Redwood Investments LLC Reduces Position in CVS Health Corporation (CVS)
Redwood Investments LLC cut its position in shares of CVS Health Corporation (NYSE:CVS) by 25.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 218,318 shares of the pharmacy operator’s stock after selling 74,898 shares during the period. CVS Health Corporation makes up approximately 1.9% of Redwood Investments LLC’s holdings, making the stock its 13th largest position. Redwood Investments LLC’s holdings in CVS Health Corporation were worth $20,902,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Aperio Group LLC raised its position in shares of CVS Health Corporation by 3.9% in the first quarter. Aperio Group LLC now owns 745,921 shares of the pharmacy operator’s stock worth $77,374,000 after buying an additional 28,013 shares in the last quarter. Mn Services Vermogensbeheer B.V. purchased a new position in shares of CVS Health Corporation during the first quarter worth $2,526,000. Thomas White International Ltd. raised its stake in CVS Health Corporation by 24.7% in the first quarter. Thomas White International Ltd. now owns 24,532 shares of the pharmacy operator’s stock valued at $2,545,000 after buying an additional 4,866 shares during the period. Virginia Retirement System bought a new stake in CVS Health Corporation during the first quarter valued at approximately $37,066,000. Finally, BTC Capital Management Inc. raised its stake in CVS Health Corporation by 4.3% in the first quarter. BTC Capital Management Inc. now owns 61,399 shares of the pharmacy operator’s stock valued at $6,369,000 after buying an additional 2,543 shares during the period. 80.95% of the stock is currently owned by institutional investors and hedge funds.
CVS Health Corporation (NYSE:CVS) traded up 0.91% during midday trading on Friday, hitting $88.80. The company had a trading volume of 6,705,822 shares. CVS Health Corporation has a 52-week low of $85.41 and a 52-week high of $106.67. The stock has a market cap of $94.68 billion, a PE ratio of 20.43 and a beta of 0.83. The stock’s 50-day moving average price is $90.11 and its 200-day moving average price is $96.45.
CVS Health Corporation (NYSE:CVS) last released its earnings results on Tuesday, August 2nd. The pharmacy operator reported $1.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.30 by $0.02. CVS Health Corporation had a return on equity of 15.86% and a net margin of 2.88%. The company had revenue of $43.70 billion for the quarter, compared to analysts’ expectations of $44.28 billion. During the same quarter in the previous year, the firm posted $1.19 EPS. The firm’s quarterly revenue was up 17.6% on a year-over-year basis. On average, equities research analysts expect that CVS Health Corporation will post $5.86 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 3rd. Shareholders of record on Monday, October 24th will be given a dividend of $0.425 per share. This represents a $1.70 annualized dividend and a yield of 1.91%. The ex-dividend date is Thursday, October 20th. CVS Health Corporation’s payout ratio is 39.08%.
CVS has been the topic of several analyst reports. Morgan Stanley reaffirmed a “hold” rating and set a $104.00 target price on shares of CVS Health Corporation in a report on Wednesday, August 3rd. Jefferies Group reaffirmed a “buy” rating on shares of CVS Health Corporation in a report on Monday, July 4th. FBR & Co reaffirmed an “outperform” rating and set a $120.00 target price on shares of CVS Health Corporation in a report on Wednesday, August 3rd. Deutsche Bank AG raised their target price on CVS Health Corporation from $99.00 to $108.00 and gave the stock a “hold” rating in a report on Wednesday, August 3rd. Finally, Mizuho reaffirmed a “buy” rating and set a $108.00 target price (down from $117.00) on shares of CVS Health Corporation in a report on Thursday, June 23rd. Five investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $112.40.
About CVS Health Corporation
CVS Health Corporation, together with its subsidiaries (CVS Health), is a pharmacy company. The Company operates through three business segments: Pharmacy Services, Retail/LTC and Corporate. The Company offers a range of products and services, such as advising patients on their medications at its CVS Pharmacy locations, introducing programs to help control costs for its clients at CVS Caremark, how care is delivered to its patients with conditions through CVS Specialty, pharmacy care for the senior community through Omnicare.
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