Spirepoint Private Client LLC Buys New Stake in CVS Health Co. (NYSE:CVS)

Spirepoint Private Client LLC purchased a new stake in CVS Health Co. (NYSE:CVS) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 2,815 shares of the pharmacy operator’s stock, valued at approximately $225,000.

Several other hedge funds also recently added to or reduced their stakes in CVS. Atticus Wealth Management LLC raised its holdings in shares of CVS Health by 149.0% during the 4th quarter. Atticus Wealth Management LLC now owns 366 shares of the pharmacy operator’s stock valued at $29,000 after buying an additional 219 shares during the period. USA Financial Formulas raised its stake in shares of CVS Health by 573.2% during the fourth quarter. USA Financial Formulas now owns 377 shares of the pharmacy operator’s stock valued at $30,000 after purchasing an additional 321 shares during the period. Ables Iannone Moore & Associates Inc. purchased a new position in shares of CVS Health in the fourth quarter valued at $32,000. Creekmur Asset Management LLC acquired a new stake in CVS Health during the 4th quarter valued at $34,000. Finally, Steph & Co. increased its stake in 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 period. 80.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. The Goldman Sachs Group lowered their target price on CVS Health from $85.00 to $74.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Barclays lowered their price objective on CVS Health from $78.00 to $63.00 and set an “equal weight” rating for the company in a research note on Thursday, May 2nd. Truist Financial reaffirmed a “buy” rating and issued a $66.00 target price (down from $90.00) on shares of CVS Health in a research report on Thursday, May 2nd. TD Cowen downgraded shares of CVS Health from a “buy” rating to a “hold” rating and decreased their price target for the stock from $99.00 to $59.00 in a research report on Tuesday, May 7th. Finally, Mizuho cut their price target on shares of CVS Health from $86.00 to $72.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Eleven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $75.05.

CVS Health Stock Performance

Shares of NYSE CVS traded down $0.34 during mid-day trading on Friday, hitting $59.57. The company had a trading volume of 7,143,914 shares, compared to its average volume of 9,035,345. The stock has a market cap of $74.78 billion, a price-to-earnings ratio of 10.47, a PEG ratio of 0.57 and a beta of 0.52. The firm’s 50 day simple moving average is $58.64 and its two-hundred day simple moving average is $68.14. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.81 and a quick ratio of 0.61. CVS Health Co. has a 12 month low of $52.77 and a 12 month high of $83.25.

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

CVS Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 22nd will be paid a $0.665 dividend. The ex-dividend date of this dividend is Monday, July 22nd. This represents a $2.66 annualized dividend and a dividend yield of 4.47%. CVS Health’s payout ratio is currently 46.75%.

Insider Activity

In other CVS Health news, Director Edward J. Ludwig bought 1,000 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were purchased at an average cost of $53.88 per share, for a total transaction of $53,880.00. Following the transaction, the director now directly owns 21,630 shares in the company, valued at $1,165,424.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.24% of the company’s stock.

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.