Bank of Nova Scotia Increases Stake in CVS Health Corporation (NYSE:CVS)

Key Points

• Bank of Nova Scotia increased its stake in CVS Health Corporation by 257.4% in the 1st quarter, owning 708,278 shares valued at approximately $47.99 million.
• CVS Health reported earnings of $1.81 per share, exceeding analysts' expectations of $1.46, with revenues amounting to $98.92 billion for the quarter.
• The company announced a quarterly dividend of $0.665 per share, yielding approximately 4.3%, with a payout ratio of 74.30%.

Bank of Nova Scotia increased its stake in CVS Health Corporation (NYSE:CVS - Free Report) by 257.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 708,278 shares of the pharmacy operator's stock after buying an additional 510,103 shares during the period. Bank of Nova Scotia owned 0.06% of CVS Health worth $47,985,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. R Squared Ltd increased its stake in CVS Health by 88.9% in the 1st quarter. R Squared Ltd now owns 7,820 shares of the pharmacy operator's stock worth $530,000 after buying an additional 3,680 shares during the period. IFG Advisory LLC increased its stake in CVS Health by 10.4% in the 1st quarter. IFG Advisory LLC now owns 18,056 shares of the pharmacy operator's stock worth $1,223,000 after buying an additional 1,702 shares during the period. SPC Financial Inc. increased its stake in CVS Health by 10.9% in the 1st quarter. SPC Financial Inc. now owns 9,125 shares of the pharmacy operator's stock worth $618,000 after buying an additional 900 shares during the period. BCGM Wealth Management LLC increased its stake in CVS Health by 13.6% in the 1st quarter. BCGM Wealth Management LLC now owns 26,595 shares of the pharmacy operator's stock worth $1,802,000 after buying an additional 3,194 shares during the period. Finally, Nicolet Advisory Services LLC increased its stake in CVS Health by 63.0% in the 1st quarter. Nicolet Advisory Services LLC now owns 12,341 shares of the pharmacy operator's stock worth $851,000 after buying an additional 4,768 shares during the period. Hedge funds and other institutional investors own 80.66% of the company's stock.

CVS Health Stock Up 0.7%

CVS stock opened at $62.52 on Friday. The firm has a 50 day moving average of $64.56 and a 200 day moving average of $63.93. The stock has a market capitalization of $79.09 billion, a PE ratio of 17.46, a price-to-earnings-growth ratio of 0.89 and a beta of 0.58. The company has a quick ratio of 0.63, a current ratio of 0.80 and a debt-to-equity ratio of 0.74. CVS Health Corporation has a 52 week low of $43.56 and a 52 week high of $72.51.

CVS Health (NYSE:CVS - Get Free Report) last released its earnings results on Thursday, July 31st. The pharmacy operator reported $1.81 EPS for the quarter, topping analysts' consensus estimates of $1.46 by $0.35. The company had revenue of $98.92 billion during the quarter, compared to analysts' expectations of $94.87 billion. CVS Health had a net margin of 1.17% and a return on equity of 10.51%. CVS Health's revenue for the quarter was up 8.4% on a year-over-year basis. During the same period last year, the business earned $1.83 EPS. Sell-side analysts forecast that CVS Health Corporation will post 5.89 earnings per share for the current year.

CVS Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 22nd were paid a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a yield of 4.3%. The ex-dividend date was Tuesday, July 22nd. CVS Health's payout ratio is presently 74.30%.

Insider Buying and Selling

In other CVS Health news, Director Guy P. Sansone acquired 1,570 shares of the firm's stock in a transaction on Thursday, June 5th. The stock was acquired 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 approximately $764,845.90. The trade was a 15.04% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.22% of the company's stock.

Analyst Ratings Changes

CVS has been the topic of several recent analyst reports. Bernstein Bank reduced their price target on shares of CVS Health from $78.00 to $72.00 and set a "market perform" rating on the stock in a research note on Wednesday, July 16th. Robert W. Baird raised their target price on shares of CVS Health from $51.00 to $71.00 and gave the company a "neutral" rating in a research report on Tuesday, April 15th. Morgan Stanley raised their target price on shares of CVS Health from $80.00 to $82.00 and gave the company an "overweight" rating in a research report on Friday. Cowen reissued a "buy" rating on shares of CVS Health in a research report on Monday, May 5th. Finally, Mizuho raised their target price on shares of CVS Health from $70.00 to $76.00 and gave the company an "outperform" rating in a research report on Wednesday, April 9th. Three research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $75.11.

CVS Health 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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