Cresset Asset Management LLC Sells 4,379 Shares of CVS Health Corporation $CVS

Key Points

• Cresset Asset Management LLC has decreased its stake in CVS Health by 17.2%, selling 4,379 shares, resulting in ownership of 21,051 shares worth approximately $1.426 million.
• Multiple institutional investors, including Whitebox Advisors and Jennison Associates, have either increased their positions or made new investments in CVS Health, indicating strong institutional interest in the company.
• CVS Health recently declared a quarterly dividend of $0.665 per share, giving it an annualized dividend yield of 3.8%, with a payout ratio of 74.30%.

Cresset Asset Management LLC lessened its stake in CVS Health Corporation (NYSE:CVS - Free Report) by 17.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,051 shares of the pharmacy operator's stock after selling 4,379 shares during the quarter. Cresset Asset Management LLC's holdings in CVS Health were worth $1,426,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Essex Financial Services Inc. raised its stake in CVS Health by 0.8% in the first quarter. Essex Financial Services Inc. now owns 20,705 shares of the pharmacy operator's stock valued at $1,403,000 after purchasing an additional 166 shares in the last quarter. Hemington Wealth Management raised its stake in CVS Health by 33.7% during the first quarter. Hemington Wealth Management now owns 682 shares of the pharmacy operator's stock worth $46,000 after acquiring an additional 172 shares in the last quarter. McIlrath & Eck LLC raised its stake in CVS Health by 32.6% during the fourth quarter. McIlrath & Eck LLC now owns 707 shares of the pharmacy operator's stock worth $32,000 after acquiring an additional 174 shares in the last quarter. Sumitomo Life Insurance Co. raised its stake in CVS Health by 1.0% during the first quarter. Sumitomo Life Insurance Co. now owns 17,114 shares of the pharmacy operator's stock worth $1,159,000 after acquiring an additional 174 shares in the last quarter. Finally, Koshinski Asset Management Inc. raised its stake in CVS Health by 3.7% during the first quarter. Koshinski Asset Management Inc. now owns 4,930 shares of the pharmacy operator's stock worth $334,000 after acquiring an additional 178 shares in the last quarter. Institutional investors and hedge funds own 80.66% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Wall Street Zen raised CVS Health from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Cowen reissued a "buy" rating on shares of CVS Health in a research report on Monday, August 4th. Robert W. Baird raised shares of CVS Health from a "neutral" rating to an "outperform" rating and raised their price objective for the stock from $71.00 to $82.00 in a research report on Thursday, August 14th. Barclays raised their price objective on shares of CVS Health from $79.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Finally, Morgan Stanley raised their price objective on shares of CVS Health from $80.00 to $82.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Two research 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. According to data from MarketBeat, CVS Health currently has an average rating of "Buy" and an average target price of $76.67.

Insider Activity at CVS Health

In other CVS Health news, Director Guy P. Sansone bought 1,570 shares of the stock in a transaction dated Thursday, June 5th. The shares were bought at an average cost of $63.70 per share, for a total transaction of $100,009.00. Following the purchase, the director directly owned 12,007 shares of the company's stock, valued at approximately $764,845.90. This trade represents a 15.04% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.22% of the stock is owned by insiders.

CVS Health Stock Down 0.4%

NYSE CVS traded down $0.27 on Monday, reaching $71.03. The company had a trading volume of 2,853,928 shares, compared to its average volume of 9,792,944. The company has a quick ratio of 0.62, a current ratio of 0.80 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $90.09 billion, a P/E ratio of 19.85, a P/E/G ratio of 0.79 and a beta of 0.58. The company's fifty day moving average is $65.50 and its 200 day moving average is $65.25. CVS Health Corporation has a 52-week low of $43.56 and a 52-week high of $72.51.

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

CVS Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 22nd were given a $0.665 dividend. The ex-dividend date of this dividend was Tuesday, July 22nd. This represents a $2.66 annualized dividend and a yield of 3.7%. 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.