Empirical Asset Management LLC Increases Stock Position in CVS Health Co. (NYSE:CVS)

Empirical Asset Management LLC raised its position in CVS Health Co. (NYSE:CVS) by 816.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 36,885 shares of the pharmacy operator’s stock after buying an additional 32,860 shares during the period. Empirical Asset Management LLC’s holdings in CVS Health were worth $1,656,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. MidAtlantic Capital Management Inc. acquired a new position in CVS Health in the 3rd quarter worth about $25,000. Ridgewood Investments LLC raised its stake in shares of CVS Health by 255.7% during the 4th quarter. Ridgewood Investments LLC now owns 626 shares of the pharmacy operator’s stock worth $28,000 after buying an additional 450 shares during the period. Livelsberger Financial Advisory purchased a new position in shares of CVS Health during the 3rd quarter valued at approximately $31,000. Legacy Investment Solutions LLC acquired a new stake in CVS Health in the 3rd quarter valued at $31,000. Finally, Reston Wealth Management LLC acquired a new position in CVS Health during the third quarter worth $32,000. 80.66% of the stock is owned by hedge funds and other institutional investors.

CVS Health Price Performance

NYSE:CVS opened at $52.72 on Friday. CVS Health Co. has a 52 week low of $43.56 and a 52 week high of $80.75. The stock’s fifty day moving average is $51.39 and its two-hundred day moving average is $56.36. The company has a market capitalization of $66.35 billion, a P/E ratio of 13.38, a P/E/G ratio of 0.72 and a beta of 0.59. The company has a quick ratio of 0.59, a current ratio of 0.80 and a debt-to-equity ratio of 0.80.

CVS Health (NYSE:CVS) last issued its quarterly earnings data on Wednesday, November 6th. The pharmacy operator reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.01. CVS Health had a net margin of 1.36% and a return on equity of 10.72%. The firm had revenue of $95.43 billion for the quarter, compared to analyst estimates of $92.72 billion. During the same period in the previous year, the firm earned $2.21 EPS. CVS Health’s revenue was up 6.3% on a year-over-year basis. Equities analysts expect that CVS Health Co. will post 5.22 EPS for the current year.

CVS Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Thursday, January 23rd will be given a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a yield of 5.05%. The ex-dividend date is Thursday, January 23rd. CVS Health’s payout ratio is 67.51%.

Analyst Ratings Changes

CVS has been the subject of a number of research reports. Cantor Fitzgerald reissued a “neutral” rating and set a $62.00 target price on shares of CVS Health in a research note on Tuesday, October 1st. Deutsche Bank Aktiengesellschaft raised CVS Health from a “hold” rating to a “buy” rating and set a $66.00 target price for the company in a report on Tuesday, December 3rd. Wells Fargo & Company raised CVS Health from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $60.00 to $66.00 in a research note on Monday, November 18th. Truist Financial reduced their price objective on CVS Health from $67.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Finally, Mizuho dropped their target price on shares of CVS Health from $73.00 to $66.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $68.71.

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.