AIA Group Ltd Takes $2.62 Million Position in CVS Health Co. (NYSE:CVS)

AIA Group Ltd acquired a new position in shares of CVS Health Co. (NYSE:CVS) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 32,805 shares of the pharmacy operator’s stock, valued at approximately $2,617,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Harbour Investments Inc. grew its holdings in CVS Health by 3.5% in the third quarter. Harbour Investments Inc. now owns 10,538 shares of the pharmacy operator’s stock worth $736,000 after purchasing an additional 354 shares during the period. Jacobs Levy Equity Management Inc. lifted its stake in CVS Health by 268.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 103,754 shares of the pharmacy operator’s stock valued at $7,244,000 after buying an additional 75,559 shares in the last quarter. Verity Asset Management Inc. increased its holdings in CVS Health by 7.2% in the 3rd quarter. Verity Asset Management Inc. now owns 4,004 shares of the pharmacy operator’s stock valued at $280,000 after purchasing an additional 268 shares during the last quarter. Graham Capital Management L.P. acquired a new position in CVS Health in the third quarter valued at $1,446,000. Finally, Quantum Financial Advisors LLC acquired a new position in shares of CVS Health during the third quarter worth about $274,000. Institutional investors own 80.66% of the company’s stock.

Analyst Upgrades and Downgrades

CVS has been the topic of several analyst reports. Piper Sandler lifted their price target on shares of CVS Health from $93.00 to $94.00 and gave the stock an “overweight” rating in a research note on Friday, March 15th. Leerink Partnrs lowered shares of CVS Health from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 1st. Truist Financial restated a “buy” rating and set a $66.00 target price (down from $90.00) on shares of CVS Health in a report on Thursday, May 2nd. Robert W. Baird assumed coverage on CVS Health in a report on Thursday, May 30th. They set a “neutral” rating and a $61.00 target price for the company. Finally, Mizuho reduced their price target on CVS Health from $86.00 to $72.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Eleven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $75.05.

CVS Health Price Performance

CVS traded up $0.79 on Friday, reaching $59.00. The company had a trading volume of 8,134,197 shares, compared to its average volume of 11,801,059. CVS Health Co. has a 52-week low of $52.77 and a 52-week high of $83.25. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.61 and a current ratio of 0.81. The business has a 50 day simple moving average of $58.20 and a 200 day simple moving average of $68.89. The company has a market cap of $74.07 billion, a price-to-earnings ratio of 10.37, a P/E/G ratio of 0.55 and a beta of 0.52.

CVS Health (NYSE:CVS) last announced its quarterly earnings data on Wednesday, May 1st. The pharmacy operator reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.38). The company had revenue of $88.44 billion for the quarter, compared to the consensus estimate of $89.33 billion. CVS Health had a net margin of 2.03% and a return on equity of 13.53%. The company’s revenue was up 3.7% compared to the same quarter last year. During the same quarter last year, the firm posted $2.20 earnings per share. As a group, sell-side analysts anticipate that CVS Health Co. will post 7.02 EPS for the current year.

CVS Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Monday, July 22nd will be issued a $0.665 dividend. This represents a $2.66 annualized dividend and a dividend yield of 4.51%. The ex-dividend date is Monday, July 22nd. CVS Health’s payout ratio is currently 46.75%.

Insider Transactions at CVS Health

In related news, Director Edward J. Ludwig acquired 1,000 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was bought at an average price of $53.88 per share, for a total transaction of $53,880.00. Following the transaction, the director now owns 21,630 shares of the company’s stock, valued at $1,165,424.40. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.24% of the company’s stock.

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.