Exchange Capital Management Inc. Has $3.88 Million Holdings in CVS Health Corp (CVS)
Exchange Capital Management Inc. raised its stake in shares of CVS Health Corp (NYSE:CVS) by 6.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 60,276 shares of the pharmacy operator’s stock after acquiring an additional 3,723 shares during the period. CVS Health makes up 1.2% of Exchange Capital Management Inc.’s investment portfolio, making the stock its 29th biggest holding. Exchange Capital Management Inc.’s holdings in CVS Health were worth $3,879,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Wagner Wealth Management LLC purchased a new position in shares of CVS Health during the 4th quarter worth approximately $114,000. Camarda Financial Advisors LLC purchased a new position in shares of CVS Health during the 2nd quarter worth approximately $102,000. Kiley Juergens Wealth Management LLC purchased a new position in shares of CVS Health during the 2nd quarter worth approximately $103,000. Quantbot Technologies LP purchased a new position in shares of CVS Health during the 1st quarter worth approximately $103,000. Finally, Focused Wealth Management Inc raised its stake in shares of CVS Health by 90.5% during the 4th quarter. Focused Wealth Management Inc now owns 1,781 shares of the pharmacy operator’s stock worth $129,000 after buying an additional 846 shares in the last quarter. 82.80% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have recently issued reports on the company. Leerink Swann reissued an “outperform” rating and set a $80.00 target price (down from $85.00) on shares of CVS Health in a research note on Thursday. Royal Bank of Canada reissued a “buy” rating and set a $90.00 target price on shares of CVS Health in a research note on Wednesday. ValuEngine downgraded CVS Health from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. Citigroup reissued a “buy” rating and set a $81.00 target price on shares of CVS Health in a research note on Monday, July 9th. Finally, Mizuho set a $95.00 target price on CVS Health and gave the stock a “buy” rating in a research note on Wednesday, June 13th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. CVS Health presently has an average rating of “Buy” and a consensus target price of $85.80.
CVS Health (NYSE:CVS) last announced its earnings results on Wednesday, August 8th. The pharmacy operator reported $1.69 EPS for the quarter, beating analysts’ consensus estimates of $1.61 by $0.08. The firm had revenue of $46.71 billion for the quarter, compared to analysts’ expectations of $46.34 billion. CVS Health had a return on equity of 17.45% and a net margin of 3.59%. CVS Health’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.33 EPS. equities research analysts forecast that CVS Health Corp will post 7.02 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, August 1st. Shareholders of record on Wednesday, July 25th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date of this dividend was Tuesday, July 24th. CVS Health’s dividend payout ratio (DPR) is presently 33.90%.
CVS Health Profile
CVS Health Corporation, together with its subsidiaries, provides integrated pharmacy health care services. It operates through Pharmacy Services and Retail/LTC segments. The Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, Medicare Part D services, mail order, specialty pharmacy and infusion services, retail pharmacy network management services, prescription management systems, clinical services, disease management programs, and medical pharmacy management services.
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