The Manufacturers Life Insurance Company bought a new stake in CVS Health Corporation (NYSE:CVS – Free Report) during the second quarter, HoldingsChannel.com reports. The fund bought 1,287,441 shares of the pharmacy operator’s stock, valued at approximately $133,186,000.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of CVS Health during the 2nd quarter worth $12,747,462,000. Norges Bank purchased a new stake in shares of CVS Health in the fourth quarter valued at $1,666,265,000. Wellington Management Group LLP grew its position in shares of CVS Health by 193.2% in the fourth quarter. Wellington Management Group LLP now owns 18,564,392 shares of the pharmacy operator’s stock valued at $1,473,270,000 after purchasing an additional 12,233,675 shares during the period. Pzena Investment Management LLC acquired a new position in CVS Health in the second quarter valued at $1,217,558,000. Finally, Bank of New York Mellon Corp purchased a new position in CVS Health during the second quarter worth about $932,454,000. 80.66% of the stock is owned by hedge funds and other institutional investors.
CVS Health Trading Up 1.1%
NYSE CVS opened at $94.06 on Tuesday. CVS Health Corporation has a one year low of $69.51 and a one year high of $110.68. The company’s 50 day moving average price is $101.88 and its 200 day moving average price is $89.08. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.66 and a current ratio of 0.87. The firm has a market capitalization of $120.31 billion, a price-to-earnings ratio of 24.88, a PEG ratio of 0.85 and a beta of 0.61.
CVS Health Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Thursday, July 23rd were issued a $0.665 dividend. This represents a $2.66 annualized dividend and a yield of 2.8%. The ex-dividend date was Thursday, July 23rd. CVS Health’s dividend payout ratio is currently 70.37%.
Wall Street Analysts Forecast Growth
A number of analysts have issued reports on CVS shares. Mizuho raised their price target on CVS Health from $110.00 to $115.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. UBS Group increased their price objective on shares of CVS Health from $122.00 to $126.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Wall Street Zen raised shares of CVS Health from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Bank of America boosted their target price on shares of CVS Health from $100.00 to $110.00 and gave the company a “buy” rating in a report on Monday, June 22nd. Finally, Truist Financial upped their price target on shares of CVS Health from $108.00 to $118.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Twenty-two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $107.17.
Get Our Latest Stock Analysis on CVS Health
About CVS Health
CVS Health Corporation is a diversified healthcare company that operates a large network of retail pharmacies, pharmacy benefit management services and health care solutions. Headquartered in Woonsocket, Rhode Island, the company traces its roots to the early 1960s and has grown into an integrated provider of prescription drugs, over‑the‑counter products, clinical services and health insurance offerings. Its operating model combines retail pharmacy locations and in‑store clinics with broader pharmacy and health plan capabilities.
Key business activities include CVS Pharmacy retail operations, MinuteClinic walk‑in medical clinics and HealthHUB locations that offer expanded clinical services.
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