CVS Health Co. (NYSE:CVS) Short Interest Up 6.2% in August

17 Sep 2024, 19:55 by Renee Jackson · The Cerbat Gem

CVS Health Co. (NYSE:CVS – Get Free Report) was the recipient of a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 18,500,000 shares, a growth of 6.2% from the August 15th total of 17,420,000 shares. Based on an average daily volume of 9,210,000 shares, the short-interest ratio is presently 2.0 days. Approximately 1.5% of the company’s shares are short sold.

CVS Health Stock Down 0.9 %

Shares of CVS traded down $0.52 during midday trading on Tuesday, hitting $57.85. The company had a trading volume of 6,170,865 shares, compared to its average volume of 10,992,142. The stock has a market cap of $72.62 billion, a price-to-earnings ratio of 10.16, a PEG ratio of 0.79 and a beta of 0.53. The company’s 50 day moving average price is $58.31 and its 200 day moving average price is $62.88. The company has a quick ratio of 0.66, a current ratio of 0.86 and a debt-to-equity ratio of 0.83. CVS Health has a 52 week low of $52.77 and a 52 week high of $83.25.

CVS Health (NYSE:CVS – Get Free Report) last announced its quarterly earnings data on Wednesday, August 7th. The pharmacy operator reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.10. The firm had revenue of $91.23 billion for the quarter, compared to analysts’ expectations of $91.41 billion. CVS Health had a return on equity of 12.72% and a net margin of 1.98%. CVS Health’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.21 earnings per share. On average, equities research analysts predict that CVS Health will post 6.51 EPS for the current year.

CVS Health Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 22nd were issued a $0.665 dividend. The ex-dividend date of this dividend was Monday, July 22nd. This represents a $2.66 dividend on an annualized basis and a yield of 4.60%. CVS Health’s dividend payout ratio is currently 46.75%.

Hedge Funds Weigh In On CVS Health

Institutional investors have recently made changes to their positions in the stock. Newbridge Financial Services Group Inc. increased its holdings in shares of CVS Health by 82.5% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 4,096 shares of the pharmacy operator’s stock worth $242,000 after acquiring an additional 1,852 shares during the period. Prio Wealth Limited Partnership increased its stake in shares of CVS Health by 1.1% in the second quarter. Prio Wealth Limited Partnership now owns 57,413 shares of the pharmacy operator’s stock valued at $3,391,000 after purchasing an additional 600 shares during the period. Sanctuary Advisors LLC bought a new stake in shares of CVS Health during the second quarter valued at approximately $8,005,000. Brown Financial Advisors acquired a new position in shares of CVS Health during the second quarter worth approximately $684,000. Finally, Strategic Investment Solutions Inc. IL bought a new position in CVS Health in the 2nd quarter worth approximately $63,000. 80.66% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on CVS. Royal Bank of Canada reiterated an “outperform” rating and issued a $68.00 price target on shares of CVS Health in a report on Wednesday, September 4th. Robert W. Baird began coverage on CVS Health in a research report on Thursday, May 30th. They set a “neutral” rating and a $61.00 price target for the company. JPMorgan Chase & Co. cut their price objective on CVS Health from $101.00 to $86.00 and set an “overweight” rating on the stock in a report on Thursday, May 30th. Wells Fargo & Company boosted their target price on CVS Health from $60.00 to $61.00 and gave the stock an “equal weight” rating in a report on Monday, August 12th. Finally, Baird R W raised shares of CVS Health to a “hold” rating in a research report on Thursday, May 30th. Eleven equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, CVS Health presently has a consensus rating of “Moderate Buy” and an average price target of $72.10.

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