Steward Partners Investment Advisory LLC lifted its stake in CVS Health Corp (NYSE:CVS) by 33.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 65,537 shares of the pharmacy operator’s stock after buying an additional 16,243 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in CVS Health were worth $3,571,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of CVS. Norges Bank bought a new position in shares of CVS Health in the fourth quarter worth about $840,254,000. FMR LLC grew its position in shares of CVS Health by 30.6% during the fourth quarter. FMR LLC now owns 39,263,265 shares of the pharmacy operator’s stock worth $2,572,528,000 after purchasing an additional 9,194,005 shares in the last quarter. Geode Capital Management LLC grew its position in shares of CVS Health by 36.2% during the fourth quarter. Geode Capital Management LLC now owns 16,462,292 shares of the pharmacy operator’s stock worth $1,076,697,000 after purchasing an additional 4,376,604 shares in the last quarter. Epoch Investment Partners Inc. grew its position in shares of CVS Health by 1,908.9% during the fourth quarter. Epoch Investment Partners Inc. now owns 3,872,700 shares of the pharmacy operator’s stock worth $253,740,000 after purchasing an additional 3,679,925 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of CVS Health by 28.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 13,790,753 shares of the pharmacy operator’s stock worth $903,574,000 after purchasing an additional 3,041,266 shares in the last quarter. 77.33% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts recently issued reports on the company. Credit Suisse Group cut CVS Health from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $73.00 to $61.00 in a research report on Monday, April 29th. SunTrust Banks cut their target price on CVS Health from $85.00 to $65.00 in a research report on Wednesday, April 10th. Oppenheimer cut CVS Health from an “outperform” rating to a “market perform” rating in a research report on Monday, April 15th. Standpoint Research upgraded CVS Health from a “hold” rating to a “buy” rating in a research report on Wednesday, June 5th. Finally, Citigroup set a $74.00 target price on CVS Health and gave the stock a “buy” rating in a research report on Thursday, May 2nd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $76.48.
CVS Health (NYSE:CVS) last released its quarterly earnings results on Wednesday, August 7th. The pharmacy operator reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.70 by $0.19. The business had revenue of $63.43 billion during the quarter, compared to analysts’ expectations of $62.66 billion. CVS Health had a positive return on equity of 16.80% and a negative net margin of 0.08%. The firm’s revenue for the quarter was up 35.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.69 EPS. Equities analysts forecast that CVS Health Corp will post 6.84 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Thursday, July 25th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend was Wednesday, July 24th. CVS Health’s dividend payout ratio is presently 28.25%.
About CVS Health
CVS Health Corporation provides health services and plans in the United States. Its Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, retail pharmacy network management, mail order pharmacy, specialty pharmacy and infusion, Medicare Part D, clinical, disease management, and medical spend management services.
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