Canoe Financial LP Invests $94.05 Million in CVS Health Corporation (NYSE:CVS)

Canoe Financial LP purchased a new position in CVS Health Corporation (NYSE:CVS - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,388,195 shares of the pharmacy operator's stock, valued at approximately $94,050,000. CVS Health accounts for approximately 1.5% of Canoe Financial LP's investment portfolio, making the stock its 29th largest holding. Canoe Financial LP owned about 0.11% of CVS Health at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Hopwood Financial Services Inc. bought a new position in shares of CVS Health during the 4th quarter worth approximately $29,000. McIlrath & Eck LLC raised its stake in shares of CVS Health by 32.6% during the 4th quarter. McIlrath & Eck LLC now owns 707 shares of the pharmacy operator's stock worth $32,000 after acquiring an additional 174 shares in the last quarter. MV Capital Management Inc. raised its stake in shares of CVS Health by 63.9% during the 1st quarter. MV Capital Management Inc. now owns 741 shares of the pharmacy operator's stock worth $50,000 after acquiring an additional 289 shares in the last quarter. Dunhill Financial LLC raised its stake in shares of CVS Health by 147.2% during the 1st quarter. Dunhill Financial LLC now owns 749 shares of the pharmacy operator's stock worth $51,000 after acquiring an additional 446 shares in the last quarter. Finally, Compass Planning Associates Inc bought a new position in shares of CVS Health during the 4th quarter worth approximately $37,000. Hedge funds and other institutional investors own 80.66% of the company's stock.

CVS Health Stock Down 0.2%

CVS stock opened at $66.69 on Friday. The company has a market cap of $84.36 billion, a price-to-earnings ratio of 15.92, a PEG ratio of 0.96 and a beta of 0.56. The company has a current ratio of 0.82, a quick ratio of 0.63 and a debt-to-equity ratio of 0.77. CVS Health Corporation has a 12 month low of $43.56 and a 12 month high of $72.51. The firm has a 50-day moving average of $64.92 and a two-hundred day moving average of $60.40.

CVS Health (NYSE:CVS - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The pharmacy operator reported $2.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.62 by $0.63. The business had revenue of $94.59 billion during the quarter, compared to the consensus estimate of $93.07 billion. CVS Health had a net margin of 1.39% and a return on equity of 10.59%. The business's revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.31 EPS. As a group, analysts forecast that CVS Health Corporation will post 5.89 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CVS shares. Barclays set a $79.00 price target on shares of CVS Health and gave the company an "overweight" rating in a research note on Monday, June 2nd. Wall Street Zen upgraded shares of CVS Health from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Morgan Stanley restated an "overweight" rating on shares of CVS Health in a research note on Tuesday, April 15th. Wells Fargo & Company restated an "overweight" rating and set a $84.00 price target (up previously from $76.00) on shares of CVS Health in a research note on Tuesday, May 6th. Finally, Piper Sandler upped their price target on shares of CVS Health from $72.00 to $74.00 and gave the company an "overweight" rating in a research note on Friday, March 21st. Two research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $74.75.

Insider Transactions at CVS Health

In other news, Director Guy P. Sansone purchased 1,570 shares of the business's 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 now directly owns 12,007 shares of the company's stock, valued at approximately $764,845.90. This represents a 15.04% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.22% of the company's stock.

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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