Raymond James Trust N.A. Increases Stock Position in CVS Health Corp (NYSE:CVS)
Raymond James Trust N.A. lifted its position in shares of CVS Health Corp (NYSE:CVS) by 3.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 225,311 shares of the pharmacy operator’s stock after acquiring an additional 7,302 shares during the quarter. Raymond James Trust N.A.’s holdings in CVS Health were worth $13,158,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in CVS. Hoover Financial Advisors Inc. purchased a new stake in shares of CVS Health during the 2nd quarter worth approximately $32,000. Exchange Traded Concepts LLC purchased a new stake in shares of CVS Health during the 2nd quarter worth approximately $41,000. Keebeck Wealth Management LLC purchased a new stake in shares of CVS Health during the 2nd quarter worth approximately $42,000. Balentine LLC purchased a new stake in shares of CVS Health during the 1st quarter worth approximately $47,000. Finally, Campbell Wealth Management purchased a new stake in shares of CVS Health during the 2nd quarter worth approximately $49,000. 75.88% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have recently commented on CVS shares. Credit Suisse Group boosted their price target on CVS Health from $75.00 to $90.00 and gave the stock an “outperform” rating in a research note on Friday, August 7th. SVB Leerink upped their target price on CVS Health from $72.00 to $73.00 and gave the company a “market perform” rating in a research note on Thursday, August 6th. Piper Sandler started coverage on CVS Health in a research note on Thursday, September 17th. They issued an “overweight” rating and a $72.00 target price on the stock. Deutsche Bank Aktiengesellschaft reduced their target price on CVS Health from $109.00 to $104.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Finally, Royal Bank of Canada reaffirmed a “buy” rating on shares of CVS Health in a research note on Thursday, July 9th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $81.94.
CVS Health (NYSE:CVS) last released its quarterly earnings data on Wednesday, August 5th. The pharmacy operator reported $2.64 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.71. The business had revenue of $65.30 billion during the quarter, compared to the consensus estimate of $64.29 billion. CVS Health had a return on equity of 16.32% and a net margin of 3.13%. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.89 EPS. As a group, equities research analysts forecast that CVS Health Corp will post 7.22 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Thursday, October 22nd will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, October 21st. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.36%. CVS Health’s payout ratio is 28.25%.
CVS Health Profile
CVS Health Corporation provides health services and plans in the United States. Its Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, retail pharmacy network management, mail order pharmacy, specialty pharmacy and infusion, Medicare Part D, clinical, disease management, and medical spend management services.
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