Bank of Nova Scotia Takes Position in CVS Health Corporation $CVS

Bank of Nova Scotia acquired a new stake in CVS Health Corporation (NYSE:CVS - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 1,003,295 shares of the pharmacy operator's stock, valued at approximately $103,791,000. Bank of Nova Scotia owned about 0.08% of CVS Health as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in CVS Health during the 2nd quarter worth $12,747,462,000. Norges Bank purchased a new position in shares of CVS Health during the 4th quarter worth about $1,666,265,000. Wellington Management Group LLP raised its holdings in shares of CVS Health by 193.2% in the 4th quarter. Wellington Management Group LLP now owns 18,564,392 shares of the pharmacy operator's stock worth $1,473,270,000 after purchasing an additional 12,233,675 shares during the period. Pzena Investment Management LLC acquired a new position in shares of CVS Health during the second quarter worth about $1,217,558,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of CVS Health during the second quarter worth $932,454,000. Hedge funds and other institutional investors own 80.66% of the company's stock.

CVS Health Trading Down 0.7%

Shares of CVS stock opened at $93.01 on Friday. 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 stock has a 50-day simple moving average of $102.02 and a 200 day simple moving average of $88.86. CVS Health Corporation has a fifty-two week low of $69.51 and a fifty-two week high of $110.68. The stock has a market capitalization of $118.96 billion, a P/E ratio of 24.61, a P/E/G ratio of 0.85 and a beta of 0.61.

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

CVS Health Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Thursday, July 23rd were issued a dividend of $0.665 per share. The ex-dividend date was Thursday, July 23rd. This represents a $2.66 dividend on an annualized basis and a dividend yield of 2.9%. CVS Health's payout ratio is currently 70.37%.

Analysts Set New Price Targets

A number of brokerages recently commented on CVS. Wall Street Zen raised CVS Health from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 8th. Piper Sandler reaffirmed an "overweight" rating and set a $113.00 target price on shares of CVS Health in a report on Monday, June 1st. Cantor Fitzgerald raised their price target on shares of CVS Health from $100.00 to $110.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. JPMorgan Chase & Co. increased their price objective on shares of CVS Health from $111.00 to $118.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 12th. Finally, Mizuho raised their price target on CVS Health from $110.00 to $115.00 and gave the stock an "outperform" rating in a report on Monday, June 8th. Twenty-two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $107.17.

About CVS Health

CVS Health Corporation is a diversified healthcare company that operates a large network of retail pharmacies, pharmacy benefit management services and health care solutions. Headquartered in Woonsocket, Rhode Island, the company traces its roots to the early 1960s and has grown into an integrated provider of prescription drugs, over‑the‑counter products, clinical services and health insurance offerings. Its operating model combines retail pharmacy locations and in‑store clinics with broader pharmacy and health plan capabilities.

Key business activities include CVS Pharmacy retail operations, MinuteClinic walk‑in medical clinics and HealthHUB locations that offer expanded clinical services.

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