Sound View Wealth Advisors Group LLC Buys New Shares in CVS Health Corporation (NYSE:CVS)

Key Points

• Sound View Wealth Advisors Group LLC has invested approximately $286,000 in CVS Health Corporation, acquiring 4,226 shares in the first quarter.
• CVS Health reported earnings of $1.81 per share, surpassing estimates and achieving revenue of $98.92 billion for the quarter.
• The company announced a quarterly dividend of $0.665 per share, reflecting a 4.3% dividend yield based on its recent stock price.

Sound View Wealth Advisors Group LLC bought a new stake in shares of CVS Health Corporation (NYSE:CVS - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 4,226 shares of the pharmacy operator's stock, valued at approximately $286,000.

A number of other institutional investors also recently bought and sold shares of the stock. OneAscent Financial Services LLC grew its stake in shares of CVS Health by 22.7% during the fourth quarter. OneAscent Financial Services LLC now owns 6,027 shares of the pharmacy operator's stock worth $271,000 after acquiring an additional 1,117 shares during the last quarter. World Investment Advisors lifted its holdings in CVS Health by 16.0% in the fourth quarter. World Investment Advisors now owns 31,947 shares of the pharmacy operator's stock valued at $1,434,000 after acquiring an additional 4,404 shares during the period. Motley Fool Asset Management LLC increased its position in shares of CVS Health by 14.3% in the fourth quarter. Motley Fool Asset Management LLC now owns 65,668 shares of the pharmacy operator's stock valued at $2,948,000 after buying an additional 8,198 shares in the last quarter. ExodusPoint Capital Management LP purchased a new stake in shares of CVS Health during the fourth quarter worth approximately $11,437,000. Finally, Landscape Capital Management L.L.C. increased its position in shares of CVS Health by 55.9% during the fourth quarter. Landscape Capital Management L.L.C. now owns 117,729 shares of the pharmacy operator's stock worth $5,285,000 after purchasing an additional 42,205 shares in the last quarter. 80.66% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CVS. Truist Financial upped their target price on CVS Health from $82.00 to $84.00 and gave the company a "buy" rating in a report on Monday, May 12th. Wells Fargo & Company restated an "overweight" rating and issued a $84.00 target price (up from $76.00) on shares of CVS Health in a report on Tuesday, May 6th. Jefferies Financial Group upped their target price on CVS Health from $74.00 to $80.00 and gave the company a "buy" rating in a report on Monday, June 30th. Bernstein Bank dropped their target price on 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, Robert W. Baird raised their target price on CVS Health from $51.00 to $71.00 and gave the company a "neutral" rating in a report on Tuesday, April 15th. Three investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $75.11.

Insider Activity

In related news, Director Guy P. Sansone acquired 1,570 shares of CVS Health stock in a transaction dated Thursday, June 5th. The shares were acquired at an average cost of $63.70 per share, for a total transaction of $100,009.00. Following the completion of the transaction, the director directly owned 12,007 shares of the company's stock, valued at $764,845.90. The trade was a 15.04% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.22% of the stock is owned by corporate insiders.

CVS Health Price Performance

CVS stock traded down $1.02 on Monday, reaching $61.45. 7,861,514 shares of the company's stock were exchanged, compared to its average volume of 9,079,778. The stock has a fifty day moving average of $64.56 and a 200-day moving average of $64.01. CVS Health Corporation has a twelve month low of $43.56 and a twelve month high of $72.51. The firm has a market cap of $77.74 billion, a PE ratio of 17.16, a P/E/G ratio of 0.86 and a beta of 0.58. The company has a quick ratio of 0.62, a current ratio of 0.80 and a debt-to-equity ratio of 0.74.

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, topping analysts' consensus estimates of $1.46 by $0.35. The company had revenue of $98.92 billion for the quarter, compared to the consensus estimate of $94.87 billion. CVS Health had a return on equity of 10.51% and a net margin of 1.17%. CVS Health's quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.83 earnings per share. As a group, equities analysts predict that CVS Health Corporation will post 5.89 EPS for the current fiscal year.

CVS Health Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 22nd were given a $0.665 dividend. This represents a $2.66 annualized dividend and a dividend yield of 4.3%. The ex-dividend date was Tuesday, July 22nd. CVS Health's dividend payout ratio is currently 74.30%.

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.