BlackRock Fund Advisors recently announced the acquisition of new stake in CVS Health Corporation (NYSE:CVS). The institutional investor has increased its shareholding in the Healthcare company by 0.59% to 59.31 million shares with purchase of 0.35 million shares. This fresh investment now brings its stake to 4.54% valued currently at $3.73 billion. In addition, SSgA Funds Management, Inc. raised its holdings by 0.96 million to 57.0 million shares. And Capital Research & Management Co.. has lifted its position by 115.13% or 14.21 million shares – to 26.56 million shares.
With over 8.17 million CVS Health Corporation (CVS) shares trading Monday and a closing price of $62.12 on the day, the dollar volume was approximately $507.31 million. The shares have shown a negative weekly performance of -2.74% and its price on 08/31/20 lost nearly -1.72%. Currently, there are 1.31B common shares owned by the public and among those 1.31B shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 26 analysts who have offered their price forecasts for CVS have a consensus price objective of $80.57. The analysts have set the share’s price value over the next 12 months at a high of $104.00 and a low of $65.00 should the stock experience a downside. Incidentally, analysts’ outlook for the CVS Health Corporation stock is 2.10 for the next 12 months. The average price target is 21.11% above its last price level and an upside to the estimated low will see the stock gain 4.43% over that period. But an upside of 40.27% will see the stock hit the forecast high price target while mean target price for the stock is $80.00.
Insiders at the company have transacted a total of 77 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 38 of these insider trades were purchases, accounting for 812,803 shares. Insider sales of the common stock occurred on 39 occasions, with total insider shares sold totaling 643,162 shares.
The top 3 mutual fund holders in CVS Health Corporation are Vanguard Total Stock Market Index, Vanguard 500 Index Fund, and Washington Mutual Investors Fund. Vanguard Total Stock Market Index owns 37.14 million shares of the company’s stock, all valued at over $2.34 billion. The company sold -0.11 million shares recently to bring their total holdings to about 2.84% of the shares outstanding. Vanguard 500 Index Fund sold -0.16 million shares to see its total holdings shrink to 26.96 million shares valued at over $1.7 billion and representing 2.06% of the shares outstanding. Washington Mutual Investors Fund bought 8.61 million shares to bring its total holdings to over 23.68 million shares at a value of $1.49 billion. Washington Mutual Investors Fund now owns shares totaling to 1.81% of the shares outstanding.
Shares of CVS Health Corporation (NYSE: CVS) opened at $62.46, down -$0.75 from a prior closing price of $63.21. However, the script later closed the day at $62.12, down -1.72%. The company’s stock has a 5-day price change of -2.74% and -7.06% over the past three months. CVS shares are trading -16.38% year to date (YTD), with the 12-month market performance up to 1.97% higher. It has a 12-month low price of $52.04 and touched a high of $77.03 over the same period. Currently, 8.17 million shares have been traded, compared to an average intraday trading volume of 7.05 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -3.56%, -3.07%, and -6.27% respectively.
Institutional ownership of CVS Health Corporation (NYSE: CVS) shares accounts for 79.00% of the company’s 1.31B shares outstanding. Mutual fund holders own 37.83%, while other institutional holders and individual stakeholders account for 41.11% and 0.85% respectively.
It has a market capitalization of $81.53B and a beta (3y monthly) value of 0.67. The stock’s trailing 12-month PE ratio is 9.86, while the earnings-per-share (ttm) stands at $6.30. The company has a PEG of 1.56 and a Quick Ratio of 0.70 with the debt-to-equity ratio at 1.05. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.71% over the week and 2.10% over the month.
Analysts forecast that CVS Health Corporation (CVS) will achieve an EPS of $1.32 for the current quarter, $1.36 for the next quarter and $7.53 for 2021. The lowest estimate earnings-per-share for the quarter is $1.22 while analysts give the company a high EPS estimate of $1.39. Comparatively, EPS for the current quarter was $1.84 a year ago. Earnings per share for the fiscal year are expected to increase by 861.40%, and 4.33% over the next financial year. EPS should grow at an annualized rate of 6.34% over the next five years, compared to 5.10% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 26 brokerage firm advisors rate CVS Health Corporation (CVS) as a “Moderate Buy” at a consensus score of 2.10. Specifically, 19 Wall Street analysts polled rate the stock as a buy, while 6 of the 26 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CVS, a number of firms have released research notes about the stock. SVB Leerink stated their Mkt Perform rating for the stock in a research note on July 01, 2020, with the firm’s price target at $72. Credit Suisse coverage for the CVS Health Corporation (CVS) stock in a research note released on May 14, 2020 offered a Outperform rating with a price target of $75. RBC Capital Mkts was of a view on September 27, 2019 that the stock is Outperform, while Deutsche Bank gave the stock Buy rating on September 12, 2019, issuing a price target of. Standpoint Research on their part issued Buy rating on June 05, 2019.