Friday, May 3rd. Oppenheimer lowered CVS Health from an “outperform” rating to a “market perform” rating in a research report on Monday, April 15th. Finally, UBS Group cut their price target on CVS Health from $74.00 to $67.00 and set a “sell” rating on the stock in a research report on Thursday, May 2nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $75.14.
About CVS Health
CVS Health Corporation provides health services and plans in the United States. Its Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, retail pharmacy network management, mail order pharmacy, specialty pharmacy and infusion, Medicare Part D, clinical, disease management, and medical spend management services.
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