Keynote Financial Services LLC Acquires New Position in CVS Health Co. (NYSE:CVS)

Keynote Financial Services LLC purchased a new stake in shares of CVS Health Co. (NYSE:CVS) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 23,863 shares of the pharmacy operator’s stock, valued at approximately $1,903,000. CVS Health accounts for approximately 1.6% of Keynote Financial Services LLC’s investment portfolio, making the stock its 11th biggest holding.

Several other institutional investors have also recently made changes to their positions in CVS. Vanguard Group Inc. increased its position in shares of CVS Health by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 117,696,285 shares of the pharmacy operator’s stock worth $9,293,299,000 after purchasing an additional 533,659 shares in the last quarter. Capital World Investors increased its holdings in CVS Health by 8.0% in the 1st quarter. Capital World Investors now owns 43,776,874 shares of the pharmacy operator’s stock valued at $3,491,643,000 after purchasing an additional 3,232,172 shares during the last quarter. Capital International Investors grew its position in shares of CVS Health by 12.5% during the first quarter. Capital International Investors now owns 37,917,923 shares of the pharmacy operator’s stock worth $3,024,334,000 after buying an additional 4,226,225 shares in the last quarter. Norges Bank purchased a new stake in CVS Health during the fourth quarter worth approximately $1,092,040,000. Finally, Capital Research Global Investors raised its stake in CVS Health by 1.4% during the 1st quarter. Capital Research Global Investors now owns 13,143,822 shares of the pharmacy operator’s stock valued at $1,048,351,000 after acquiring an additional 184,297 shares during the last quarter. Institutional investors own 80.66% of the company’s stock.

CVS Health Stock Down 1.2 %

NYSE CVS traded down $0.71 during trading hours on Friday, reaching $59.32. 8,695,521 shares of the company traded hands, compared to its average volume of 9,014,376. CVS Health Co. has a 12 month low of $52.77 and a 12 month high of $83.25. The stock has a market capitalization of $74.47 billion, a PE ratio of 10.43, a PEG ratio of 0.57 and a beta of 0.52. The company has a current ratio of 0.81, a quick ratio of 0.61 and a debt-to-equity ratio of 0.78. The company has a 50 day moving average of $59.27 and a two-hundred day moving average of $66.79.

CVS Health (NYSE:CVS) last posted its earnings results on Wednesday, May 1st. The pharmacy operator reported $1.31 earnings per share 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 company had revenue of $88.44 billion for the quarter, compared to the consensus estimate of $89.33 billion. During the same quarter last year, the business earned $2.20 earnings per share. CVS Health’s quarterly revenue was up 3.7% on a year-over-year basis. As a group, equities analysts expect that CVS Health Co. will post 7 earnings per share for the current year.

CVS Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 22nd were issued a dividend of $0.665 per share. The ex-dividend date of this dividend was Monday, July 22nd. This represents a $2.66 annualized dividend and a yield of 4.48%. CVS Health’s dividend payout ratio is currently 46.75%.

Analyst Ratings Changes

A number of brokerages recently issued reports on CVS. Baird R W upgraded shares of CVS Health to a “hold” rating in a research report on Thursday, May 30th. Mizuho reduced their target price on shares of CVS Health from $86.00 to $72.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Cantor Fitzgerald reissued a “neutral” rating and set a $58.00 target price on shares of CVS Health in a research note on Tuesday, July 23rd. Bank of America lowered their price objective on shares of CVS Health from $95.00 to $77.00 and set a “buy” rating on the stock in a research report on Thursday, May 2nd. Finally, Wells Fargo & Company decreased their target price on CVS Health from $76.00 to $60.00 and set an “equal weight” rating for the company in a research report on Tuesday, May 7th. Eleven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, CVS Health currently has an average rating of “Moderate Buy” and a consensus price target of $75.05.

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.