Cornerstone Wealth Group LLC Buys Shares of 2,598 CVS Health Co. (NYSE:CVS)

Cornerstone Wealth Group LLC bought a new stake in CVS Health Co. (NYSE:CVS) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,598 shares of the pharmacy operator’s stock, valued at approximately $207,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of CVS Health by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 117,696,285 shares of the pharmacy operator’s stock valued at $9,293,299,000 after purchasing an additional 533,659 shares during the period. Capital World Investors raised its stake in shares of CVS Health by 0.3% during the 4th quarter. Capital World Investors now owns 40,544,702 shares of the pharmacy operator’s stock valued at $3,201,410,000 after purchasing an additional 119,631 shares during the period. Capital International Investors raised its stake in shares of CVS Health by 47.4% during the 4th quarter. Capital International Investors now owns 33,691,698 shares of the pharmacy operator’s stock valued at $2,660,298,000 after purchasing an additional 10,837,801 shares during the period. Royal Bank of Canada raised its stake in shares of CVS Health by 2.2% during the 3rd quarter. Royal Bank of Canada now owns 14,136,920 shares of the pharmacy operator’s stock valued at $987,041,000 after purchasing an additional 303,512 shares during the period. Finally, Norges Bank bought a new stake in shares of CVS Health during the 4th quarter valued at $1,092,040,000. 80.66% of the stock is currently owned by institutional investors.

Insider Buying and Selling at CVS Health

In other CVS Health news, Director Edward J. Ludwig purchased 1,000 shares of the stock in a transaction on Thursday, May 2nd. The stock was acquired at an average price of $53.88 per share, with a total value of $53,880.00. Following the transaction, the director now directly owns 21,630 shares of the company’s stock, valued at approximately $1,165,424.40. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.24% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CVS has been the subject of several recent analyst reports. Truist Financial restated a “buy” rating and set a $66.00 target price (down from $90.00) on shares of CVS Health in a research report on Thursday, May 2nd. UBS Group cut CVS Health from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $85.00 to $60.00 in a research report on Thursday, May 2nd. Cantor Fitzgerald restated a “neutral” rating and set a $58.00 target price on shares of CVS Health in a research report on Wednesday, June 12th. Robert W. Baird initiated coverage on CVS Health in a research report on Thursday, May 30th. They set a “neutral” rating and a $61.00 target price for the company. Finally, Wells Fargo & Company reduced their target price on CVS Health from $76.00 to $60.00 and set an “equal weight” rating for the company in a research report on Tuesday, May 7th. Eleven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, CVS Health presently has an average rating of “Moderate Buy” and an average target price of $75.05.

CVS Health Trading Up 1.2 %

Shares of NYSE CVS traded up $0.70 during midday trading on Friday, reaching $59.06. The company had a trading volume of 14,343,538 shares, compared to its average volume of 11,322,786. The firm’s fifty day moving average price is $59.56 and its 200-day moving average price is $70.17. The stock has a market cap of $74.14 billion, a PE ratio of 10.38, a price-to-earnings-growth ratio of 0.56 and a beta of 0.53. The company has a quick ratio of 0.61, a current ratio of 0.81 and a debt-to-equity ratio of 0.78. CVS Health Co. has a one year low of $52.77 and a one year high of $83.25.

CVS Health (NYSE:CVS) last released its quarterly earnings results on Wednesday, May 1st. The pharmacy operator reported $1.31 EPS for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.38). The business had revenue of $88.44 billion for the quarter, compared to the consensus estimate of $89.33 billion. CVS Health had a net margin of 2.03% and a return on equity of 13.53%. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the previous year, the company earned $2.20 EPS. On average, equities research analysts anticipate that CVS Health Co. will post 7.02 earnings per share for the current year.

CVS Health Profile

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.