Canoe Financial LP Has $111.21 Million Holdings in CVS Health Corporation $CVS

Key Points

• Canoe Financial LP has increased its stake in CVS Health by 16.1%, owning 1,612,178 shares valued at approximately $111.2 million, which makes CVS Health the firm's 27th largest holding.
• CVS Health reported earnings per share of $1.81 for the last quarter, surpassing analysts' estimates and showing 8.4% revenue growth compared to the previous year.
• The company declared a quarterly dividend of $0.665, set to be paid on November 3rd, representing an annualized yield of 3.6%.

Canoe Financial LP boosted its position in CVS Health Corporation (NYSE:CVS - Free Report) by 16.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,612,178 shares of the pharmacy operator's stock after purchasing an additional 223,983 shares during the period. CVS Health accounts for about 1.6% of Canoe Financial LP's portfolio, making the stock its 27th biggest holding. Canoe Financial LP owned about 0.13% of CVS Health worth $111,208,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Goldman Sachs Group Inc. increased its stake in shares of CVS Health by 87.5% in the first quarter. Goldman Sachs Group Inc. now owns 9,927,650 shares of the pharmacy operator's stock valued at $672,598,000 after buying an additional 4,632,530 shares during the period. Dodge & Cox grew its stake in CVS Health by 4.8% during the first quarter. Dodge & Cox now owns 73,459,122 shares of the pharmacy operator's stock worth $4,976,856,000 after purchasing an additional 3,353,223 shares during the period. Nuveen LLC acquired a new stake in CVS Health during the first quarter worth approximately $204,421,000. Assenagon Asset Management S.A. grew its stake in CVS Health by 310.8% during the first quarter. Assenagon Asset Management S.A. now owns 3,523,824 shares of the pharmacy operator's stock worth $238,739,000 after purchasing an additional 2,666,029 shares during the period. Finally, Invesco Ltd. grew its stake in CVS Health by 13.2% during the first quarter. Invesco Ltd. now owns 20,413,853 shares of the pharmacy operator's stock worth $1,383,039,000 after purchasing an additional 2,375,764 shares during the period. Institutional investors and hedge funds own 80.66% of the company's stock.

Analysts Set New Price Targets

CVS has been the topic of several recent research reports. Jefferies Financial Group increased their price target on CVS Health from $74.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, June 30th. Wall Street Zen upgraded CVS Health from a "hold" rating to a "buy" rating in a research note on Sunday. Bernstein Bank decreased their price objective on CVS Health from $78.00 to $72.00 and set a "market perform" rating on the stock in a research note on Wednesday, July 16th. Morgan Stanley upped their price objective on CVS Health from $80.00 to $82.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, Zacks Research cut CVS Health from a "strong-buy" rating to a "hold" rating in a report on Monday, September 8th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, CVS Health has a consensus rating of "Moderate Buy" and an average price target of $78.25.

CVS Health Trading Up 1.6%

NYSE:CVS traded up $1.22 during trading hours on Tuesday, reaching $76.35. 1,720,734 shares of the company were exchanged, compared to its average volume of 9,517,771. The stock has a 50 day simple moving average of $68.13 and a 200 day simple moving average of $66.70. CVS Health Corporation has a 52-week low of $43.56 and a 52-week high of $76.83. 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 firm has a market cap of $96.84 billion, a price-to-earnings ratio of 21.32, a PEG ratio of 0.83 and a beta of 0.62.

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, topping the consensus estimate 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 period last year, the business 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. As a group, analysts predict that CVS Health Corporation will post 5.89 EPS for the current year.

CVS Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Thursday, October 23rd will be issued a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Thursday, October 23rd. CVS Health's dividend payout ratio is currently 74.30%.

Insider Buying and Selling

In other news, Director Anne A. Finucane sold 7,500 shares of the stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $71.02, for a total value of $532,650.00. Following the completion of the transaction, the director owned 22,156 shares in the company, valued at approximately $1,573,519.12. This represents a 25.29% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.22% of the stock is currently owned by insiders.

CVS Health Company 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.