Sound Shore Management Inc. CT Acquires New Stake in CVS Health Co. (NYSE:CVS)

Sound Shore Management Inc. CT acquired a new position in shares of CVS Health Co. (NYSE:CVS) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,165,831 shares of the pharmacy operator’s stock, valued at approximately $68,854,000. CVS Health accounts for approximately 2.3% of Sound Shore Management Inc. CT’s holdings, making the stock its 28th biggest holding. Sound Shore Management Inc. CT owned about 0.09% of CVS Health at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital International Investors grew its position in CVS Health by 47.4% in the 4th quarter. Capital International Investors now owns 33,691,698 shares of the pharmacy operator’s stock valued at $2,660,298,000 after purchasing an additional 10,837,801 shares during the period. Pzena Investment Management LLC lifted its holdings in shares of CVS Health by 132.9% in the second quarter. Pzena Investment Management LLC now owns 12,936,388 shares of the pharmacy operator’s stock worth $764,023,000 after buying an additional 7,382,931 shares in the last quarter. Capital World Investors raised its position in shares of CVS Health by 8.0% in the first quarter. Capital World Investors now owns 43,776,874 shares of the pharmacy operator’s stock worth $3,491,643,000 after buying an additional 3,232,172 shares in the last quarter. State of Michigan Retirement System increased its position in shares of CVS Health by 402.5% in the second quarter. State of Michigan Retirement System now owns 2,005,677 shares of the pharmacy operator’s stock worth $118,455,000 after purchasing an additional 1,606,500 shares during the last quarter. Finally, Junto Capital Management LP purchased a new stake in shares of CVS Health during the 4th quarter valued at $111,209,000. 80.66% of the stock is owned by institutional investors and hedge funds.

CVS Health Price Performance

NYSE CVS opened at $57.51 on Friday. The stock has a market cap of $72.20 billion, a price-to-earnings ratio of 10.11, a PEG ratio of 0.79 and a beta of 0.53. CVS Health Co. has a 12 month low of $52.77 and a 12 month high of $83.25. The company’s 50 day moving average is $58.31 and its two-hundred day moving average is $62.60. The company has a current ratio of 0.86, a quick ratio of 0.66 and a debt-to-equity ratio of 0.83.

CVS Health (NYSE:CVS) last issued its earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.10. The company had revenue of $91.23 billion during the quarter, compared to the consensus estimate of $91.41 billion. CVS Health had a net margin of 1.98% and a return on equity of 12.72%. CVS Health’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.21 EPS. As a group, research analysts anticipate that CVS Health Co. will post 6.51 earnings per share for the current year.

CVS Health Dividend Announcement

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

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Barclays decreased their target price on shares of CVS Health from $65.00 to $63.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 8th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $62.00 target price on shares of CVS Health in a research note on Monday, September 16th. Evercore ISI dropped their target price on shares of CVS Health from $65.00 to $62.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. 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. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $68.00 price target on shares of CVS Health in a report on Wednesday, September 4th. Eleven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, CVS Health currently has a consensus rating of “Moderate Buy” and an average target price of $72.10.

CVS Health 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.