Wedge Capital Management L L P NC Purchases New Shares in CVS Health Corporation $CVS

Key Points

• Wedge Capital Management L L P NC has invested approximately $33.56 million in CVS Health Corporation, acquiring 486,579 shares during the second quarter.
• CVS Health's recent earnings report revealed an EPS of $1.81, exceeding the consensus estimate of $1.46, with revenues reaching $98.92 billion.
• CVS Health declared a quarterly dividend of $0.665, with an annualized yield of 3.5%, to be paid on November 3rd to investors of record on October 23rd.

Wedge Capital Management L L P NC purchased a new stake in CVS Health Corporation (NYSE:CVS - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 486,579 shares of the pharmacy operator's stock, valued at approximately $33,564,000.

Several other large investors have also added to or reduced their stakes in the stock. Bell Investment Advisors Inc lifted its position in CVS Health by 119.8% during the first quarter. Bell Investment Advisors Inc now owns 455 shares of the pharmacy operator's stock valued at $31,000 after buying an additional 248 shares during the period. Roxbury Financial LLC lifted its position in CVS Health by 78.3% during the second quarter. Roxbury Financial LLC now owns 460 shares of the pharmacy operator's stock valued at $32,000 after buying an additional 202 shares during the period. Saudi Central Bank purchased a new position in CVS Health during the first quarter valued at $34,000. Livelsberger Financial Advisory purchased a new position in CVS Health during the second quarter valued at $35,000. Finally, Costello Asset Management INC lifted its position in CVS Health by 281.3% during the first quarter. Costello Asset Management INC now owns 572 shares of the pharmacy operator's stock valued at $39,000 after buying an additional 422 shares during the period. Institutional investors own 80.66% of the company's stock.

Insider Activity

In other news, Director Anne A. Finucane sold 7,500 shares of the company's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $71.02, for a total transaction of $532,650.00. Following the sale, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.22% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

CVS has been the subject of several recent analyst reports. Wall Street Zen raised CVS Health from a "hold" rating to a "buy" rating in a research report on Sunday. Barclays boosted their target price on CVS Health from $80.00 to $87.00 and gave the stock an "overweight" rating in a research report on Thursday, September 4th. Baird R W raised CVS Health from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 14th. Morgan Stanley boosted their target price on CVS Health from $80.00 to $82.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Finally, Jefferies Financial Group boosted their target price on CVS Health from $74.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday, June 30th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, CVS Health has a consensus rating of "Moderate Buy" and a consensus price target of $78.25.

CVS Health Price Performance

NYSE CVS traded up $1.31 during trading hours on Tuesday, reaching $76.44. The company's stock had a trading volume of 3,268,445 shares, compared to its average volume of 9,526,309. The firm's 50-day moving average price is $68.13 and its 200-day moving average price is $66.70. 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 Corporation has a 1 year low of $43.56 and a 1 year high of $76.92. The company has a market capitalization of $96.95 billion, a price-to-earnings ratio of 21.34, a PEG ratio of 0.83 and a beta of 0.62.

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

CVS Health Dividend Announcement

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

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.