Dark Forest Capital Management LP Makes New Investment in CVS Health Co. (NYSE:CVS)

Dark Forest Capital Management LP acquired a new stake in CVS Health Co. (NYSE:CVS) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 7,145 shares of the pharmacy operator’s stock, valued at approximately $422,000.

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

CVS Health Stock Performance

Shares of CVS stock opened at $61.38 on Friday. The stock has a market cap of $77.05 billion, a PE ratio of 10.79, a price-to-earnings-growth ratio of 0.81 and a beta of 0.53. The stock has a 50-day moving average of $58.20 and a 200-day moving average of $62.05. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.86 and a quick ratio of 0.66. CVS Health Co. has a one year low of $52.77 and a one year high of $83.25.

CVS Health (NYSE:CVS) last posted 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. CVS Health had a net margin of 1.98% and a return on equity of 12.72%. The company had revenue of $91.23 billion for the quarter, compared to analyst estimates of $91.41 billion. During the same period last year, the business posted $2.21 earnings per share. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, sell-side analysts expect 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 issued a $0.665 dividend. The ex-dividend date is Monday, October 21st. This represents a $2.66 annualized dividend and a dividend yield of 4.33%. CVS Health’s dividend payout ratio (DPR) is currently 46.75%.

Analyst Ratings Changes

CVS has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft reduced 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. Barclays decreased their target price on CVS Health from $65.00 to $63.00 and set an “equal weight” rating on the stock in a report on Thursday, August 8th. Evercore ISI cut their price target on CVS Health from $65.00 to $62.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Wells Fargo & Company increased their price objective on shares of CVS Health from $60.00 to $61.00 and gave the stock an “equal weight” rating in a report on Monday, August 12th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $62.00 target price on shares of CVS Health in a research note on Monday, September 16th. Eleven equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price 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.