Salem Capital Management Inc Lowers stake in CVS Health Corp (CVS)

CVS Health Corp (CVS) : Salem Capital Management Inc reduced its stake in CVS Health Corp by 5.2% during the most recent quarter end. The investment management company now holds a total of 76,430 shares of CVS Health Corp which is valued at $7,461,861 after selling 4,190 shares in CVS Health Corp , the firm said in a disclosure report filed with the SEC on Jul 11, 2016.CVS Health Corp makes up approximately 4.19% of Salem Capital Management Inc’s portfolio.

Other Hedge Funds, Including , Loring Wolcott Coolidge Fiduciary Advisors Llpma boosted its stake in CVS in the latest quarter, The investment management firm added 35,692 additional shares and now holds a total of 370,966 shares of CVS Health Corp which is valued at $36,217,411. CVS Health Corp makes up approx 0.81% of Loring Wolcott Coolidge Fiduciary Advisors Llpma’s portfolio.Chicago Trust Co Na boosted its stake in CVS in the latest quarter, The investment management firm added 883 additional shares and now holds a total of 22,893 shares of CVS Health Corp which is valued at $2,214,669. CVS Health Corp makes up approx 0.94% of Chicago Trust Co Na’s portfolio.Mazama Capital Management Inc reduced its stake in CVS by selling 13,393 shares or 24.09% in the most recent quarter. The Hedge Fund company now holds 42,195 shares of CVS which is valued at $4,081,944. CVS Health Corp makes up approx 0.80% of Mazama Capital Management Inc’s portfolio.Rosenbaum Jay D. boosted its stake in CVS in the latest quarter, The investment management firm added 2,985 additional shares and now holds a total of 11,600 shares of CVS Health Corp which is valued at $1,122,184. CVS Health Corp makes up approx 0.16% of Rosenbaum Jay D.’s portfolio.Bnp Paribas Arbitrage Sa boosted its stake in CVS in the latest quarter, The investment management firm added 55,145 additional shares and now holds a total of 352,871 shares of CVS Health Corp which is valued at $34,136,741. CVS Health Corp makes up approx 0.15% of Bnp Paribas Arbitrage Sa’s portfolio.

CVS Health Corp opened for trading at $96.74 and hit $97.69 on the upside on Wednesday, eventually ending the session at $97.63, with a gain of 1.21% or 1.17 points. The heightened volatility saw the trading volume jump to 42,76,744 shares. Company has a market cap of $104,857 M.

On the company’s financial health, CVS Health Corp reported $1.18 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on May 3, 2016. Analyst had a consensus of $1.16. The company had revenue of $43215.00 million for the quarter, compared to analysts expectations of $43000.77 million. The company’s revenue was up 18.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.14 EPS.

Investors should note that on Jul 6, 2016, CVS Health Corp announced a cash dividend of $0.4250. The company’s management has announced Jul 19, 2016 as the ex-dividend date and fixed the record date on Jul 21, 2016. The payable date has been fixed on Aug 1, 2016.

Many Wall Street Analysts have commented on CVS Health Corp. Shares were Reiterated by Mizuho on Jun 23, 2016 to “Buy” and Lowered the Price Target to $ 108 from a previous price target of $117 .Shares were Reiterated by Deutsche Bank on Jun 22, 2016 to “Hold” and Lowered the Price Target to $ 99 from a previous price target of $105 .CVS Health Corp was Downgraded by Morgan Stanley to ” Equal-Weight” on Jun 20, 2016.

CVS Health Corporation together with its subsidiaries is a pharmacy company. The Company operates through three business segments: Pharmacy Services Retail Pharmacy and Corporate. The Pharmacy Services segment provides a range of pharmacy benefit management (PBM) services and operates under the CVS/caremark Pharmacy Services Novologix and Navarro Health Services names. The Retail Pharmacy segment sells prescription drugs and an assortment of general merchandise including over-the-counter drugs beauty products and cosmetics personal care products convenience foods photo finishing seasonal merchandise and greeting cards through the Company’s retail stores online retail pharmacy Websites and retail healthcare clinics. The Corporate segment provides management and administrative services to support the overall operations of the Company. The Company through its wholly owned subsidiary Omnicare Inc. provides pharmacy services to long term care facilities.

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