Olstein Capital Management L.P. Reduces Position in CVS Health Co. (NYSE:CVS)

Olstein Capital Management L.P. cut its holdings in shares of CVS Health Co. (NYSE:CVS) by 9.2% during the first quarter, Holdings Channel reports. The fund owned 129,000 shares of the pharmacy operator’s stock after selling 13,000 shares during the quarter. CVS Health comprises about 1.7% of Olstein Capital Management L.P.’s holdings, making the stock its 8th biggest holding. Olstein Capital Management L.P.’s holdings in CVS Health were worth $10,289,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in CVS. Vanguard Group Inc. lifted its stake in shares of CVS Health by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 117,696,285 shares of the pharmacy operator’s stock worth $9,293,299,000 after buying an additional 533,659 shares during the last quarter. Capital World Investors lifted its position in CVS Health by 0.3% during the fourth quarter. Capital World Investors now owns 40,544,702 shares of the pharmacy operator’s stock worth $3,201,410,000 after acquiring an additional 119,631 shares during the last quarter. Capital International Investors grew its position in shares of CVS Health by 47.4% in the fourth quarter. Capital International Investors now owns 33,691,698 shares of the pharmacy operator’s stock valued at $2,660,298,000 after purchasing an additional 10,837,801 shares during the last quarter. Royal Bank of Canada increased its stake in shares of CVS Health by 2.2% during the third quarter. Royal Bank of Canada now owns 14,136,920 shares of the pharmacy operator’s stock worth $987,041,000 after purchasing an additional 303,512 shares during the period. Finally, Norges Bank acquired a new stake in CVS Health during the 4th quarter worth approximately $1,092,040,000. Institutional investors and hedge funds own 80.66% of the company’s stock.

CVS Health Stock Down 1.4 %

Shares of CVS traded down $0.82 during trading hours on Wednesday, reaching $56.70. The stock had a trading volume of 5,371,350 shares, compared to its average volume of 11,982,187. The company has a market capitalization of $71.18 billion, a price-to-earnings ratio of 10.07, a P/E/G ratio of 0.56 and a beta of 0.52. The firm has a 50-day simple moving average of $59.12 and a 200 day simple moving average of $69.90. The company has a current ratio of 0.81, a quick ratio of 0.61 and a debt-to-equity ratio of 0.78. CVS Health Co. has a 12 month low of $52.77 and a 12 month high of $83.25.

CVS Health (NYSE:CVS) last issued its quarterly earnings data on Wednesday, May 1st. The pharmacy operator reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.38). CVS Health had a net margin of 2.03% and a return on equity of 13.53%. The business had revenue of $88.44 billion for the quarter, compared to analyst estimates of $89.33 billion. During the same quarter in the prior year, the business earned $2.20 earnings per share. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. Equities research analysts predict that CVS Health Co. will post 7.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Edward J. Ludwig bought 1,000 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were bought at an average price of $53.88 per share, with a total value of $53,880.00. Following the completion of the transaction, the director now directly owns 21,630 shares in the company, valued at $1,165,424.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on CVS shares. Bank of America reduced their target price on shares of CVS Health from $95.00 to $77.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Wells Fargo & Company cut their target price on CVS Health from $76.00 to $60.00 and set an “equal weight” rating for the company in a research report on Tuesday, May 7th. Argus dropped their price target on CVS Health from $100.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, May 8th. SVB Leerink reiterated a “market perform” rating and set a $60.00 price objective (down from $87.00) on shares of CVS Health in a research note on Wednesday, May 1st. Finally, UBS Group downgraded shares of CVS Health from a “buy” rating to a “neutral” rating and cut their price target for the stock from $85.00 to $60.00 in a report on Thursday, May 2nd. Eleven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $75.05.

About CVS Health

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.