Charles Schwab Investment Management Inc. has increased its position in CVS Health Corporation (NYSE: CVS) by 1.0% during the second quarter of 2023. The firm now owns 13,783,474 shares of CVS, following the acquisition of an additional 135,601 shares during the period. According to its latest filing with the Securities and Exchange Commission, Charles Schwab’s holdings in CVS are valued at approximately $950,785,000.
A number of other investment firms have also adjusted their stakes in CVS Health. Notably, Avion Wealth raised its holdings by 99.0%, now owning 380 shares worth about $26,000 after acquiring 189 additional shares. Harbor Asset Planning Inc. has entered the CVS market with a new position valued at around $30,000. Meanwhile, Bell Investment Advisors Inc. increased its stake by 119.8%, now holding 455 shares valued at $31,000 after purchasing 248 extra shares. Roxbury Financial LLC also expanded its position by 78.3%, acquiring 460 shares valued at $32,000. ORG Partners LLC made a significant move, increasing its stake by 418.9%, owning 467 shares worth $32,000.
Strong institutional investment characterizes CVS Health, with institutional investors and hedge funds collectively owning 80.66% of the company’s stock.
Analysts’ Insights on CVS Health
Wall Street analysts have offered varied assessments of CVS Health recently. UBS Group raised its price target from $79.00 to $96.00, maintaining a “buy” rating in a note released on October 24, 2023. Conversely, Zacks Research downgraded CVS Health from a “strong-buy” to a “hold” rating on September 8, 2023. Cantor Fitzgerald increased its price target from $78.00 to $95.00, assigning an “overweight” rating on October 30, 2023. Argus also raised its price objective from $80.00 to $91.00, supporting a “buy” rating in a report on November 4, 2023. Weiss Ratings reiterated a “hold (C-)” rating on November 17, 2023.
In total, two analysts have provided a Strong Buy rating, while twenty-one have issued a Buy rating and four have given a Hold rating. According to data from MarketBeat.com, CVS Health has a consensus rating of “Moderate Buy” and an average price target of $89.41.
CVS Health Stock Performance and Financials
As of the last trading session, shares of CVS stock opened at $77.92. The company has experienced a 52-week low of $43.56 and a 52-week high of $85.15. CVS Health’s financial metrics include a quick ratio of 0.62, a current ratio of 0.83, and a debt-to-equity ratio of 0.83. The company boasts a market capitalization of $98.91 billion, a price-to-earnings (P/E) ratio of 205.06, and a price-to-earnings-growth (PEG) ratio of 0.87.
CVS Health announced its quarterly earnings results on October 29, 2023, reporting earnings per share (EPS) of $1.60, surpassing the consensus estimate of $1.36 by $0.24. The company achieved a return on equity of 11.45% and a net margin of 0.12%. Revenue for the quarter totaled $102.87 billion, exceeding analysts’ expectations of $98.85 billion. This represents a 7.8% increase in quarterly revenue compared to the same period last year. CVS Health has set its fiscal year 2025 earnings guidance at $6.550-$6.650 EPS, with analysts projecting an average of $5.89 EPS for the current year.
In addition, CVS Health declared a quarterly dividend of $0.665 per share, which was paid on November 3, 2023. Investors of record on October 23, 2023 received this dividend, translating to an annualized dividend of $2.66 and a yield of 3.4%. The ex-dividend date was also October 23, 2023. CVS Health’s dividend payout ratio stands at an unusually high 700.00%.
CVS Health Corporation operates within the health solutions sector in the United States, providing services through its Health Care Benefits, Health Services, and Pharmacy & Consumer Wellness segments. The company offers a range of health insurance products and related services, catering to diverse consumer needs.
