LSV Asset Management Sells 357,100 Shares of CVS Health Corporation (NYSE:CVS)

Key Points

• LSV Asset Management has reduced its stake in CVS Health by 6.6%, now owning approximately 5.05 million shares worth around $341.93 million, which constitutes 0.8% of its investment portfolio.
• In the latest earnings report, CVS Health exceeded expectations with $1.81 earnings per share and revenues of $98.92 billion, marking an 8.4% increase compared to the previous year.
• CVS Health recently announced a quarterly dividend of $0.665 per share, resulting in an annualized dividend yield of 4.3%.

LSV Asset Management decreased its position in CVS Health Corporation (NYSE:CVS - Free Report) by 6.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,046,986 shares of the pharmacy operator's stock after selling 357,100 shares during the period. CVS Health accounts for 0.8% of LSV Asset Management's portfolio, making the stock its 24th largest position. LSV Asset Management owned 0.40% of CVS Health worth $341,933,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the company. Dodge & Cox lifted its stake in CVS Health by 11.2% in the fourth quarter. Dodge & Cox now owns 70,105,899 shares of the pharmacy operator's stock valued at $3,147,054,000 after buying an additional 7,075,209 shares during the period. Capital World Investors lifted its stake in CVS Health by 26.6% in the fourth quarter. Capital World Investors now owns 61,039,777 shares of the pharmacy operator's stock valued at $2,739,927,000 after buying an additional 12,819,148 shares during the period. Capital International Investors lifted its stake in CVS Health by 4.8% in the fourth quarter. Capital International Investors now owns 26,666,401 shares of the pharmacy operator's stock valued at $1,196,989,000 after buying an additional 1,212,126 shares during the period. Invesco Ltd. lifted its stake in CVS Health by 30.1% in the fourth quarter. Invesco Ltd. now owns 18,038,089 shares of the pharmacy operator's stock valued at $809,730,000 after buying an additional 4,173,243 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in shares of CVS Health by 14.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,366,403 shares of the pharmacy operator's stock worth $600,019,000 after purchasing an additional 1,660,321 shares during the period. Institutional investors own 80.66% of the company's stock.

CVS Health Stock Performance

NYSE:CVS traded down $1.02 during mid-day trading on Monday, hitting $61.45. 7,861,514 shares of the stock were exchanged, compared to its average volume of 9,079,778. The stock has a market capitalization of $77.74 billion, a price-to-earnings ratio of 17.16, a price-to-earnings-growth ratio of 0.86 and a beta of 0.58. The firm's 50-day simple moving average is $64.56 and its 200 day simple moving average is $64.01. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 0.80. CVS Health Corporation has a fifty-two week low of $43.56 and a fifty-two week high of $72.51.

CVS Health (NYSE:CVS - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The pharmacy operator reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.35. The business had revenue of $98.92 billion during the quarter, compared to analysts' expectations of $94.87 billion. CVS Health had a return on equity of 10.51% and a net margin of 1.17%. The firm's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period last year, the firm posted $1.83 EPS. As a group, equities analysts anticipate that CVS Health Corporation will post 5.89 EPS for the current fiscal year.

CVS Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 22nd were issued a $0.665 dividend. The ex-dividend date of this dividend was Tuesday, July 22nd. This represents a $2.66 annualized dividend and a yield of 4.3%. CVS Health's payout ratio is currently 74.30%.

Insiders Place Their Bets

In related news, Director Guy P. Sansone acquired 1,570 shares of the company's stock in a transaction on Thursday, June 5th. The stock was purchased at an average cost of $63.70 per share, with a total value of $100,009.00. Following the acquisition, the director directly owned 12,007 shares of the company's stock, valued at approximately $764,845.90. The trade was a 15.04% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.22% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CVS shares. Cowen reaffirmed a "buy" rating on shares of CVS Health in a research report on Monday, May 5th. Royal Bank Of Canada raised their price target on CVS Health from $74.00 to $81.00 and gave the stock an "outperform" rating in a research report on Monday, May 5th. Bernstein Bank dropped their price target on CVS Health from $78.00 to $72.00 and set a "market perform" rating on the stock in a research report on Wednesday, July 16th. Jefferies Financial Group raised their price target on CVS Health from $74.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday, June 30th. Finally, Wells Fargo & Company reissued an "overweight" rating and issued a $84.00 target price (up previously from $76.00) on shares of CVS Health in a research report on Tuesday, May 6th. Three investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $75.11.

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.