Skandinaviska Enskilda Banken AB publ Acquires 311,098 Shares of CVS Health Corporation (NYSE:CVS)

Key Points

• Skandinaviska Enskilda Banken AB has increased its stake in CVS Health Corporation by 122.5%, acquiring an additional 311,098 shares, bringing its total holdings to 565,152 shares valued at approximately $38.29 million.
• CVS Health recently reported earnings of $2.25 per share, exceeding expectations and showing a year-over-year revenue growth of 7% to $94.59 billion.
• The company announced a quarterly dividend of $0.665 per share, with a yield of 4.52%, demonstrating a robust commitment to returning value to shareholders.

Skandinaviska Enskilda Banken AB publ increased its holdings in shares of CVS Health Corporation (NYSE:CVS - Free Report) by 122.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 565,152 shares of the pharmacy operator's stock after acquiring an additional 311,098 shares during the period. Skandinaviska Enskilda Banken AB publ's holdings in CVS Health were worth $38,289,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of CVS. Dodge & Cox lifted its holdings in CVS Health by 11.2% during the 4th 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 in the last quarter. Capital World Investors lifted its holdings in CVS Health by 26.6% during the 4th 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 in the last quarter. Geode Capital Management LLC lifted its holdings in CVS Health by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 27,051,540 shares of the pharmacy operator's stock worth $1,211,582,000 after buying an additional 689,867 shares in the last quarter. Capital International Investors lifted its holdings in CVS Health by 4.8% during the 4th 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 in the last quarter. Finally, Norges Bank acquired a new position in CVS Health during the 4th quarter worth $839,574,000. 80.66% of the stock is currently owned by institutional investors.

Insider Transactions at CVS Health

In other news, Director Guy P. Sansone bought 1,570 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The shares were acquired at an average price of $63.70 per share, for a total transaction of $100,009.00. Following the completion of the acquisition, the director directly owned 12,007 shares in the company, valued at approximately $764,845.90. This represents a 15.04% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.22% of the stock is currently owned by insiders.

CVS Health Stock Performance

Shares of CVS Health stock opened at $58.82 on Friday. The company has a quick ratio of 0.63, a current ratio of 0.82 and a debt-to-equity ratio of 0.77. CVS Health Corporation has a twelve month low of $43.56 and a twelve month high of $72.51. The stock has a market cap of $74.41 billion, a price-to-earnings ratio of 14.04, a P/E/G ratio of 0.88 and a beta of 0.57. The company's fifty day moving average is $64.65 and its 200 day moving average is $63.31.

CVS Health (NYSE:CVS - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The pharmacy operator reported $2.25 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.63. The company had revenue of $94.59 billion for the quarter, compared to analysts' expectations of $93.07 billion. CVS Health had a net margin of 1.39% and a return on equity of 10.59%. CVS Health's revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.31 earnings per share. Sell-side analysts forecast that CVS Health Corporation will post 5.89 EPS for the current year.

CVS Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 22nd will be issued a $0.665 dividend. The ex-dividend date is Tuesday, July 22nd. This represents a $2.66 annualized dividend and a yield of 4.52%. CVS Health's payout ratio is 63.48%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CVS. Jefferies Financial Group upped their price objective on CVS Health from $74.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, June 30th. Cowen reissued a "buy" rating on shares of CVS Health in a research note on Monday, May 5th. Truist Financial increased their price target on CVS Health from $82.00 to $84.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Morgan Stanley reissued an "overweight" rating on shares of CVS Health in a research note on Tuesday, April 15th. Finally, Mizuho increased their price target on CVS Health from $70.00 to $76.00 and gave the company an "outperform" rating in a research note on Wednesday, April 9th. Two research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $74.82.

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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