Empyrean Capital Partners LP Takes $39.95 Million Position in CVS Health Co. (NYSE:CVS)

Empyrean Capital Partners LP acquired a new position in CVS Health Co. (NYSE:CVS - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 890,000 shares of the pharmacy operator's stock, valued at approximately $39,952,000. CVS Health accounts for about 1.8% of Empyrean Capital Partners LP's portfolio, making the stock its 18th biggest position. Empyrean Capital Partners LP owned about 0.07% of CVS Health at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CVS. Ridgewood Investments LLC increased its holdings in shares of CVS Health by 255.7% during the fourth quarter. Ridgewood Investments LLC now owns 626 shares of the pharmacy operator's stock valued at $28,000 after acquiring an additional 450 shares in the last quarter. Stonebridge Financial Group LLC bought a new position in CVS Health in the 4th quarter valued at $28,000. Hopwood Financial Services Inc. bought a new position in CVS Health in the 4th quarter valued at $29,000. Financial Perspectives Inc grew its stake in CVS Health by 137.5% in the 4th quarter. Financial Perspectives Inc now owns 805 shares of the pharmacy operator's stock valued at $36,000 after purchasing an additional 466 shares during the period. Finally, MidAtlantic Capital Management Inc. lifted its position in shares of CVS Health by 112.1% during the 4th quarter. MidAtlantic Capital Management Inc. now owns 827 shares of the pharmacy operator's stock valued at $37,000 after buying an additional 437 shares during the last quarter. 80.66% of the stock is owned by institutional investors and hedge funds.

CVS Health Price Performance

Shares of CVS Health stock traded down $0.87 during trading hours on Friday, hitting $66.98. The company's stock had a trading volume of 6,356,260 shares, compared to its average volume of 11,412,073. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.60 and a current ratio of 0.81. The company has a market cap of $84.73 billion, a PE ratio of 18.30, a PEG ratio of 0.98 and a beta of 0.60. CVS Health Co. has a 12-month low of $43.56 and a 12-month high of $72.51. The business has a 50 day moving average price of $66.96 and a two-hundred day moving average price of $59.06.

CVS Health (NYSE:CVS - Get Free Report) last posted its earnings results on Thursday, May 1st. The pharmacy operator reported $2.25 EPS for the quarter, topping analysts' consensus estimates of $1.62 by $0.63. The company had revenue of $94.59 billion for the quarter, compared to the consensus estimate of $93.07 billion. CVS Health had a return on equity of 9.11% and a net margin of 1.24%. The firm's revenue for the quarter was up 7.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.31 earnings per share. Analysts expect that CVS Health Co. will post 5.89 earnings per share for the current fiscal year.

CVS Health Announces Dividend

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

Insider Buying and Selling

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

Analyst Ratings Changes

A number of analysts recently issued reports on CVS shares. Royal Bank of Canada increased their price objective on CVS Health from $74.00 to $81.00 and gave the stock an "outperform" rating in a report on Monday, May 5th. StockNews.com upgraded CVS Health from a "hold" rating to a "buy" rating in a research report on Friday. Cowen restated a "buy" rating on shares of CVS Health in a research report on Monday, May 5th. Wolfe Research raised their price target on CVS Health from 67.00 to 70.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 11th. Finally, JPMorgan Chase & Co. raised their price target on CVS Health from $80.00 to $81.00 and gave the stock an "overweight" rating in a research report on Tuesday, February 18th. Three investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, CVS Health currently has a consensus rating of "Moderate Buy" and a consensus price target of $74.81.

About CVS Health

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.