Public Sector Pension Investment Board Has $30.15 Million Holdings in CVS Health Corporation (NYSE:CVS)

Key Points

• The Public Sector Pension Investment Board has increased its holdings in CVS Health by 3.3%, resulting in a total of $30.15 million worth of shares.
• CVS Health's recent earnings report showed earnings per share of $1.81, exceeding estimates, with a revenue of $98.92 billion for the quarter, an 8.4% increase year-over-year.
• The company declared a quarterly dividend of $0.665 per share, providing an annualized yield of 4.1% with a payout ratio of 74.30%.

Public Sector Pension Investment Board lifted its holdings in shares of CVS Health Corporation (NYSE:CVS - Free Report) by 3.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 445,021 shares of the pharmacy operator's stock after purchasing an additional 14,278 shares during the period. Public Sector Pension Investment Board's holdings in CVS Health were worth $30,150,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. raised its stake in CVS Health by 0.8% during the first quarter. Vanguard Group Inc. now owns 118,335,394 shares of the pharmacy operator's stock worth $8,017,223,000 after buying an additional 969,027 shares during the last quarter. Dodge & Cox raised its stake in CVS Health by 11.2% during the fourth quarter. Dodge & Cox now owns 70,105,899 shares of the pharmacy operator's stock worth $3,147,054,000 after buying an additional 7,075,209 shares during the last quarter. Capital World Investors raised its stake in CVS Health by 26.6% during the fourth quarter. Capital World Investors now owns 61,039,777 shares of the pharmacy operator's stock worth $2,739,927,000 after buying an additional 12,819,148 shares during the last quarter. Capital International Investors raised its stake in CVS Health by 4.8% during the fourth quarter. Capital International Investors now owns 26,666,401 shares of the pharmacy operator's stock worth $1,196,989,000 after buying an additional 1,212,126 shares during the last quarter. Finally, Invesco Ltd. raised its stake in 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 buying an additional 2,375,764 shares during the last quarter. Institutional investors and hedge funds own 80.66% of the company's stock.

CVS Health Stock Up 3.0%

CVS Health stock opened at $65.49 on Monday. CVS Health Corporation has a fifty-two week low of $43.56 and a fifty-two week high of $72.51. The stock has a market cap of $83.06 billion, a PE ratio of 18.29, a price-to-earnings-growth ratio of 0.72 and a beta of 0.58. The firm's 50-day simple moving average is $64.68 and its 200 day simple moving average is $64.38. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 0.80.

CVS Health (NYSE:CVS - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The pharmacy operator reported $1.81 earnings per share 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 business had revenue of $98.92 billion for the quarter, compared to analysts' expectations of $94.87 billion. During the same period in the previous year, the company earned $1.83 earnings per share. The firm's revenue for the quarter was up 8.4% compared to the same quarter last year. Research analysts predict that CVS Health Corporation will post 5.89 EPS for the current fiscal year.

CVS Health Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 22nd were issued a dividend of $0.665 per share. The ex-dividend date was Tuesday, July 22nd. This represents a $2.66 annualized dividend and a yield of 4.1%. CVS Health's payout ratio is 74.30%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Truist Financial lifted their target price 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. Jefferies Financial Group lifted their target price on shares of CVS Health from $74.00 to $80.00 and gave the stock a "buy" rating in a research note on Monday, June 30th. Morgan Stanley lifted their price target on shares of CVS Health from $80.00 to $82.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Bernstein Bank decreased 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 research note on Wednesday, July 16th. Finally, Barclays lifted their price target on shares of CVS Health from $79.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Three equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, CVS Health currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.11.

Insiders Place Their Bets

In related news, Director Guy P. Sansone bought 1,570 shares of the company's stock in a transaction on Thursday, June 5th. The shares were purchased at an average cost of $63.70 per share, for a total transaction of $100,009.00. Following the completion of the purchase, the director directly owned 12,007 shares in the company, valued at $764,845.90. The trade was a 15.04% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.22% of the company's stock.

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.

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