Independence Bank of Kentucky Buys 597 Shares of CVS Health Co. (NYSE:CVS)

Independence Bank of Kentucky grew its stake in shares of CVS Health Co. (NYSE:CVS) by 6.4% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 9,987 shares of the pharmacy operator’s stock after acquiring an additional 597 shares during the quarter. Independence Bank of Kentucky’s holdings in CVS Health were worth $628,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Ables Iannone Moore & Associates Inc. bought a new position in CVS Health in the 4th quarter valued at about $32,000. Creekmur Asset Management LLC bought a new position in shares of CVS Health in the 4th quarter valued at $34,000. Steph & Co. lifted its position in shares of CVS Health by 192.0% during the 1st quarter. Steph & Co. now owns 438 shares of the pharmacy operator’s stock worth $35,000 after buying an additional 288 shares during the last quarter. Kapitalo Investimentos Ltda acquired a new stake in CVS Health in the fourth quarter valued at about $36,000. Finally, Scarborough Advisors LLC acquired a new position in CVS Health during the fourth quarter worth about $37,000. 80.66% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CVS shares. Royal Bank of Canada restated an “outperform” rating and issued a $68.00 price target on shares of CVS Health in a research note on Wednesday, September 4th. TD Cowen raised shares of CVS Health from a “hold” rating to a “buy” rating and boosted their target price for the stock from $59.00 to $85.00 in a research note on Friday, October 4th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $62.00 price target on shares of CVS Health in a research note on Tuesday, October 1st. Truist Financial upped their target price on CVS Health from $66.00 to $76.00 and gave the stock a “buy” rating in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft cut their price target on CVS Health from $64.00 to $63.00 and set a “hold” rating on the stock in a research note on Friday, August 9th. Nine research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.26.

CVS Health Stock Performance

Shares of CVS Health stock opened at $66.63 on Friday. The company has a market cap of $83.65 billion, a P/E ratio of 11.71, a PEG ratio of 0.93 and a beta of 0.54. The company has a current ratio of 0.86, a quick ratio of 0.66 and a debt-to-equity ratio of 0.83. The business has a 50-day moving average price of $59.12 and a two-hundred day moving average price of $61.15. CVS Health Co. has a 1-year low of $52.77 and a 1-year high of $83.25.

CVS Health (NYSE:CVS) last posted its quarterly earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.10. CVS Health had a net margin of 1.98% and a return on equity of 12.72%. The firm had revenue of $91.23 billion during the quarter, compared to the consensus estimate of $91.41 billion. During the same period in the previous year, the firm posted $2.21 earnings per share. The business’s revenue was up 2.6% compared to the same quarter last year. As a group, analysts anticipate that CVS Health Co. will post 6.51 EPS for the current year.

CVS Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Monday, October 21st will be given a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date of this dividend is Monday, October 21st. CVS Health’s payout ratio is 46.75%.

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.