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Abacus Planning Group Inc. Has $1.16 Million Position in CVS Health Co. (NYSE:CVS)

Financial News Live · Sep 24, 2022 15:31

Abacus Planning Group Inc. raised its holdings in CVS Health Co. (NYSE:CVS – Get Rating) by 5.1% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 12,566 shares of the pharmacy operator's stock after acquiring an additional 608 shares during the quarter. Abacus Planning Group Inc.'s holdings in CVS Health were worth $1,164,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CVS. Macroview Investment Management LLC increased its stake in CVS Health by 128.3% in the 1st quarter. Macroview Investment Management LLC now owns 242 shares of the pharmacy operator's stock valued at $25,000 after buying an additional 136 shares during the last quarter. Claremont Financial Group Inc. acquired a new stake in CVS Health in the 4th quarter valued at $26,000. Stuart Chaussee & Associates Inc. increased its stake in shares of CVS Health by 123.0% during the 1st quarter. Stuart Chaussee & Associates Inc. now owns 310 shares of the pharmacy operator's stock worth $31,000 after purchasing an additional 171 shares during the last quarter. Rise Advisors LLC acquired a new position in shares of CVS Health during the 4th quarter worth about $41,000. Finally, Carl Stuart Investment Advisor Inc. acquired a new position in shares of CVS Health during the 1st quarter worth about $41,000. 77.64% of the stock is currently owned by institutional investors and hedge funds.

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CVS Health Price Performance

Shares of NYSE:CVS traded down $1.48 during midday trading on Friday, hitting $98.35. The stock had a trading volume of 4,647,029 shares, compared to its average volume of 4,427,529. The company's 50-day moving average price is $100.20 and its 200-day moving average price is $99.25. The company has a market capitalization of $129.12 billion, a P/E ratio of 15.99, a price-to-earnings-growth ratio of 1.52 and a beta of 0.73. The company has a quick ratio of 0.65, a current ratio of 0.91 and a debt-to-equity ratio of 0.67. CVS Health Co. has a fifty-two week low of $81.78 and a fifty-two week high of $111.25.

CVS Health (NYSE:CVS – Get Rating) last released its quarterly earnings data on Wednesday, August 3rd. The pharmacy operator reported $2.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.16 by $0.24. The business had revenue of $80.64 billion during the quarter, compared to analysts' expectations of $76.38 billion. CVS Health had a net margin of 2.65% and a return on equity of 15.19%. The firm's quarterly revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the company earned $2.42 EPS. As a group, equities research analysts predict that CVS Health Co. will post 8.53 EPS for the current fiscal year.

CVS Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Friday, October 21st will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date is Thursday, October 20th. CVS Health's dividend payout ratio is 35.77%.

Insider Buying and Selling

In related news, EVP Alan Lotvin sold 22,541 shares of the company's stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $104.00, for a total transaction of $2,344,264.00. Following the completion of the transaction, the executive vice president now directly owns 109,183 shares in the company, valued at approximately $11,355,032. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other CVS Health news, EVP Thomas M. Moriarty sold 138,654 shares of the company's stock in a transaction that occurred on Tuesday, June 28th. The shares were sold at an average price of $95.00, for a total value of $13,172,130.00. Following the completion of the transaction, the executive vice president now directly owns 626,273 shares in the company, valued at approximately $59,495,935. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Alan Lotvin sold 22,541 shares of the company's stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $104.00, for a total transaction of $2,344,264.00. Following the completion of the transaction, the executive vice president now owns 109,183 shares of the company's stock, valued at $11,355,032. The disclosure for this sale can be found here. 0.69% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CVS shares. UBS Group boosted their price objective on shares of CVS Health from $118.00 to $127.00 and gave the stock a "buy" rating in a research note on Thursday, August 4th. Evercore ISI boosted their price objective on shares of CVS Health from $120.00 to $125.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 7th. Credit Suisse Group lifted their target price on shares of CVS Health from $113.00 to $117.00 and gave the stock an "outperform" rating in a report on Monday, August 8th. Loop Capital started coverage on shares of CVS Health in a report on Thursday, June 16th. They set a "buy" rating and a $120.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of CVS Health from $113.00 to $120.00 in a report on Thursday, August 4th. Four investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $117.59.

CVS Health Company Profile

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CVS Health Corporation provides health services in the United States. The company's Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services. It serves employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups, and expatriates.