Holderness Investments Co. Invests $300,000 in CVS Health Corporation (NYSE:CVS)

Key Points

• Holderness Investments Co. has acquired 4,424 shares of CVS Health, valued at approximately $300,000, as per its recent SEC filing.
• CVS Health reported $98.92 billion in revenue for the last quarter, exceeding expectations, and earnings per share of $1.81, surpassing the consensus estimate by $0.35.
• The company has announced a quarterly dividend of $0.665 per share, resulting in an annualized yield of 4.0%.

Holderness Investments Co. bought a new stake in shares of CVS Health Corporation (NYSE:CVS - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund bought 4,424 shares of the pharmacy operator's stock, valued at approximately $300,000.

Several other large investors also recently added to or reduced their stakes in CVS. McIlrath & Eck LLC raised its stake in CVS Health by 32.6% during the 4th quarter. McIlrath & Eck LLC now owns 707 shares of the pharmacy operator's stock valued at $32,000 after purchasing an additional 174 shares during the period. Costello Asset Management INC increased its stake in shares of CVS Health by 281.3% in the first quarter. Costello Asset Management INC now owns 572 shares of the pharmacy operator's stock worth $39,000 after acquiring an additional 422 shares during the last quarter. Stone House Investment Management LLC acquired a new position in shares of CVS Health in the first quarter worth $39,000. Park Square Financial Group LLC acquired a new position in shares of CVS Health in the fourth quarter worth $43,000. Finally, GW&K Investment Management LLC increased its stake in shares of CVS Health by 39.4% in the first quarter. GW&K Investment Management LLC now owns 637 shares of the pharmacy operator's stock worth $43,000 after acquiring an additional 180 shares during the last quarter. 80.66% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CVS has been the topic of a number of research reports. UBS Group dropped their price target on shares of CVS Health from $71.00 to $67.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 22nd. Truist Financial upped their price target on shares of CVS Health from $82.00 to $84.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Royal Bank Of Canada upped their price objective on shares of CVS Health from $74.00 to $81.00 and gave the stock an "outperform" rating in a report on Monday, May 5th. Morgan Stanley upped their price objective on shares of CVS Health from $80.00 to $82.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, Robert W. Baird upgraded shares of CVS Health from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from $71.00 to $82.00 in a report on Thursday. Two investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, CVS Health has a consensus rating of "Buy" and an average price target of $75.68.

CVS Health Stock Performance

Shares of NYSE CVS traded up $1.83 during mid-day trading on Friday, hitting $68.56. The company had a trading volume of 8,251,802 shares, compared to its average volume of 9,019,700. 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 business's 50-day simple moving average is $64.96 and its 200-day simple moving average is $64.62. CVS Health Corporation has a 12 month low of $43.56 and a 12 month high of $72.51. The firm has a market cap of $86.96 billion, a P/E ratio of 19.15, a PEG ratio of 0.74 and a beta of 0.58.

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 (EPS) 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 firm had revenue of $98.92 billion during the quarter, compared to analyst estimates of $94.87 billion. During the same quarter in the prior year, the business posted $1.83 earnings per share. The company's quarterly revenue was up 8.4% compared to the same quarter last year. As a group, analysts predict that CVS Health Corporation will post 5.89 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 22nd were given a $0.665 dividend. This represents a $2.66 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend was Tuesday, July 22nd. CVS Health's dividend payout ratio is 74.30%.

Insider Transactions at CVS Health

In other CVS Health news, Director Guy P. Sansone purchased 1,570 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The stock was purchased at an average price of $63.70 per share, with a total value of $100,009.00. Following the completion of the transaction, the director directly owned 12,007 shares of the company's stock, valued at approximately $764,845.90. This trade represents a 15.04% increase in their position. The transaction was disclosed in a document filed 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.