Virginia Wealth Management Group Inc. Acquires 12,210 Shares of CVS Health Co. (NYSE:CVS)

Virginia Wealth Management Group Inc. raised its stake in CVS Health Co. (NYSE:CVS) by 29.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 54,351 shares of the pharmacy operator’s stock after buying an additional 12,210 shares during the period. CVS Health comprises about 2.1% of Virginia Wealth Management Group Inc.’s portfolio, making the stock its 25th biggest position. Virginia Wealth Management Group Inc.’s holdings in CVS Health were worth $3,418,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in CVS. Pzena Investment Management LLC grew its holdings in shares of CVS Health by 132.9% during the second quarter. Pzena Investment Management LLC now owns 12,936,388 shares of the pharmacy operator’s stock valued at $764,023,000 after buying an additional 7,382,931 shares during the last quarter. Capital International Investors lifted its holdings in shares of CVS Health by 12.5% in the first quarter. Capital International Investors now owns 37,917,923 shares of the pharmacy operator’s stock valued at $3,024,334,000 after purchasing an additional 4,226,225 shares in the last quarter. Capital World Investors boosted its position in shares of CVS Health by 8.0% during the first quarter. Capital World Investors now owns 43,776,874 shares of the pharmacy operator’s stock valued at $3,491,643,000 after buying an additional 3,232,172 shares during the last quarter. State of Michigan Retirement System raised its position in CVS Health by 402.5% in the 2nd quarter. State of Michigan Retirement System now owns 2,005,677 shares of the pharmacy operator’s stock valued at $118,455,000 after buying an additional 1,606,500 shares during the last quarter. Finally, Swedbank AB bought a new stake in shares of CVS Health in the 1st quarter worth $110,816,000. Institutional investors own 80.66% of the company’s stock.

CVS Health Price Performance

Shares of NYSE:CVS traded up $0.51 on Friday, hitting $67.36. The company’s stock had a trading volume of 4,163,537 shares, compared to its average volume of 10,994,951. The company has a 50-day simple moving average of $58.97 and a 200 day simple moving average of $61.24. The company has a market capitalization of $84.56 billion, a PE ratio of 11.78, a PEG ratio of 0.93 and a beta of 0.54. CVS Health Co. has a 1 year low of $52.77 and a 1 year 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 released its earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 EPS for the quarter, beating the consensus estimate of $1.73 by $0.10. CVS Health had a net margin of 1.98% and a return on equity of 12.72%. The company had revenue of $91.23 billion for the quarter, compared to analyst estimates of $91.41 billion. During the same quarter last year, the firm earned $2.21 EPS. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. Sell-side analysts forecast that CVS Health Co. will post 6.51 EPS for the current fiscal year.

CVS Health Announces Dividend

The firm also recently announced 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 dividend yield of 3.95%. CVS Health’s dividend payout ratio is presently 46.75%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CVS shares. Barclays upgraded shares of CVS Health from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $63.00 to $82.00 in a report on Thursday. Truist Financial upped their target price on CVS Health from $66.00 to $76.00 and gave the company a “buy” rating in a report on Friday. 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. Royal Bank of Canada reaffirmed an “outperform” rating and set a $68.00 target price on shares of CVS Health in a research report on Wednesday, September 4th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of CVS Health from $64.00 to $63.00 and set a “hold” rating on the stock in a report on Friday, August 9th. Nine investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.