Montaka Global Pty Ltd purchased a new position in CVS Health Corporation (NYSE:CVS – Free Report) during the third quarter, HoldingsChannel.com reports. The fund purchased 40,000 shares of the pharmacy operator’s stock, valued at approximately $3,428,000. CVS Health makes up about 1.4% of Montaka Global Pty Ltd’s investment portfolio, making the stock its 22nd largest position.
Several other hedge funds and other institutional investors have also modified their holdings of the business. Handelsbanken Fonder AB raised its position in CVS Health by 83.6% in the 2nd quarter. Handelsbanken Fonder AB now owns 1,089,694 shares of the pharmacy operator’s stock valued at $112,729,000 after buying an additional 496,124 shares during the last quarter. BNP Paribas boosted its position in CVS Health by 105.2% during the 2nd quarter. BNP Paribas now owns 49,971 shares of the pharmacy operator’s stock worth $5,154,000 after acquiring an additional 25,617 shares during the last quarter. Nykredit A S bought a new position in shares of CVS Health during the 2nd quarter worth approximately $209,813,000. Alps Advisors Inc. grew its stake in shares of CVS Health by 12.4% during the 3rd quarter. Alps Advisors Inc. now owns 313,027 shares of the pharmacy operator’s stock worth $26,823,000 after acquiring an additional 34,573 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new stake in shares of CVS Health in the second quarter valued at approximately $49,622,000. 80.66% of the stock is owned by institutional investors and hedge funds.
Insider Transactions at CVS Health
In other CVS Health news, EVP Prem Shah acquired 23,855 shares of the business’s stock in a transaction dated Friday, November 6th. The stock was bought at an average cost of $83.89 per share, with a total value of $2,001,195.95. Following the completion of the transaction, the executive vice president directly owned 88,516 shares in the company, valued at approximately $7,425,607.24. This represents a 36.89% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.85% of the stock is owned by corporate insiders.
Key Stories Impacting CVS Health
Here are the key news stories impacting CVS Health this week:
- Positive Sentiment: Zacks upgraded CVS to Rank #2 (Buy), citing improving optimism about the company’s earnings prospects. Article: All You Need to Know About CVS Health Rating Upgrade to Buy
- Positive Sentiment: Incoming CVS Pharmacy CEO Prem Shah reportedly purchased about $2 million of CVS shares, a notable show of confidence from an executive expected to lead one of the businesses after the separation. Article: CVS Health’s Future Pharmacy CEO Just Bought $2 Million of Stock
- Neutral Sentiment: CVS has announced plans to split into two companies by 2028. The restructuring could let each business focus more clearly on its operations, but the companies’ structure and the benefits to shareholders remain important unanswered questions. Article: CVS Health Announces Plan to Split Into Two Companies
- Negative Sentiment: Analyst estimates have become more cautious as the separation plan is factored in. One fair-value estimate was trimmed from $116.28 to $113.76, with execution risk and valuation concerns weighing on the outlook. Article: CVS Health Stock Fair Value Edges Lower on Separation Risk and Analyst Caution
CVS Health Stock Performance
Shares of CVS opened at $89.03 on Wednesday. The company has a market cap of $113.92 billion, a PE ratio of 10.36, a price-to-earnings-growth ratio of 0.74 and a beta of 0.58. The firm has a 50-day moving average of $90.12 and a 200-day moving average of $88.94. CVS Health Corporation has a one year low of $69.51 and a one year high of $110.68. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.85 and a quick ratio of 0.66.
CVS Health (NYSE:CVS – Get Free Report) last issued its earnings results on Wednesday, November 4th. The pharmacy operator reported $2.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.65 by $0.44. CVS Health had a net margin of 2.62% and a return on equity of 13.65%. The company had revenue of $108.40 billion for the quarter, compared to analysts’ expectations of $104.72 billion. During the same period in the prior year, the firm earned $1.60 EPS. CVS Health’s quarterly revenue was up 5.4% compared to the same quarter last year. As a group, equities analysts forecast that CVS Health Corporation will post 8.25 earnings per share for the current year.
CVS Health Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 2nd. Shareholders of record on Thursday, October 22nd were paid a $0.6650 dividend. The ex-dividend date was Thursday, October 22nd. This represents a $2.66 annualized dividend and a yield of 3.0%. CVS Health’s dividend payout ratio is currently 30.97%.
Wall Street Analyst Weigh In
A number of analysts have recently commented on the stock. UBS Group cut their price objective on shares of CVS Health from $118.00 to $107.00 and set a “buy” rating on the stock in a research report on Thursday, November 5th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $112.00 target price on shares of CVS Health in a research report on Wednesday, September 9th. Wall Street Zen lowered shares of CVS Health from a “strong-buy” rating to a “buy” rating in a research note on Monday, October 19th. Barclays cut their price target on shares of CVS Health from $108.00 to $107.00 and set an “overweight” rating on the stock in a research report on Thursday, November 5th. Finally, Leerink Partners reduced their price objective on shares of CVS Health from $112.00 to $104.00 and set an “outperform” rating for the company in a research note on Thursday, November 5th. Twenty-three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, CVS Health currently has a consensus rating of “Moderate Buy” and a consensus target price of $108.25.
Get Our Latest Research Report on CVS
About CVS Health
CVS Health is a U.S.-based health care company that operates retail pharmacies, provides pharmacy benefit management services, and offers health insurance and other health services. Its businesses include CVS Pharmacy, pharmacy benefit manager CVS Caremark, and Aetna, its health benefits division. The company also provides care through MinuteClinic walk-in clinics and health care businesses including Oak Street Health and Signify Health. Its services span prescription fulfillment, pharmacy benefit management, health insurance, primary care, and in-home and community-based care.
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