Independence Asset Advisors LLC Takes $2.38 Million Position in CVS Health Corporation $CVS

Key Points

• Independence Asset Advisors LLC acquired a new position in CVS Health Corporation, purchasing 34,478 shares valued at approximately $2.38 million, making it the firm's eighth largest holding.
• CVS Health recently reported a quarterly earnings EPS of $1.81, exceeding analysts' expectations, with revenue of $98.92 billion, an increase of 8.4% year-over-year.
• The company declared a quarterly dividend of $0.665, with a yield of 3.2%, set to be paid on November 3rd to shareholders of record by October 23rd.

Independence Asset Advisors LLC acquired a new position in shares of CVS Health Corporation (NYSE:CVS - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 34,478 shares of the pharmacy operator's stock, valued at approximately $2,378,000. CVS Health makes up approximately 1.5% of Independence Asset Advisors LLC's investment portfolio, making the stock its 8th biggest holding.

Other institutional investors also recently modified their holdings of the company. Harbor Asset Planning Inc. bought a new stake in CVS Health in the second quarter valued at $30,000. Bell Investment Advisors Inc grew its position in shares of CVS Health by 119.8% during the 1st quarter. Bell Investment Advisors Inc now owns 455 shares of the pharmacy operator's stock valued at $31,000 after acquiring an additional 248 shares during the period. Roxbury Financial LLC raised its holdings in shares of CVS Health by 78.3% in the 2nd quarter. Roxbury Financial LLC now owns 460 shares of the pharmacy operator's stock worth $32,000 after purchasing an additional 202 shares during the period. ORG Partners LLC grew its holdings in CVS Health by 418.9% during the second quarter. ORG Partners LLC now owns 467 shares of the pharmacy operator's stock valued at $32,000 after purchasing an additional 377 shares during the period. Finally, Saudi Central Bank purchased a new stake in CVS Health during the first quarter valued at about $34,000. 80.66% of the stock is owned by institutional investors.

CVS Health Stock Up 1.6%

NYSE:CVS opened at $82.64 on Friday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 0.80. The firm has a market cap of $104.81 billion, a P/E ratio of 23.08, a P/E/G ratio of 0.91 and a beta of 0.60. CVS Health Corporation has a fifty-two week low of $43.56 and a fifty-two week high of $82.88. The firm has a 50-day simple moving average of $74.00 and a two-hundred day simple moving average of $68.12.

CVS Health (NYSE:CVS - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The pharmacy operator reported $1.81 EPS for the quarter, beating analysts' consensus estimates of $1.46 by $0.35. The firm had revenue of $98.92 billion for the quarter, compared to analysts' expectations of $94.87 billion. CVS Health had a net margin of 1.17% and a return on equity of 10.51%. The business's revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.83 earnings per share. CVS Health has set its FY 2025 guidance at 6.300-6.400 EPS. 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 will be paid on Monday, November 3rd. Stockholders of record on Thursday, October 23rd will be paid a $0.665 dividend. The ex-dividend date is Thursday, October 23rd. This represents a $2.66 annualized dividend and a dividend yield of 3.2%. CVS Health's payout ratio is currently 74.30%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CVS shares. Zacks Research lowered shares of CVS Health from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 8th. Leerink Partners upped their price target on shares of CVS Health from $86.00 to $95.00 and gave the company an "outperform" rating in a research report on Thursday. Mizuho upped their price target on shares of CVS Health from $76.00 to $88.00 and gave the company an "outperform" rating in a report on Thursday, October 9th. Baird R W raised CVS Health from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 14th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of CVS Health in a research note on Tuesday, October 14th. Two research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $82.57.

Insider Activity

In related news, Director Anne A. Finucane sold 7,500 shares of the stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $71.02, for a total transaction of $532,650.00. Following the sale, the director directly owned 22,156 shares of the company's stock, valued at $1,573,519.12. This trade represents a 25.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.22% of the stock is currently owned by 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.

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