Invenomic Capital Management LP Invests $2.54 Million in CVS Health Co. (NYSE:CVS)

Invenomic Capital Management LP purchased a new stake in shares of CVS Health Co. (NYSE:CVS - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 56,578 shares of the pharmacy operator's stock, valued at approximately $2,540,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Janus Henderson Group PLC lifted its position in CVS Health by 0.6% during the fourth quarter. Janus Henderson Group PLC now owns 765,186 shares of the pharmacy operator's stock valued at $34,352,000 after purchasing an additional 4,283 shares during the period. Humankind Investments LLC lifted its position in CVS Health by 13.5% during the fourth quarter. Humankind Investments LLC now owns 13,655 shares of the pharmacy operator's stock valued at $613,000 after purchasing an additional 1,621 shares during the period. Gotham Asset Management LLC lifted its position in CVS Health by 119.3% during the fourth quarter. Gotham Asset Management LLC now owns 230,533 shares of the pharmacy operator's stock valued at $10,349,000 after purchasing an additional 125,434 shares during the period. Empyrean Capital Partners LP bought a new position in CVS Health during the fourth quarter valued at approximately $39,952,000. Finally, Fairfax Financial Holdings Ltd. Can bought a new position in CVS Health during the fourth quarter valued at approximately $121,742,000. Institutional investors own 80.66% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Morgan Stanley restated an "overweight" rating on shares of CVS Health in a research report on Tuesday, April 15th. Edward Jones upgraded shares of CVS Health from a "hold" rating to a "buy" rating in a research report on Thursday, January 30th. Robert W. Baird increased their price target on shares of CVS Health from $51.00 to $71.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 15th. Leerink Partners upgraded shares of CVS Health from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $55.00 to $75.00 in a research report on Thursday, February 13th. Finally, Wells Fargo & Company reiterated an "overweight" rating and issued a $84.00 price target (up from $76.00) on shares of CVS Health in a research report on Tuesday, May 6th. Three analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $74.94.

CVS Health Price Performance

CVS traded up $0.38 during trading on Thursday, hitting $60.42. 11,209,003 shares of the company traded hands, compared to its average volume of 11,467,736. The company has a market cap of $76.43 billion, a PE ratio of 16.51, a P/E/G ratio of 0.98 and a beta of 0.60. The stock's 50-day simple moving average is $66.71 and its two-hundred day simple moving average is $59.15. CVS Health Co. has a 1 year low of $43.56 and a 1 year high of $72.51. The company has a current ratio of 0.81, a quick ratio of 0.60 and a debt-to-equity ratio of 0.80.

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

CVS Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 22nd were paid a $0.665 dividend. The ex-dividend date was Tuesday, April 22nd. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.40%. CVS Health's payout ratio is currently 63.48%.

Insiders Place Their Bets

In other news, SVP James David Clark sold 7,513 shares of the firm's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $66.35, for a total value of $498,487.55. Following the completion of the sale, the senior vice president now owns 8,394 shares in the company, valued at approximately $556,941.90. This trade represents a 47.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael F. Mahoney bought 30,000 shares of the stock in a transaction dated Tuesday, February 18th. The stock was purchased at an average price of $66.70 per share, with a total value of $2,001,000.00. Following the acquisition, the director now directly owns 39,356 shares in the company, valued at approximately $2,625,045.20. The trade was a 320.65% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.22% of the company's stock.

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.