Charles Schwab Investment Management Inc. Buys 728,924 Shares of CVS Health Corporation (NYSE:CVS)

Key Points

• Charles Schwab Investment Management Inc. increased its stake in CVS Health Corporation by 5.6%, acquiring an additional 728,924 shares to reach a total of 13,647,873 shares, valued at approximately $924.6 million.
• CVS Health reported $1.81 earnings per share for the last quarter, surpassing the consensus estimate of $1.46, with revenues reaching $98.92 billion, a year-over-year increase of 8.4%.
• The company announced a quarterly dividend of $0.665 per share, with a dividend yield of 4.2% and a payout ratio of 74.30%.

Charles Schwab Investment Management Inc. increased its stake in shares of CVS Health Corporation (NYSE:CVS - Free Report) by 5.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 13,647,873 shares of the pharmacy operator's stock after purchasing an additional 728,924 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.08% of CVS Health worth $924,643,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. ASR Vermogensbeheer N.V. bought a new stake in CVS Health in the first quarter worth about $9,030,000. Hemington Wealth Management boosted its holdings in CVS Health by 33.7% during the 1st quarter. Hemington Wealth Management now owns 682 shares of the pharmacy operator's stock valued at $46,000 after acquiring an additional 172 shares during the period. WealthShield Partners LLC bought a new position in CVS Health in the 1st quarter valued at $227,000. AXS Investments LLC purchased a new stake in CVS Health in the first quarter worth $251,000. Finally, Exencial Wealth Advisors LLC lifted its position in shares of CVS Health by 1.3% during the first quarter. Exencial Wealth Advisors LLC now owns 44,804 shares of the pharmacy operator's stock worth $3,035,000 after purchasing an additional 575 shares during the last quarter. Hedge funds and other institutional investors own 80.66% of the company's stock.

CVS Health Stock Up 0.2%

CVS Health stock opened at $63.55 on Thursday. CVS Health Corporation has a 1-year low of $43.56 and a 1-year high of $72.51. The business has a fifty day moving average price of $64.63 and a 200-day moving average price of $64.07. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.80 and a quick ratio of 0.62. The stock has a market capitalization of $80.60 billion, a price-to-earnings ratio of 17.75, a PEG ratio of 0.70 and a beta of 0.58.

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

CVS Health Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 22nd were paid a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a dividend yield of 4.2%. The ex-dividend date was Tuesday, July 22nd. CVS Health's payout ratio is presently 74.30%.

Insider Activity at CVS Health

In other news, Director Guy P. Sansone bought 1,570 shares of CVS Health stock in a transaction that occurred on Thursday, June 5th. The stock was bought at an average price of $63.70 per share, for a total transaction of $100,009.00. Following the purchase, the director directly owned 12,007 shares of the company's stock, valued at approximately $764,845.90. The trade was a 15.04% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.22% of the company's stock.

Analyst Ratings Changes

CVS has been the topic of a number of research analyst reports. Morgan Stanley raised their price target on shares of CVS Health from $80.00 to $82.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Wall Street Zen raised shares of CVS Health from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Cowen reiterated a "buy" rating on shares of CVS Health in a report on Monday. UBS Group reduced their price objective on CVS Health from $71.00 to $67.00 and set a "neutral" rating on the stock in a report on Tuesday, July 22nd. Finally, Truist Financial lifted their target price on CVS Health from $82.00 to $84.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Three research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average 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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