Kennondale Capital Management LLC Acquires New Position in CVS Health Co. (NYSE:CVS)

Kennondale Capital Management LLC acquired a new stake in shares of CVS Health Co. (NYSE:CVSFree Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 19,787 shares of the pharmacy operator’s stock, valued at approximately $888,000.

A number of other hedge funds also recently made changes to their positions in CVS. Davis Selected Advisers boosted its stake in CVS Health by 2,998.1% in the 4th quarter. Davis Selected Advisers now owns 11,385,950 shares of the pharmacy operator’s stock worth $511,115,000 after purchasing an additional 11,018,438 shares during the period. Pzena Investment Management LLC boosted its stake in CVS Health by 49.3% in the 4th quarter. Pzena Investment Management LLC now owns 19,610,579 shares of the pharmacy operator’s stock worth $880,319,000 after purchasing an additional 6,475,271 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its stake in CVS Health by 34.8% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 11,897,034 shares of the pharmacy operator’s stock worth $748,085,000 after purchasing an additional 3,071,613 shares during the period. Raymond James Financial Inc. bought a new position in CVS Health in the 4th quarter worth approximately $116,033,000. Finally, ARGA Investment Management LP boosted its stake in CVS Health by 7,567.7% in the 4th quarter. ARGA Investment Management LP now owns 2,402,901 shares of the pharmacy operator’s stock worth $107,866,000 after purchasing an additional 2,371,563 shares during the period. 80.66% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CVS has been the subject of a number of research reports. Leerink Partners upgraded CVS Health from a “market perform” rating to an “outperform” rating and increased their target price for the company from $55.00 to $75.00 in a research report on Thursday, February 13th. Barclays increased their target price on CVS Health from $71.00 to $73.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Wells Fargo & Company increased their target price on CVS Health from $68.00 to $73.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. JPMorgan Chase & Co. increased their target price on CVS Health from $80.00 to $81.00 and gave the company an “overweight” rating in a research report on Tuesday, February 18th. Finally, Deutsche Bank Aktiengesellschaft upgraded CVS Health from a “hold” rating to a “buy” rating and set a $66.00 target price for the company in a research report on Tuesday, December 3rd. Four 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 company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $69.83.

Check Out Our Latest Analysis on CVS

Insiders Place Their Bets

In other news, SVP James David Clark sold 7,513 shares of the firm’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 value of $498,487.55. Following the completion of the sale, the senior vice president now directly owns 8,394 shares of the company’s stock, valued at $556,941.90. This trade represents a 47.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael F. Mahoney purchased 30,000 shares of CVS Health stock in a transaction dated Tuesday, February 18th. The stock was acquired at an average cost of $66.70 per share, with a total value of $2,001,000.00. Following the completion of the acquisition, the director now directly owns 39,356 shares in the company, valued at approximately $2,625,045.20. This trade represents a 320.65 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.24% of the stock is owned by insiders.

CVS Health Stock Performance

Shares of CVS Health stock opened at $66.65 on Tuesday. The business’s fifty day simple moving average is $58.89 and its 200-day simple moving average is $57.05. The firm has a market cap of $84.03 billion, a PE ratio of 18.21, a price-to-earnings-growth ratio of 0.98 and a beta of 0.54. The company has a quick ratio of 0.60, a current ratio of 0.81 and a debt-to-equity ratio of 0.80. CVS Health Co. has a 52 week low of $43.56 and a 52 week high of $80.75.

CVS Health (NYSE:CVSGet Free Report) last released its quarterly earnings results on Wednesday, February 12th. The pharmacy operator reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.30. CVS Health had a return on equity of 9.11% and a net margin of 1.24%. Equities analysts forecast that CVS Health Co. will post 5.89 earnings per share for the current year.

CVS Health Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 3rd. Shareholders of record on Thursday, January 23rd were given a dividend of $0.665 per share. The ex-dividend date of this dividend was Thursday, January 23rd. This represents a $2.66 dividend on an annualized basis and a yield of 3.99%. CVS Health’s payout ratio is 72.68%.

About CVS Health

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for CVS Health (NYSE:CVS)

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