Beta Wealth Group Inc. Grows Stock Position in CVS Health Corporation (NYSE:CVS)

Key Points

• Beta Wealth Group Inc. increased its stake in CVS Health by 409.7% in the first quarter, owning 37,828 shares valued at approximately $2.56 million.
• Insider activity includes Director Guy P. Sansone purchasing 1,570 shares at an average price of $63.70, increasing his position by 15.04%.
• CVS Health recently reported earnings of $1.81 per share, exceeding analysts' expectations, with revenue of $98.92 billion for the quarter, marking an 8.4% year-over-year increase.

Beta Wealth Group Inc. lifted its stake in CVS Health Corporation (NYSE:CVS - Free Report) by 409.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 37,828 shares of the pharmacy operator's stock after buying an additional 30,407 shares during the period. Beta Wealth Group Inc.'s holdings in CVS Health were worth $2,563,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Essex Financial Services Inc. grew its stake in CVS Health by 0.8% during the first quarter. Essex Financial Services Inc. now owns 20,705 shares of the pharmacy operator's stock valued at $1,403,000 after acquiring an additional 166 shares in the last quarter. McIlrath & Eck LLC grew its stake in CVS Health by 32.6% during the fourth quarter. McIlrath & Eck LLC now owns 707 shares of the pharmacy operator's stock valued at $32,000 after acquiring an additional 174 shares in the last quarter. Sumitomo Life Insurance Co. grew its stake in CVS Health by 1.0% during the first quarter. Sumitomo Life Insurance Co. now owns 17,114 shares of the pharmacy operator's stock valued at $1,159,000 after acquiring an additional 174 shares in the last quarter. Koshinski Asset Management Inc. grew its stake in CVS Health by 3.7% during the first quarter. Koshinski Asset Management Inc. now owns 4,930 shares of the pharmacy operator's stock valued at $334,000 after acquiring an additional 178 shares in the last quarter. Finally, Horizon Bancorp Inc. IN grew its stake in CVS Health by 7.4% during the first quarter. Horizon Bancorp Inc. IN now owns 2,610 shares of the pharmacy operator's stock valued at $177,000 after acquiring an additional 180 shares in the last quarter. Hedge funds and other institutional investors own 80.66% of the company's stock.

Insider Activity at CVS Health

In other CVS Health news, Director Guy P. Sansone purchased 1,570 shares of CVS Health stock in a transaction dated Thursday, June 5th. The stock was acquired at an average price of $63.70 per share, for a total transaction of $100,009.00. Following the acquisition, the director owned 12,007 shares in the company, valued at $764,845.90. This trade represents a 15.04% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.22% of the company's stock.

CVS Health Trading Up 0.7%

Shares of CVS opened at $62.52 on Friday. CVS Health Corporation has a 1-year low of $43.56 and a 1-year high of $72.51. The company has a 50-day moving average of $64.56 and a 200 day moving average of $63.93. The firm has a market capitalization of $79.09 billion, a price-to-earnings ratio of 17.46, a PEG ratio of 0.89 and a beta of 0.58. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.80 and a quick ratio of 0.63.

CVS Health (NYSE:CVS - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The pharmacy operator reported $1.81 earnings per share for the quarter, beating analysts' consensus estimates of $1.46 by $0.35. CVS Health had a net margin of 1.17% and a return on equity of 10.51%. The company had revenue of $98.92 billion during the quarter, compared to analyst estimates of $94.87 billion. During the same quarter last year, the business posted $1.83 EPS. The firm's revenue for the quarter was up 8.4% on a year-over-year basis. On average, research analysts expect that CVS Health Corporation will post 5.89 EPS for the current year.

CVS Health Dividend Announcement

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

Wall Street Analysts Forecast Growth

CVS has been the subject of several research analyst reports. Jefferies Financial Group raised their target price on shares of CVS Health from $74.00 to $80.00 and gave the company a "buy" rating in a research note on Monday, June 30th. 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 note on Wednesday, April 9th. Wall Street Zen raised shares of CVS Health from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Truist Financial lifted their price objective on shares of CVS Health from $82.00 to $84.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Finally, Morgan Stanley lifted their price objective on shares of CVS Health from $80.00 to $82.00 and gave the stock an "overweight" rating in a research note on Friday. Three investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $75.11.

About CVS Health

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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