CVS Health Corp (NYSE:CVS) declared a quarterly dividend on Tuesday, March 13th, RTT News reports. Investors of record on Monday, April 23rd will be given a dividend of 0.50 per share by the pharmacy operator on Thursday, May 3rd. This represents a $2.00 dividend on an annualized basis and a yield of 2.97%.
CVS Health has increased its dividend by an average of 22.1% annually over the last three years and has increased its dividend every year for the last 10 years. CVS Health has a dividend payout ratio of 34.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect CVS Health to earn $6.74 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 29.7%.
CVS Health (NYSE CVS) traded down $0.86 during trading on Wednesday, reaching $67.39. The company’s stock had a trading volume of 2,025,492 shares, compared to its average volume of 8,640,459. CVS Health has a 52 week low of $66.45 and a 52 week high of $84.00. The company has a quick ratio of 0.52, a current ratio of 1.02 and a debt-to-equity ratio of 0.59. The firm has a market cap of $68,430.00, a PE ratio of 10.43, a price-to-earnings-growth ratio of 1.14 and a beta of 1.03.
Several analysts have recently commented on CVS shares. Deutsche Bank reissued a “hold” rating on shares of CVS Health in a report on Tuesday, December 5th. Needham & Company LLC set a $98.00 price target on CVS Health and gave the company a “buy” rating in a report on Friday, February 9th. Raymond James Financial raised CVS Health from an “outperform” rating to a “strong-buy” rating and set a $90.00 price target for the company in a report on Thursday, January 4th. They noted that the move was a valuation call. Royal Bank of Canada set a $95.00 price target on CVS Health and gave the company a “buy” rating in a report on Monday, December 4th. Finally, Cowen reissued an “outperform” rating and issued a $99.00 price target (up from $81.00) on shares of CVS Health in a report on Thursday, January 18th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $87.03.
In other CVS Health news, EVP Lisa Bisaccia sold 29,445 shares of the firm’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $75.00, for a total transaction of $2,208,375.00. Following the completion of the transaction, the executive vice president now owns 15,556 shares of the company’s stock, valued at $1,166,700. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Helena Foulkes sold 19,965 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $71.04, for a total value of $1,418,313.60. Following the transaction, the executive vice president now directly owns 65,072 shares of the company’s stock, valued at approximately $4,622,714.88. The disclosure for this sale can be found here. Company insiders own 0.61% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Fieldpoint Private Securities LLC boosted its holdings in CVS Health by 333.3% in the second quarter. Fieldpoint Private Securities LLC now owns 1,300 shares of the pharmacy operator’s stock valued at $105,000 after acquiring an additional 1,000 shares during the last quarter. Optimum Investment Advisors lifted its stake in shares of CVS Health by 20.0% during the second quarter. Optimum Investment Advisors now owns 3,444 shares of the pharmacy operator’s stock worth $277,000 after purchasing an additional 573 shares in the last quarter. Bluefin Trading LLC acquired a new position in shares of CVS Health during the second quarter worth about $298,000. Keel Point LLC lifted its stake in shares of CVS Health by 16.0% during the second quarter. Keel Point LLC now owns 3,824 shares of the pharmacy operator’s stock worth $308,000 after purchasing an additional 528 shares in the last quarter. Finally, Wafra Investment Advisory Group Inc. NY acquired a new position in shares of CVS Health during the second quarter worth about $507,000. 84.12% of the stock is owned by institutional investors.
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About CVS Health
CVS Health Corporation, together with its subsidiaries, is an integrated pharmacy healthcare company. The Company provides pharmacy care for the senior community through Omnicare, Inc (Omnicare) and Omnicare’s long-term care (LTC) operations, which include distribution of pharmaceuticals, related pharmacy consulting and other ancillary services to chronic care facilities and other care settings.
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