CVS Health Reports Q2 Earnings Beat, Raises Guidance

Henrietta Strickland
August 10, 2019

Want to see what other hedge funds are holding CVS? Berkshire Asset Management LLC PA's holdings in CVS Health were worth $416,000 at the end of the most recent reporting period. CVS Health had a negative net margin of 0.08% and a positive return on equity of 16.80%. Gsa Cap Ltd Liability Partnership invested in 0.16% or 29,583 shares. Farallon Cap Mngmt Ltd Liability Corporation owns 625,000 shares or 0.27% of their USA portfolio. Gillespie Robinson & Grimm holds 2.36% or 360,518 shares. Credit Agricole S A accumulated 0.14% or 47,073 shares.

There were several reasons for CVS Health's financial improvement. Edmp accumulated 15,050 shares.

CVS is trying to prove to investors that it can integrate Aetna and transform itself into an innovative health-care company. First Foundation Advisors invested in 9,751 shares or 0.03% of the stock. Horan Capital Advisors LLC. now owns 45,992 shares of the pharmacy operator's stock valued at $2,506,000 after purchasing an additional 15,009 shares in the last quarter. $233,080 worth of stock was bought by LUDWIG EDWARD J on Friday, March 1. Finally, Evercore ISI set a $63.00 target price on shares of CVS Health and gave the stock a "buy" rating in a research report on Wednesday.

Woonsocket, RI-based CVS finalized its acquisition of Aetna last November.

CVS reported second-quarter net income of $1.93 billion, or $1.49 per share, up from a loss of $2.56 billion, or $2.52 per share a year earlier. BMO Capital Markets set a $63.00 target price on shares of CVS Health and gave the company a "hold" rating in a research note on Friday, May 3rd. CIBC reiterated a "market perform" rating on shares of CVS Health in a report on Monday, April 15th. About 6.52 million shares traded.

CVS Health (NYSE:CVS) last announced its quarterly earnings results on Wednesday, August 7th. It has underperformed by 17.14% the S&P500. CVS will open approximately 100 stores this year, down from an average of 300 locations annually just a couple of years back, and only about 50 stores next year, CVS Pharmacy president Kevin Hourican told analysts on the company's quarterly earnings call.

The company now expects full-year adjusted earnings between $6.89 and $7 per share, up from the previously guided range of $6.75 to $6.90 a share. More interesting news about CVS Health Corporation (NYSE:CVS) were released by: and their article: "Retail Momentum Gathers For CBD Topicals While FDA Decides Its Direction - Benzinga" published on July 18, 2019 as well as's news article titled: "CVS Health Is A Bargain - Seeking Alpha" with publication date: May 03, 2019. UBS Group cut their price target on shares of CVS Health from $74.00 to $67.00 and set a "sell" rating for the company in a report on Thursday, May 2nd. CVS Health Corp has a 52 week low of $51.72 and a 52 week high of $82.15. The stock now has a consensus rating of "Buy" and an average target price of $76.48.

Hourican told CNBC that the reduction in store growth is "a natural change" given the number of stores CVS operates and the growth in areas such as delivery. Barclays Capital maintained it with "Buy" rating and $81 target in Monday, February 25 report. CVS Health accounts for 5.2% of Ashburton Jersey Ltd's investment portfolio, making the stock its 11th largest holding. Guggenheim assumed coverage on CVS Health in a research report on Thursday, April 18th.

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