Harvest Fund Management Co. Ltd Buys Shares of 14,340 CVS Health Corporation (NYSE:CVS)

Key Points

• Harvest Fund Management has acquired a new stake in CVS Health Corporation by purchasing 14,340 shares valued at approximately $972,000, as disclosed in its latest SEC filing.
• CVS Health recently reported a significant quarterly earnings result with an EPS of $2.25, surpassing analysts' expectations of $1.62, along with a year-over-year revenue increase of 7.0%.
• The company has declared a quarterly dividend of $0.665 per share, yielding 4.43%, which will be paid out to investors on August 1st to those recorded by July 22nd.

Harvest Fund Management Co. Ltd acquired a new stake in shares of CVS Health Corporation (NYSE:CVS - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 14,340 shares of the pharmacy operator's stock, valued at approximately $972,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Essex Financial Services Inc. grew its stake in CVS Health by 0.8% during the 1st quarter. Essex Financial Services Inc. now owns 20,705 shares of the pharmacy operator's stock worth $1,403,000 after buying an additional 166 shares during the last quarter. McIlrath & Eck LLC grew its stake in shares of CVS Health by 32.6% in the fourth quarter. McIlrath & Eck LLC now owns 707 shares of the pharmacy operator's stock worth $32,000 after purchasing an additional 174 shares in the last quarter. Sumitomo Life Insurance Co. grew its stake in shares of CVS Health by 1.0% in the first quarter. Sumitomo Life Insurance Co. now owns 17,114 shares of the pharmacy operator's stock worth $1,159,000 after purchasing an additional 174 shares in the last quarter. Koshinski Asset Management Inc. grew its stake in shares of CVS Health by 3.7% in the first quarter. Koshinski Asset Management Inc. now owns 4,930 shares of the pharmacy operator's stock worth $334,000 after purchasing an additional 178 shares in the last quarter. Finally, Horizon Bancorp Inc. IN grew its stake in shares of CVS Health by 7.4% in the first quarter. Horizon Bancorp Inc. IN now owns 2,610 shares of the pharmacy operator's stock worth $177,000 after purchasing an additional 180 shares in the last quarter. Institutional investors own 80.66% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. UBS Group decreased their price target on CVS Health from $71.00 to $67.00 and set a "neutral" rating for the company in a research note on Tuesday, July 22nd. Morgan Stanley reissued an "overweight" rating on shares of CVS Health in a research note on Tuesday, April 15th. Robert W. Baird raised their target price on CVS Health from $51.00 to $71.00 and gave the company a "neutral" rating in a research note on Tuesday, April 15th. Wall Street Zen raised CVS Health from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Finally, Bernstein Bank decreased their target price on CVS Health from $78.00 to $72.00 and set a "market perform" rating for the company in a research note on Wednesday, July 16th. Three equities 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 stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $74.72.

CVS Health Stock Up 0.8%

Shares of CVS traded up $0.51 during midday trading on Friday, reaching $62.61. 1,530,731 shares of the stock were exchanged, compared to its average volume of 10,113,521. CVS Health Corporation has a 12-month low of $43.56 and a 12-month high of $72.51. The firm has a 50 day simple moving average of $64.52 and a 200-day simple moving average of $63.77. 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 company has a market cap of $79.21 billion, a price-to-earnings ratio of 14.92, a P/E/G ratio of 0.89 and a beta of 0.57.

CVS Health (NYSE:CVS - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The pharmacy operator reported $1.81 earnings per share for the quarter, topping analysts' consensus estimates of $1.46 by $0.35. The company had revenue of $98.92 billion during the quarter, compared to the consensus estimate of $94.87 billion. CVS Health had a return on equity of 10.59% and a net margin of 1.39%. The business's quarterly revenue was up 8.4% on a year-over-year basis. During the same period last year, the business earned $1.83 EPS. Research analysts forecast that CVS Health Corporation will post 5.89 EPS for the current year.

CVS Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 22nd will be issued a $0.665 dividend. The ex-dividend date of this dividend is Tuesday, July 22nd. This represents a $2.66 dividend on an annualized basis and a yield of 4.2%. CVS Health's dividend payout ratio (DPR) is 63.48%.

Insider Transactions at CVS Health

In other CVS Health news, Director Guy P. Sansone bought 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 legal filing with the SEC, which is accessible through the SEC website. 1.22% of the stock is owned by company 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.