Independence Bank of Kentucky Boosts Holdings in CVS Health Co. (NYSE:CVS)

Independence Bank of Kentucky grew its stake in shares of CVS Health Co. (NYSE:CVS) by 6.4% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 9,987 shares of the pharmacy operator’s stock after acquiring an additional 597 shares during the period. Independence Bank of Kentucky’s holdings in CVS Health were worth $628,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Oarsman Capital Inc. lifted its position in shares of CVS Health by 5.0% during the fourth quarter. Oarsman Capital Inc. now owns 16,025 shares of the pharmacy operator’s stock worth $1,265,000 after acquiring an additional 756 shares in the last quarter. Hobbs Group Advisors LLC bought a new stake in shares of CVS Health during the fourth quarter valued at about $421,000. Taylor Financial Group Inc. purchased a new stake in shares of CVS Health in the fourth quarter worth about $454,000. Voisard Asset Management Group Inc. purchased a new position in CVS Health during the fourth quarter valued at approximately $46,000. Finally, Sunpointe LLC bought a new stake in CVS Health during the 4th quarter worth approximately $322,000. Institutional investors own 80.66% of the company’s stock.

CVS Health Stock Performance

Shares of NYSE:CVS opened at $66.63 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.66 and a debt-to-equity ratio of 0.83. The company has a market cap of $83.65 billion, a price-to-earnings ratio of 11.71, a price-to-earnings-growth ratio of 0.93 and a beta of 0.54. CVS Health Co. has a 12 month low of $52.77 and a 12 month high of $83.25. The company has a 50-day moving average price of $59.12 and a 200-day moving average price of $61.15.

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

CVS Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Monday, October 21st will be paid a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date is Monday, October 21st. CVS Health’s payout ratio is 46.75%.

Analysts Set New Price Targets

CVS has been the topic of several research analyst reports. Evercore ISI upped their price target on shares of CVS Health from $62.00 to $75.00 and gave the stock an “outperform” rating in a report on Tuesday. Truist Financial raised their price target on CVS Health from $66.00 to $76.00 and gave the company a “buy” rating in a report on Friday. Royal Bank of Canada restated an “outperform” rating and issued a $68.00 price objective on shares of CVS Health in a research report on Wednesday, September 4th. Barclays upgraded shares of CVS Health from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $63.00 to $82.00 in a research report on Thursday. Finally, Wells Fargo & Company raised their price objective on shares of CVS Health from $60.00 to $61.00 and gave the company an “equal weight” rating in a research report on Monday, August 12th. Nine equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $75.26.

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.