Procyon Advisors LLC Takes Position in CVS Health Co. (NYSE:CVS)

Procyon Advisors LLC acquired a new position in CVS Health Co. (NYSE:CVS) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,242 shares of the pharmacy operator’s stock, valued at approximately $202,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Steph & Co. boosted its holdings in CVS Health by 192.0% in the first quarter. Steph & Co. now owns 438 shares of the pharmacy operator’s stock worth $35,000 after purchasing an additional 288 shares in the last quarter. Kapitalo Investimentos Ltda acquired a new position in shares of CVS Health during the 4th quarter valued at about $36,000. Scarborough Advisors LLC bought a new position in shares of CVS Health in the 4th quarter valued at approximately $37,000. Crewe Advisors LLC acquired a new stake in CVS Health in the 1st quarter worth approximately $40,000. Finally, Retirement Group LLC boosted its position in CVS Health by 54.3% during the first quarter. Retirement Group LLC now owns 517 shares of the pharmacy operator’s stock worth $41,000 after purchasing an additional 182 shares during the period. 80.66% of the stock is currently owned by institutional investors and hedge funds.

CVS Health Stock Performance

Shares of NYSE:CVS opened at $65.01 on Thursday. The stock has a market capitalization of $81.61 billion, a price-to-earnings ratio of 11.43, a price-to-earnings-growth ratio of 0.93 and a beta of 0.54. The business’s fifty day moving average price is $59.62 and its two-hundred day moving average price is $60.73. CVS Health Co. has a fifty-two week low of $52.77 and a fifty-two week high of $83.25. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.86 and a quick ratio of 0.66.

CVS Health (NYSE:CVS) last announced its earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.10. The business had revenue of $91.23 billion during the quarter, compared to analysts’ expectations of $91.41 billion. CVS Health had a net margin of 1.98% and a return on equity of 12.72%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter last year, the company posted $2.21 EPS. As a group, analysts predict that CVS Health Co. will post 6.51 EPS for the current fiscal year.

CVS Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Monday, October 21st will be issued a dividend of $0.665 per share. The ex-dividend date of this dividend is Monday, October 21st. This represents a $2.66 dividend on an annualized basis and a yield of 4.09%. CVS Health’s dividend payout ratio is 46.75%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CVS shares. TD Cowen upgraded shares of CVS Health from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $59.00 to $85.00 in a research note on Friday, October 4th. Barclays upgraded shares of CVS Health from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $63.00 to $82.00 in a report on Thursday, October 10th. Truist Financial lifted their price objective on CVS Health from $66.00 to $76.00 and gave the stock a “buy” rating in a research note on Friday, October 11th. Wells Fargo & Company raised their target price on CVS Health from $60.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday, August 12th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $62.00 price target on shares of CVS Health in a report on Tuesday, October 1st. Nine analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $75.26.

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.