Concord Asset Management LLC VA Buys Shares of 34,078 CVS Health Corporation $CVS

Key Points

• Concord Asset Management LLC has acquired a new stake in CVS Health, purchasing 34,078 shares valued at approximately $2.35 million.
• Analysts have shown optimism regarding CVS Health, with Jefferies raising their price target to $80 and Wells Fargo increasing it to $103, reflecting a positive outlook for the company.
• CVS Health has declared a quarterly dividend of $0.665 per share, set to be paid to shareholders on November 3rd, reflecting a dividend yield of 3.4%.

Concord Asset Management LLC VA bought a new stake in shares of CVS Health Corporation (NYSE:CVS - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 34,078 shares of the pharmacy operator's stock, valued at approximately $2,351,000.

Other large investors have also recently made changes to their positions in the company. Hazlett Burt & Watson Inc. raised its stake in CVS Health by 10.9% in the second quarter. Hazlett Burt & Watson Inc. now owns 1,682 shares of the pharmacy operator's stock valued at $117,000 after buying an additional 165 shares in the last quarter. Essex Financial Services Inc. raised its stake in CVS Health by 0.8% in the first quarter. Essex Financial Services Inc. now owns 20,705 shares of the pharmacy operator's stock valued at $1,403,000 after buying an additional 166 shares in the last quarter. Williams Financial LLC raised its stake in CVS Health by 2.5% in the second quarter. Williams Financial LLC now owns 6,923 shares of the pharmacy operator's stock valued at $478,000 after buying an additional 167 shares in the last quarter. Hemington Wealth Management raised its stake in CVS Health by 33.7% in the first quarter. Hemington Wealth Management now owns 682 shares of the pharmacy operator's stock valued at $46,000 after buying an additional 172 shares in the last quarter. Finally, Sumitomo Life Insurance Co. raised its stake in CVS Health by 1.0% in the first quarter. Sumitomo Life Insurance Co. now owns 17,114 shares of the pharmacy operator's stock valued at $1,159,000 after buying an additional 174 shares in the last quarter. 80.66% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Jefferies Financial Group raised their price target on CVS Health from $74.00 to $80.00 and gave the company a "buy" rating in a research note on Monday, June 30th. Robert W. Baird upgraded CVS Health from a "neutral" rating to an "outperform" rating and lifted their target price for the stock from $71.00 to $82.00 in a research report on Thursday, August 14th. Weiss Ratings reiterated a "hold (c-)" rating on shares of CVS Health in a research report on Saturday, September 27th. Wells Fargo & Company lifted their target price on CVS Health from $84.00 to $103.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 7th. Finally, Sanford C. Bernstein lifted their target price on CVS Health from $72.00 to $77.00 and gave the stock a "market perform" rating in a research report on Friday, September 5th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, CVS Health currently has an average rating of "Moderate Buy" and an average price target of $79.80.

CVS Health Price Performance

Shares of CVS opened at $77.89 on Monday. CVS Health Corporation has a twelve month low of $43.56 and a twelve month high of $79.20. The stock's 50 day moving average is $72.28 and its two-hundred day moving average is $67.67. The firm has a market capitalization of $98.79 billion, a PE ratio of 21.76, a P/E/G ratio of 0.86 and a beta of 0.60. The company has a current ratio of 0.80, a quick ratio of 0.62 and a debt-to-equity ratio of 0.74.

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 return on equity of 10.51% and a net margin of 1.17%.The company had revenue of $98.92 billion for the quarter, compared to analyst estimates of $94.87 billion. During the same quarter in the previous year, the company earned $1.83 EPS. The firm's revenue for the quarter was up 8.4% compared to the same quarter last year. CVS Health has set its FY 2025 guidance at 6.300-6.400 EPS. Research analysts anticipate that CVS Health Corporation will post 5.89 earnings per share for the current year.

CVS Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Thursday, October 23rd will be paid a dividend of $0.665 per share. The ex-dividend date of this dividend is Thursday, October 23rd. This represents a $2.66 annualized dividend and a dividend yield of 3.4%. CVS Health's payout ratio is 74.30%.

Insider Activity at CVS Health

In other news, Director Anne A. Finucane sold 7,500 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $71.02, for a total transaction of $532,650.00. Following the sale, the director owned 22,156 shares of the company's stock, valued at $1,573,519.12. The trade was a 25.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.22% of the stock is owned by company insiders.

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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