Westpac Banking Corp Lowers Position in CVS Health Corporation (NYSE:CVS)

Key Points

• Westpac Banking Corp sold 7,260 shares of CVS Health, reducing its stake by 33.2% to a total of 14,636 shares, valued at approximately $992,000.
• CVS Health recently reported earnings per share (EPS) of $1.81, exceeding analysts' expectations of $1.46, and had quarterly revenue of $98.92 billion.
• Analyst ratings for CVS Health show a strong positive sentiment, with eighteen analysts rating it as a buy and an average price target of $75.11.

Westpac Banking Corp decreased its holdings in CVS Health Corporation (NYSE:CVS - Free Report) by 33.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 14,636 shares of the pharmacy operator's stock after selling 7,260 shares during the period. Westpac Banking Corp's holdings in CVS Health were worth $992,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of CVS. Sagespring Wealth Partners LLC bought a new position in shares of CVS Health in the 4th quarter valued at $303,000. SageView Advisory Group LLC grew its position in CVS Health by 14.2% during the 4th quarter. SageView Advisory Group LLC now owns 13,956 shares of the pharmacy operator's stock worth $626,000 after acquiring an additional 1,739 shares during the last quarter. Belpointe Asset Management LLC grew its position in CVS Health by 2.6% during the 4th quarter. Belpointe Asset Management LLC now owns 9,501 shares of the pharmacy operator's stock worth $426,000 after acquiring an additional 239 shares during the last quarter. Canada Post Corp Registered Pension Plan bought a new stake in CVS Health during the 4th quarter worth $759,000. Finally, M Holdings Securities Inc. bought a new stake in CVS Health during the 4th quarter worth $489,000. Institutional investors own 80.66% of the company's stock.

Insider Buying and Selling at CVS Health

In other news, Director Guy P. Sansone purchased 1,570 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The shares were acquired at an average cost of $63.70 per share, with a total value of $100,009.00. Following the purchase, the director owned 12,007 shares in the company, valued at $764,845.90. This represents a 15.04% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.22% of the stock is owned by corporate insiders.

CVS Health Trading Up 2.7%

CVS stock traded up $1.83 during mid-day trading on Friday, reaching $68.56. The company's stock had a trading volume of 8,251,802 shares, compared to its average volume of 9,019,700. The company has a market cap of $86.96 billion, a price-to-earnings ratio of 19.15, a price-to-earnings-growth ratio of 0.74 and a beta of 0.58. The business's 50 day moving average price is $64.96 and its 200 day moving average price is $64.62. 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 Corporation has a 12 month low of $43.56 and a 12 month high of $72.51.

CVS Health (NYSE:CVS - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The pharmacy operator reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.35. The company had revenue of $98.92 billion during the quarter, compared to analyst estimates of $94.87 billion. CVS Health had a net margin of 1.17% and a return on equity of 10.51%. CVS Health's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.83 EPS. On average, equities research analysts predict that CVS Health Corporation will post 5.89 EPS for the current 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 $0.665 dividend. The ex-dividend date was Tuesday, July 22nd. This represents a $2.66 annualized dividend and a dividend yield of 3.9%. CVS Health's payout ratio is currently 74.30%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CVS. Jefferies Financial Group boosted their price objective on CVS Health from $74.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday, June 30th. Cowen restated a "buy" rating on shares of CVS Health in a research report on Monday, August 4th. Barclays boosted their price objective on CVS Health from $79.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. 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, Bernstein Bank reduced their price objective on CVS Health from $78.00 to $72.00 and set a "market perform" rating on the stock in a research report on Wednesday, July 16th. Two research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $75.68.

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.