Westpac Banking Corp Makes New Investment in CVS Health Corporation $CVS

Key Points

• Westpac Banking Corp initiated a CVS Health position in the second quarter, buying 10,777 shares worth approximately $1.1 million. Institutional investors and hedge funds collectively own 80.66% of CVS shares.
• CVS reported stronger-than-expected quarterly results, with earnings of $2.58 per share versus the $1.87 consensus estimate and revenue of $106.1 billion, up 7.3% year over year.
• Analysts remain broadly positive, with 22 Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $107.17, compared with a recent share price of $93.01.

Westpac Banking Corp purchased a new stake in CVS Health Corporation (NYSE:CVS - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 10,777 shares of the pharmacy operator's stock, valued at approximately $1,115,000.

Several other hedge funds also recently modified their holdings of the company. BlackRock Inc. acquired a new position in CVS Health in the 2nd quarter worth about $12,747,462,000. Norges Bank acquired a new stake in shares of CVS Health during the fourth quarter valued at about $1,666,265,000. Wellington Management Group LLP grew its holdings in shares of CVS Health by 193.2% during the fourth quarter. Wellington Management Group LLP now owns 18,564,392 shares of the pharmacy operator's stock worth $1,473,270,000 after purchasing an additional 12,233,675 shares during the last quarter. Pzena Investment Management LLC acquired a new position in shares of CVS Health in the second quarter valued at approximately $1,217,558,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of CVS Health in the second quarter valued at approximately $932,454,000. Institutional investors and hedge funds own 80.66% of the company's stock.

CVS Health Stock Down 0.7%

Shares of CVS Health stock opened at $93.01 on Friday. The stock's 50-day moving average is $102.02 and its 200 day moving average is $88.86. CVS Health Corporation has a one year low of $69.51 and a one year high of $110.68. The firm has a market cap of $118.96 billion, a price-to-earnings ratio of 24.61, a PEG ratio of 0.85 and a beta of 0.61. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.87 and a quick ratio of 0.66.

CVS Health (NYSE:CVS - Get Free Report) last issued its earnings results on Wednesday, August 5th. The pharmacy operator reported $2.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.87 by $0.71. The business had revenue of $106.10 billion during the quarter, compared to the consensus estimate of $100.03 billion. CVS Health had a return on equity of 13.12% and a net margin of 1.18%.The firm's revenue for the quarter was up 7.3% on a year-over-year basis. During the same period in the previous year, the company posted $1.81 earnings per share. CVS Health has set its FY 2026 guidance at 7.900-8.100 EPS. Equities research analysts anticipate that CVS Health Corporation will post 8.02 EPS for the current year.

CVS Health Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Thursday, July 23rd were given a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Thursday, July 23rd. CVS Health's payout ratio is presently 70.37%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CVS shares. Cantor Fitzgerald boosted their target price on shares of CVS Health from $100.00 to $110.00 and gave the stock an "overweight" rating in a report on Tuesday, July 7th. UBS Group raised their price target on shares of CVS Health from $122.00 to $126.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Weiss Ratings raised shares of CVS Health from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, August 5th. Deutsche Bank Aktiengesellschaft increased their price objective on CVS Health from $88.00 to $92.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Finally, Robert W. Baird set a $107.00 target price on CVS Health in a report on Thursday, August 6th. Twenty-two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $107.17.

CVS Health Profile

CVS Health Corporation is a diversified healthcare company that operates a large network of retail pharmacies, pharmacy benefit management services and health care solutions. Headquartered in Woonsocket, Rhode Island, the company traces its roots to the early 1960s and has grown into an integrated provider of prescription drugs, over‑the‑counter products, clinical services and health insurance offerings. Its operating model combines retail pharmacy locations and in‑store clinics with broader pharmacy and health plan capabilities.

Key business activities include CVS Pharmacy retail operations, MinuteClinic walk‑in medical clinics and HealthHUB locations that offer expanded clinical services.

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