QRG Capital Management Inc. Purchases 58,984 Shares of CVS Health Corporation $CVS

Key Points

• QRG Capital Management Inc. significantly increased its stake in CVS Health Corporation, acquiring an additional 58,984 shares, marking a 173.9% boost, bringing total holdings to 92,896 shares valued at approximately $6.4 million.
• CVS Health reported a quarterly EPS of $1.81, exceeding analysts' expectations, with revenues totaling $98.92 billion, up 8.4% year-over-year.
• The company announced a quarterly dividend of $0.665 per share, with a payment date set for November 3rd, 2023, representing a yield of 3.4% and a payout ratio of 74.3%.

QRG Capital Management Inc. boosted its position in CVS Health Corporation (NYSE:CVS - Free Report) by 173.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,896 shares of the pharmacy operator's stock after buying an additional 58,984 shares during the period. QRG Capital Management Inc.'s holdings in CVS Health were worth $6,408,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Essex Financial Services Inc. boosted its stake in shares of CVS Health by 0.8% in 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. Williams Financial LLC increased its holdings in shares of CVS Health by 2.5% in the second quarter. Williams Financial LLC now owns 6,923 shares of the pharmacy operator's stock worth $478,000 after purchasing an additional 167 shares during the period. Hemington Wealth Management increased its holdings in shares of CVS Health by 33.7% in the first quarter. Hemington Wealth Management now owns 682 shares of the pharmacy operator's stock worth $46,000 after purchasing an additional 172 shares during the period. Sumitomo Life Insurance Co. increased its holdings 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 during the period. Finally, Koshinski Asset Management Inc. increased its stake in CVS Health by 3.7% in the first quarter. Koshinski Asset Management Inc. now owns 4,930 shares of the pharmacy operator's stock valued at $334,000 after acquiring an additional 178 shares during the last quarter. 80.66% of the stock is owned by institutional investors.

CVS Health Price Performance

Shares of CVS opened at $77.51 on Monday. The company has a 50 day moving average price of $70.71 and a 200-day moving average price of $67.32. CVS Health Corporation has a fifty-two week low of $43.56 and a fifty-two week high of $79.20. The stock has a market capitalization of $98.31 billion, a PE ratio of 21.65, a PEG ratio of 0.85 and a beta of 0.60. 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 posted its 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. CVS Health had a net margin of 1.17% and a return on equity of 10.51%. The company had revenue of $98.92 billion during the quarter, compared to analysts' expectations of $94.87 billion. During the same quarter in the prior year, the company posted $1.83 earnings per share. CVS Health's revenue for the quarter was up 8.4% compared to the same quarter last year. CVS Health has set its FY 2025 guidance at 6.300-6.400 EPS. Equities analysts predict that CVS Health Corporation will post 5.89 earnings per share for the current fiscal year.

CVS Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Thursday, October 23rd will be paid a dividend of $0.665 per share. The ex-dividend date of this dividend is Thursday, October 23rd. This represents a $2.66 dividend on an annualized basis and a yield of 3.4%. CVS Health's payout ratio is 74.30%.

Insider Buying and Selling

In other news, Director Anne A. Finucane sold 7,500 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $71.02, for a total value of $532,650.00. Following the sale, the director directly owned 22,156 shares of the company's stock, valued at approximately $1,573,519.12. The trade was a 25.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.22% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CVS shares. Morgan Stanley raised their price objective on CVS Health from $80.00 to $82.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Wall Street Zen upgraded shares of CVS Health from a "hold" rating to a "buy" rating in a report on Sunday, September 21st. Jefferies Financial Group raised 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. Bernstein Bank decreased their target price 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 raised their price target on shares of CVS Health from $80.00 to $87.00 and gave the company an "overweight" rating in a research report on Thursday, September 4th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $78.25.

CVS Health 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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