Corebridge Financial Inc. Decreases Stake in CVS Health Corporation $CVS

Key Points

• Corebridge Financial Inc. reduced its stake in CVS Health Corporation by 3.2%, selling 10,070 shares in the first quarter and now holding 308,004 shares valued at approximately $20.87 million.
• CVS Health's latest quarterly earnings report revealed an EPS of $1.81, exceeding estimates, with revenues reaching $98.92 billion, up 8.4% year-over-year.
• The company announced a quarterly dividend of $0.665 per share, reflecting an annualized dividend yield of 3.7%.

Corebridge Financial Inc. lowered its stake in CVS Health Corporation (NYSE:CVS - Free Report) by 3.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 308,004 shares of the pharmacy operator's stock after selling 10,070 shares during the period. Corebridge Financial Inc.'s holdings in CVS Health were worth $20,867,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Whitebox Advisors LLC purchased a new position in shares of CVS Health in the fourth quarter worth $249,000. Jennison Associates LLC raised its holdings in shares of CVS Health by 503.8% in the first quarter. Jennison Associates LLC now owns 1,896,341 shares of the pharmacy operator's stock worth $128,477,000 after buying an additional 1,582,257 shares during the last quarter. Cerity Partners LLC raised its holdings in shares of CVS Health by 25.0% in the first quarter. Cerity Partners LLC now owns 648,266 shares of the pharmacy operator's stock worth $43,920,000 after buying an additional 129,535 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of CVS Health by 2.1% in the first quarter. Bank of New York Mellon Corp now owns 8,981,262 shares of the pharmacy operator's stock worth $608,481,000 after buying an additional 183,813 shares during the last quarter. Finally, Fairfax Financial Holdings Ltd. Can purchased a new position in shares of CVS Health in the fourth quarter worth $121,742,000. Hedge funds and other institutional investors own 80.66% of the company's stock.

CVS Health Stock Down 0.1%

CVS stock opened at $71.22 on Tuesday. The firm 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 company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 0.80. The firm's fifty day moving average is $65.57 and its 200 day moving average is $65.37. CVS Health Corporation has a one year low of $43.56 and a one year high of $72.51.

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, beating the consensus estimate of $1.46 by $0.35. The company had revenue of $98.92 billion for the quarter, compared to analyst estimates of $94.87 billion. CVS Health had a net margin of 1.17% and a return on equity of 10.51%. The firm's revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the business earned $1.83 earnings per share. CVS Health has set its FY 2025 guidance at 6.300-6.400 EPS. On average, research analysts forecast that CVS Health Corporation will post 5.89 EPS for the current year.

CVS Health Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 22nd were issued a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Tuesday, July 22nd. CVS Health's dividend payout ratio (DPR) is presently 74.30%.

Analysts Set New Price Targets

CVS has been the topic of a number of research reports. Barclays increased their price objective on shares of CVS Health from $79.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Wall Street Zen upgraded shares of CVS Health from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Truist Financial increased their price objective on shares of CVS Health from $82.00 to $84.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Cowen reiterated a "buy" rating on shares of CVS Health in a research note on Monday, August 4th. Finally, Bernstein Bank cut their price objective on shares of CVS Health from $78.00 to $72.00 and set a "market perform" rating on the stock in a research note on Wednesday, July 16th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, CVS Health currently has a consensus rating of "Buy" and an average price target of $76.67.

Insider Transactions at CVS Health

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

CVS Health 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.

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