Avantax Advisory Services Inc. Purchases 32,873 Shares of CVS Health Corporation (NYSE:CVS)

Key Points

• Avantax Advisory Services Inc. increased its stake in CVS Health by 25.7%, acquiring an additional 32,873 shares, bringing its total holdings to 160,764 shares valued at approximately $10.89 million.
• Analysts remain optimistic about CVS Health, with several firms including Mizuho and Wells Fargo raising their price targets, indicating strong buy ratings for the stock.
• CVS Health announced a quarterly dividend of $0.665 per share, reflecting an annual yield of 4.38%, with the payment scheduled for August 1st for shareholders of record by July 22nd.

Avantax Advisory Services Inc. raised its position in shares of CVS Health Corporation (NYSE:CVS - Free Report) by 25.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 160,764 shares of the pharmacy operator's stock after buying an additional 32,873 shares during the period. Avantax Advisory Services Inc.'s holdings in CVS Health were worth $10,892,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Tempus Wealth Planning LLC bought a new stake in shares of CVS Health in the first quarter worth about $215,000. One Wealth Advisors LLC bought a new position in CVS Health during the 1st quarter valued at approximately $234,000. Holistic Financial Partners purchased a new stake in CVS Health in the 1st quarter worth approximately $212,000. Pinnacle Associates Ltd. increased its stake in shares of CVS Health by 0.6% during the first quarter. Pinnacle Associates Ltd. now owns 64,293 shares of the pharmacy operator's stock valued at $4,356,000 after buying an additional 388 shares during the period. Finally, Unison Advisors LLC bought a new position in shares of CVS Health during the first quarter valued at approximately $3,679,000. Hedge funds and other institutional investors own 80.66% of the company's stock.

Insider Activity at CVS Health

In related news, Director Guy P. Sansone acquired 1,570 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The stock was bought at an average cost of $63.70 per share, for a total transaction of $100,009.00. Following the purchase, the director owned 12,007 shares in the company, valued at $764,845.90. The trade was a 15.04% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.22% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Mizuho lifted their price target on shares of CVS Health from $70.00 to $76.00 and gave the company an "outperform" rating in a report on Wednesday, April 9th. Cowen reiterated a "buy" rating on shares of CVS Health in a research report on Monday, May 5th. Wells Fargo & Company restated an "overweight" rating and issued a $84.00 price objective (up from $76.00) on shares of CVS Health in a report on Tuesday, May 6th. Wall Street Zen upgraded CVS Health from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Finally, Truist Financial raised their target price on CVS Health from $82.00 to $84.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Two equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, CVS Health currently has an average rating of "Moderate Buy" and an average price target of $74.82.

CVS Health Stock Performance

Shares of CVS opened at $60.67 on Friday. CVS Health Corporation has a 12 month low of $43.56 and a 12 month high of $72.51. The business's fifty day simple moving average is $64.61 and its two-hundred day simple moving average is $63.41. The company has a current ratio of 0.82, a quick ratio of 0.63 and a debt-to-equity ratio of 0.77. The company has a market cap of $76.75 billion, a price-to-earnings ratio of 14.48, a P/E/G ratio of 0.84 and a beta of 0.57.

CVS Health (NYSE:CVS - Get Free Report) last announced its earnings results on Thursday, May 1st. The pharmacy operator reported $2.25 earnings per share (EPS) for the quarter, topping 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 business had revenue of $94.59 billion for the quarter, compared to analysts' expectations of $93.07 billion. During the same period last year, the firm posted $1.31 earnings per share. The business's revenue for the quarter was up 7.0% on a year-over-year basis. Research analysts anticipate that CVS Health Corporation will post 5.89 earnings per share for the current fiscal year.

CVS Health Announces Dividend

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

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.

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