Convergence Investment Partners LLC Has $2.47 Million Stock Position in CVS Health Corp (NYSE:CVS)

Convergence Investment Partners LLC increased its holdings in shares of CVS Health Corp (NYSE:CVS) by 110.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 38,007 shares of the pharmacy operator’s stock after acquiring an additional 19,936 shares during the period. Convergence Investment Partners LLC’s holdings in CVS Health were worth $2,469,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Community Bank N.A. grew its stake in CVS Health by 6.7% in the second quarter. Community Bank N.A. now owns 32,983 shares of the pharmacy operator’s stock valued at $2,143,000 after acquiring an additional 2,065 shares during the period. Lehman & Derafelo Financial Resources LLC raised its position in shares of CVS Health by 0.5% during the second quarter. Lehman & Derafelo Financial Resources LLC now owns 111,267 shares of the pharmacy operator’s stock worth $7,229,000 after purchasing an additional 544 shares during the period. Mitchell Capital Management Co. lifted its holdings in shares of CVS Health by 1.6% in the 2nd quarter. Mitchell Capital Management Co. now owns 27,838 shares of the pharmacy operator’s stock worth $1,809,000 after purchasing an additional 444 shares in the last quarter. State of Michigan Retirement System grew its position in CVS Health by 513.1% in the 2nd quarter. State of Michigan Retirement System now owns 1,940,163 shares of the pharmacy operator’s stock valued at $126,052,000 after purchasing an additional 1,623,719 shares during the period. Finally, Duality Advisers LP bought a new stake in CVS Health during the 2nd quarter valued at $1,077,000. 76.04% of the stock is owned by institutional investors and hedge funds.

In related news, EVP Alan Lotvin purchased 5,000 shares of CVS Health stock in a transaction that occurred on Monday, May 11th. The stock was bought at an average price of $63.14 per share, for a total transaction of $315,700.00. Following the completion of the transaction, the executive vice president now owns 15,161 shares in the company, valued at $957,265.54. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.46% of the stock is currently owned by corporate insiders.

Several research firms have weighed in on CVS. Tigress Financial restated a “buy” rating on shares of CVS Health in a report on Friday, April 24th. SVB Leerink began coverage on shares of CVS Health in a report on Wednesday, July 1st. They set a “market perform” rating and a $72.00 price objective on the stock. Robert W. Baird upped their price objective on shares of CVS Health from $62.00 to $66.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. JPMorgan Chase & Co. lowered their price objective on shares of CVS Health from $97.00 to $94.00 and set an “overweight” rating on the stock in a report on Monday, May 4th. Finally, Royal Bank of Canada restated a “buy” rating on shares of CVS Health in a report on Thursday, July 9th. One research analyst has rated the stock with a sell rating, three have given a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. CVS Health currently has a consensus rating of “Buy” and a consensus price target of $80.35.

CVS traded down $1.06 during trading on Friday, hitting $62.94. 9,200,682 shares of the company traded hands, compared to its average volume of 6,159,701. The firm has a market cap of $83.65 billion, a P/E ratio of 11.40, a price-to-earnings-growth ratio of 1.42 and a beta of 0.76. The stock’s fifty day moving average is $63.99 and its 200 day moving average is $64.46. The company has a quick ratio of 0.70, a current ratio of 0.99 and a debt-to-equity ratio of 1.29. CVS Health Corp has a one year low of $52.04 and a one year high of $77.03.

CVS Health (NYSE:CVS) last posted its quarterly earnings results on Wednesday, May 6th. The pharmacy operator reported $1.91 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.63 by $0.28. The company had revenue of $66.76 billion during the quarter, compared to analyst estimates of $64.11 billion. CVS Health had a net margin of 2.76% and a return on equity of 15.17%. The firm’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.62 earnings per share. On average, equities research analysts forecast that CVS Health Corp will post 7.12 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Thursday, July 23rd will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, July 22nd. This represents a $2.00 annualized dividend and a yield of 3.18%. CVS Health’s payout ratio is currently 28.25%.

CVS Health Company Profile

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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Institutional Ownership by Quarter for CVS Health (NYSE:CVS)

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