Invenomic Capital Management LP Acquires New Position in CVS Health Co. (NYSE:CVS)

Invenomic Capital Management LP acquired a new stake in shares of CVS Health Co. (NYSE:CVS) during the fourth quarter, HoldingsChannel reports. The fund acquired 56,578 shares of the pharmacy operator’s stock, valued at approximately $2,540,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Whitebox Advisors LLC bought a new position in CVS Health during the 4th quarter worth approximately $249,000. Hall Laurie J Trustee grew its position in CVS Health by 25,484.4% during the 4th quarter. Hall Laurie J Trustee now owns 11,513 shares of the pharmacy operator’s stock worth $517,000 after acquiring an additional 11,468 shares during the last quarter. B&D White Capital Company LLC bought a new position in CVS Health during the 4th quarter worth approximately $417,000. Seizert Capital Partners LLC grew its position in CVS Health by 22.8% during the 4th quarter. Seizert Capital Partners LLC now owns 569,527 shares of the pharmacy operator’s stock worth $25,566,000 after acquiring an additional 105,708 shares during the last quarter. Finally, M.E. Allison & CO. Inc. bought a new position in CVS Health during the 4th quarter worth approximately $277,000. 80.66% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CVS has been the topic of a number of recent analyst reports. Evercore ISI lifted their price objective on CVS Health from $60.00 to $65.00 and gave the stock an “outperform” rating in a research report on Monday, January 27th. Wells Fargo & Company restated an “overweight” rating and set a $84.00 price target (up from $76.00) on shares of CVS Health in a research report on Tuesday, May 6th. JPMorgan Chase & Co. boosted their target price on CVS Health from $80.00 to $81.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Wolfe Research boosted their target price on CVS Health from 67.00 to 70.00 and gave the stock an “overweight” rating in a report on Tuesday, February 11th. Finally, Morgan Stanley restated an “overweight” rating on shares of CVS Health in a research note on Tuesday, April 15th. Three analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $74.81.

CVS Health Price Performance

NYSE:CVS opened at $66.98 on Monday. The firm has a market capitalization of $84.73 billion, a price-to-earnings ratio of 18.30, a PEG ratio of 0.98 and a beta of 0.60. CVS Health Co. has a 1 year low of $43.56 and a 1 year high of $72.51. The business has a 50 day simple moving average of $66.96 and a 200-day simple moving average of $59.06. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.81 and a quick ratio of 0.60.

CVS Health (NYSE:CVS) last issued its quarterly earnings results on Thursday, May 1st. The pharmacy operator reported $2.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.63. CVS Health had a return on equity of 9.11% and a net margin of 1.24%. The firm had revenue of $94.59 billion during the quarter, compared to analyst estimates of $93.07 billion. During the same period last year, the company earned $1.31 EPS. CVS Health’s quarterly revenue was up 7.0% compared to the same quarter last year. Equities analysts forecast that CVS Health Co. will post 5.89 EPS for the current year.

CVS Health Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Tuesday, April 22nd were paid a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date of this dividend was Tuesday, April 22nd. CVS Health’s dividend payout ratio is currently 63.48%.

Insider Buying and Selling

In other news, SVP James David Clark sold 7,513 shares of CVS Health stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $66.35, for a total value of $498,487.55. Following the transaction, the senior vice president now directly owns 8,394 shares in the company, valued at approximately $556,941.90. This trade represents a 47.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Michael F. Mahoney purchased 30,000 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was bought at an average price of $66.70 per share, for a total transaction of $2,001,000.00. Following the completion of the acquisition, the director now directly owns 39,356 shares in the company, valued at approximately $2,625,045.20. This trade represents a 320.65% increase in their position. The disclosure for this purchase can be found here. 1.22% of the stock is owned by corporate insiders.

CVS Health Company 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.