Patton Fund Management Inc. Invests $233,000 in CVS Health Corporation $CVS

Key Points

• Patton Fund Management Inc. has invested approximately $233,000 in CVS Health Corporation by purchasing 3,371 shares during the second quarter.
• The company recently declared a quarterly dividend of $0.665 per share, which will be paid on November 3rd, reflecting an annualized yield of 3.5%.
• CVS Health reported a quarterly earnings per share (EPS) of $1.81, exceeding the consensus estimate by $0.35, with revenues of $98.92 billion during the quarter.

Patton Fund Management Inc. purchased a new stake in CVS Health Corporation (NYSE:CVS - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,371 shares of the pharmacy operator's stock, valued at approximately $233,000.

Several other institutional investors have also modified their holdings of CVS. Goldman Sachs Group Inc. raised its stake in shares of CVS Health by 87.5% during the first quarter. Goldman Sachs Group Inc. now owns 9,927,650 shares of the pharmacy operator's stock worth $672,598,000 after purchasing an additional 4,632,530 shares during the last quarter. Dodge & Cox increased its stake in CVS Health by 4.8% in the 1st quarter. Dodge & Cox now owns 73,459,122 shares of the pharmacy operator's stock valued at $4,976,856,000 after buying an additional 3,353,223 shares during the period. Nuveen LLC acquired a new stake in shares of CVS Health in the 1st quarter worth $204,421,000. Assenagon Asset Management S.A. boosted its holdings in shares of CVS Health by 310.8% in the first quarter. Assenagon Asset Management S.A. now owns 3,523,824 shares of the pharmacy operator's stock valued at $238,739,000 after acquiring an additional 2,666,029 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of CVS Health by 13.2% during the first quarter. Invesco Ltd. now owns 20,413,853 shares of the pharmacy operator's stock worth $1,383,039,000 after acquiring an additional 2,375,764 shares during the period. Hedge funds and other institutional investors own 80.66% of the company's stock.

Insider Transactions at CVS Health

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

CVS Health Stock Performance

NYSE:CVS opened at $75.80 on Monday. 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 firm has a market cap of $96.14 billion, a PE ratio of 21.17, a P/E/G ratio of 0.84 and a beta of 0.62. The firm has a 50 day simple moving average of $69.13 and a 200-day simple moving average of $67.00. CVS Health Corporation has a 1-year low of $43.56 and a 1-year high of $77.34.

CVS Health (NYSE:CVS - Get Free Report) last released its earnings results on Thursday, July 31st. The pharmacy operator reported $1.81 EPS for the quarter, beating the consensus estimate of $1.46 by $0.35. The firm had revenue of $98.92 billion during the quarter, compared to analyst estimates of $94.87 billion. CVS Health had a return on equity of 10.51% and a net margin of 1.17%.The business's quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.83 earnings per share. CVS Health has set its FY 2025 guidance at 6.300-6.400 EPS. On average, equities analysts expect that CVS Health Corporation will post 5.89 EPS for the current year.

CVS Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Thursday, October 23rd will be issued a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Thursday, October 23rd. CVS Health's dividend payout ratio (DPR) is presently 74.30%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Wolfe Research raised their price target on CVS Health from $80.00 to $85.00 and gave the company an "outperform" rating in a report on Monday, September 22nd. Zacks Research cut CVS Health from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 8th. Sanford C. Bernstein boosted their target price on shares of CVS Health from $72.00 to $77.00 and gave the stock a "market perform" rating in a research report on Friday, September 5th. Bernstein Bank cut their price target on shares of CVS Health from $78.00 to $72.00 and set a "market perform" rating for the company in a report on Wednesday, July 16th. Finally, Jefferies Financial Group boosted their price objective on shares of CVS Health from $74.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $78.25.

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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