Meeder Asset Management Inc. Buys 41,430 Shares of CVS Health Corporation (NYSE:CVS)

Key Points

• Meeder Asset Management Inc. significantly increased its stake in CVS Health by 11,769.9%, acquiring 41,430 additional shares, bringing its total holdings to 41,782 shares valued at approximately $2.83 million.
• CVS Health reported earnings per share of $2.25 for the last quarter, exceeding analysts' expectations of $1.62, and announced a quarterly dividend of $0.665, representing a 4.46% yield.
• Institutional investors and hedge funds now own 80.66% of CVS Health, indicating strong market confidence in the company's future performance.

Meeder Asset Management Inc. increased its holdings in CVS Health Corporation (NYSE:CVS - Free Report) by 11,769.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,782 shares of the pharmacy operator's stock after buying an additional 41,430 shares during the period. Meeder Asset Management Inc.'s holdings in CVS Health were worth $2,831,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. GW&K Investment Management LLC boosted its position in CVS Health by 39.4% during the first quarter. GW&K Investment Management LLC now owns 637 shares of the pharmacy operator's stock valued at $43,000 after acquiring an additional 180 shares during the last quarter. McIlrath & Eck LLC raised its holdings in shares of CVS Health by 32.6% in 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 during the last quarter. Sierra Ocean LLC grew its position in CVS Health by 584.8% in the 1st quarter. Sierra Ocean LLC now owns 719 shares of the pharmacy operator's stock worth $49,000 after purchasing an additional 614 shares in the last quarter. MV Capital Management Inc. grew its position in CVS Health by 63.9% in the 1st quarter. MV Capital Management Inc. now owns 741 shares of the pharmacy operator's stock worth $50,000 after purchasing an additional 289 shares in the last quarter. Finally, Dunhill Financial LLC grew its position in CVS Health by 147.2% in the 1st quarter. Dunhill Financial LLC now owns 749 shares of the pharmacy operator's stock worth $51,000 after purchasing an additional 446 shares in the last quarter. 80.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at CVS Health

In other CVS Health news, Director Guy P. Sansone purchased 1,570 shares of the stock in a transaction on Thursday, June 5th. The shares were purchased at an average price of $63.70 per share, with a total value of $100,009.00. Following the acquisition, the director directly owned 12,007 shares of the company's stock, valued at $764,845.90. This represents a 15.04% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.22% of the stock is currently owned by corporate insiders.

CVS Health Trading Up 0.6%

Shares of CVS stock traded up $0.36 during trading hours on Tuesday, hitting $60.00. 11,023,857 shares of the company were exchanged, compared to its average volume of 6,834,479. CVS Health Corporation has a 1 year low of $43.56 and a 1 year high of $72.51. The firm has a fifty day moving average of $64.48 and a 200 day moving average of $63.71. The company has a quick ratio of 0.63, a current ratio of 0.82 and a debt-to-equity ratio of 0.77. The firm has a market cap of $75.90 billion, a PE ratio of 14.32, a PEG ratio of 0.85 and a beta of 0.57.

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

CVS Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Tuesday, July 22nd will be given a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.43%. The ex-dividend date of this dividend is Tuesday, July 22nd. CVS Health's dividend payout ratio is 63.48%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on CVS shares. UBS Group reduced their target price on shares of CVS Health from $71.00 to $67.00 and set a "neutral" rating for the company in a research report on Tuesday, July 22nd. Truist Financial raised their price target on shares of CVS Health from $82.00 to $84.00 and gave the company a "buy" rating in a report on Monday, May 12th. Mizuho raised their price target on shares of CVS Health from $70.00 to $76.00 and gave the company an "outperform" rating in a report on Wednesday, April 9th. Wells Fargo & Company restated an "overweight" rating and set a $84.00 price objective (up previously from $76.00) on shares of CVS Health in a research report on Tuesday, May 6th. Finally, Cowen restated a "buy" rating on shares of CVS Health in a research report on Monday, May 5th. Two research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $74.82.

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.