Bank of America Corp DE Grows Stock Position in CVS Health Corporation $CVS

Bank of America Corp DE grew its stake in CVS Health Corporation (NYSE:CVS - Free Report) by 148.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,188,670 shares of the pharmacy operator's stock after buying an additional 13,836,701 shares during the quarter. Bank of America Corp DE owned approximately 1.81% of CVS Health worth $2,398,868,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Magnolia Capital Advisors LLC bought a new position in CVS Health in the second quarter worth approximately $285,000. Freestone Grove Partners LP purchased a new stake in shares of CVS Health during the 2nd quarter worth $51,819,000. Caisse de depot et placement du Quebec bought a new stake in CVS Health during the second quarter valued at about $81,368,000. Gallagher Fiduciary Advisors LLC purchased a new position in shares of CVS Health in the 2nd quarter worth approximately $672,000. Finally, First Bancorp Inc ME acquired a new stake in shares of CVS Health in the 2nd quarter worth $322,000. 80.66% of the stock is currently owned by institutional investors.

CVS Health Trading Up 0.9%

Shares of CVS opened at $95.51 on Tuesday. The company has a quick ratio of 0.66, a current ratio of 0.87 and a debt-to-equity ratio of 0.74. The firm's fifty day moving average is $99.79 and its two-hundred day moving average is $91.01. CVS Health Corporation has a 52-week low of $69.51 and a 52-week high of $110.68. The stock has a market cap of $122.15 billion, a PE ratio of 25.27, a price-to-earnings-growth ratio of 0.92 and a beta of 0.59.

CVS Health (NYSE:CVS - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The pharmacy operator reported $2.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.87 by $0.71. CVS Health had a return on equity of 13.12% and a net margin of 1.18%.The company had revenue of $106.10 billion for the quarter, compared to analyst estimates of $100.03 billion. During the same quarter in the previous year, the company posted $1.81 earnings per share. The firm's revenue for the quarter was up 7.3% compared to the same quarter last year. CVS Health has set its FY 2026 guidance at 7.900-8.100 EPS. Research analysts forecast that CVS Health Corporation will post 8.02 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Thursday, July 23rd were issued a $0.665 dividend. This represents a $2.66 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Thursday, July 23rd. CVS Health's payout ratio is currently 70.37%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CVS shares. Wall Street Zen downgraded shares of CVS Health from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Truist Financial raised their target price on CVS Health from $108.00 to $118.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Cantor Fitzgerald restated an "overweight" rating on shares of CVS Health in a research note on Friday. Sanford C. Bernstein restated an "outperform" rating and set a $112.00 target price on shares of CVS Health in a research report on Wednesday, September 9th. Finally, Royal Bank Of Canada increased their price target on CVS Health from $107.00 to $113.00 and gave the stock an "outperform" rating in a research report on Thursday, July 9th. Twenty-two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $107.24.

CVS Health Profile

CVS Health Corporation is an American health care company headquartered in Woonsocket, Rhode Island. Founded in 1963 as Consumer Value Stores, the company has expanded from a chain of retail pharmacies into an integrated health care organization serving consumers, employers, health plans, government programs and health care providers.

CVS Health operates through several major businesses. Its Health Care Benefits segment, anchored by Aetna, provides health insurance products and related services for employers, individuals, Medicare and Medicaid members.

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