1832 Asset Management L.P. Cuts Holdings in CVS Health Corporation $CVS

Key Points

• 1832 Asset Management L.P. reduced its stake in CVS Health Corporation by 35.4%, now holding 21,769 shares valued at $1.475 million after selling 11,955 shares.
• Goldman Sachs Group Inc. significantly increased its holdings by 87.5%, acquiring an additional 4.6 million shares, bringing its total shares to nearly 9.93 million.
• CVS Health recently reported $1.81 EPS for the last quarter, exceeding analysts' estimates, with revenue of $98.92 billion, a 8.4% increase from the previous year.

1832 Asset Management L.P. decreased its stake in CVS Health Corporation (NYSE:CVS - Free Report) by 35.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 21,769 shares of the pharmacy operator's stock after selling 11,955 shares during the period. 1832 Asset Management L.P.'s holdings in CVS Health were worth $1,475,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Goldman Sachs Group Inc. raised its position in shares of CVS Health by 87.5% in the first quarter. Goldman Sachs Group Inc. now owns 9,927,650 shares of the pharmacy operator's stock valued at $672,598,000 after purchasing an additional 4,632,530 shares during the period. Nuveen LLC bought a new stake in shares of CVS Health in the first quarter valued at approximately $204,421,000. Fairfax Financial Holdings Ltd. Can bought a new stake in shares of CVS Health in the fourth quarter valued at approximately $121,742,000. Assenagon Asset Management S.A. raised its position in shares of CVS Health by 310.8% in the first quarter. Assenagon Asset Management S.A. now owns 3,523,824 shares of the pharmacy operator's stock valued at $238,739,000 after purchasing an additional 2,666,029 shares during the period. Finally, Invesco Ltd. raised its position in shares of CVS Health by 13.2% in the first quarter. Invesco Ltd. now owns 20,413,853 shares of the pharmacy operator's stock valued at $1,383,039,000 after purchasing an additional 2,375,764 shares during the period. Institutional investors own 80.66% of the company's stock.

Insider Buying and Selling

In related news, Director Guy P. Sansone purchased 1,570 shares of the business's stock in a transaction on Thursday, June 5th. The stock was acquired at an average price of $63.70 per share, with a total value of $100,009.00. Following the purchase, the director directly owned 12,007 shares in the company, valued at approximately $764,845.90. This represents a 15.04% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.22% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on CVS. Wells Fargo & Company reissued an "overweight" rating and issued a $84.00 price target (up previously from $76.00) on shares of CVS Health in a research report on Tuesday, May 6th. Bernstein Bank lowered their price target on shares of CVS Health from $78.00 to $72.00 and set a "market perform" rating on the stock in a research report on Wednesday, July 16th. Truist Financial upped their target price on shares of CVS Health from $82.00 to $84.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Robert W. Baird raised shares of CVS Health from a "neutral" rating to an "outperform" rating and upped their target price for the stock from $71.00 to $82.00 in a report on Thursday, August 14th. Finally, UBS Group raised shares of CVS Health from a "neutral" rating to a "buy" rating and upped their target price for the stock from $67.00 to $79.00 in a report on Monday, August 18th. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $76.67.

CVS Health Price Performance

CVS stock opened at $71.22 on Tuesday. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.80 and a quick ratio of 0.62. CVS Health Corporation has a one year low of $43.56 and a one year high of $72.51. The stock has a market cap of $90.33 billion, a PE ratio of 19.89, a P/E/G ratio of 0.79 and a beta of 0.58. The firm has a 50 day simple moving average of $65.57 and a two-hundred day simple moving average of $65.37.

CVS Health (NYSE:CVS - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The pharmacy operator reported $1.81 EPS for the quarter, topping analysts' consensus estimates of $1.46 by $0.35. CVS Health had a net margin of 1.17% and a return on equity of 10.51%. The business had revenue of $98.92 billion during the quarter, compared to analysts' expectations of $94.87 billion. During the same quarter in the previous year, the company earned $1.83 EPS. The business's quarterly revenue was up 8.4% compared to the same quarter last year. CVS Health has set its FY 2025 guidance at 6.300-6.400 EPS. On average, analysts predict that CVS Health Corporation will post 5.89 EPS for the current fiscal year.

CVS Health Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 22nd were paid a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend was Tuesday, July 22nd. CVS Health's payout ratio is currently 74.30%.

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.

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