Edgestream Partners L.P. Makes New Investment in CVS Health Co. (NYSE:CVS)

Edgestream Partners L.P. purchased a new position in shares of CVS Health Co. (NYSE:CVS) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 19,297 shares of the pharmacy operator’s stock, valued at approximately $1,140,000.

A number of other large investors also recently added to or reduced their stakes in the company. Steph & Co. raised its stake in shares of CVS Health by 192.0% in the first quarter. Steph & Co. now owns 438 shares of the pharmacy operator’s stock valued at $35,000 after acquiring an additional 288 shares in the last quarter. Douglas Lane & Associates LLC raised its stake in shares of CVS Health by 1.6% in the first quarter. Douglas Lane & Associates LLC now owns 1,084,256 shares of the pharmacy operator’s stock valued at $86,480,000 after acquiring an additional 16,840 shares in the last quarter. OLD Point Trust & Financial Services N A acquired a new stake in shares of CVS Health in the fourth quarter valued at $151,000. State of Tennessee Treasury Department raised its stake in shares of CVS Health by 10.4% in the fourth quarter. State of Tennessee Treasury Department now owns 624,817 shares of the pharmacy operator’s stock valued at $49,336,000 after acquiring an additional 58,836 shares in the last quarter. Finally, BOCHK Asset Management Ltd acquired a new stake in shares of CVS Health in the fourth quarter valued at $2,116,000. 80.66% of the stock is currently owned by institutional investors and hedge funds.

CVS Health Stock Performance

NYSE CVS opened at $57.51 on Friday. 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 Co. has a 52-week low of $52.77 and a 52-week high of $83.25. The business’s 50-day moving average price is $58.31 and its 200 day moving average price is $62.60. The firm has a market cap of $72.20 billion, a P/E ratio of 10.11, a P/E/G ratio of 0.79 and a beta of 0.53.

CVS Health (NYSE:CVS) last released its quarterly earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.10. CVS Health had a return on equity of 12.72% and a net margin of 1.98%. The firm had revenue of $91.23 billion for the quarter, compared to analyst estimates of $91.41 billion. During the same quarter last year, the company posted $2.21 earnings per share. The business’s revenue was up 2.6% on a year-over-year basis. On average, equities research analysts expect that CVS Health Co. will post 6.51 earnings per share for the current year.

CVS Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Monday, October 21st will be issued a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.63%. The ex-dividend date is Monday, October 21st. CVS Health’s dividend payout ratio is currently 46.75%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CVS. Robert W. Baird began coverage on CVS Health in a research note on Thursday, May 30th. They issued a “neutral” rating and a $61.00 price objective on the stock. Cantor Fitzgerald reissued a “neutral” rating and issued a $62.00 target price on shares of CVS Health in a report on Monday, September 16th. Deutsche Bank Aktiengesellschaft dropped their target price on CVS Health from $64.00 to $63.00 and set a “hold” rating on the stock in a report on Friday, August 9th. Wells Fargo & Company increased their target price on CVS Health from $60.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday, August 12th. Finally, Baird R W raised CVS Health to a “hold” rating in a report on Thursday, May 30th. Eleven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $72.10.

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.