CVS Health Corporation $CVS Shares Bought by RNC Capital Management LLC

Key Points

• RNC Capital Management LLC increased its stake in CVS Health by 44.6%, owning approximately 813,333 shares valued at about $55 million by the end of the last reporting period.
• Goldman Sachs Group Inc. significantly boosted its position in CVS by 87.5%, now holding nearly 9.9 million shares worth around $672 million.
• Analysts have mixed ratings on CVS Health, with a consensus rating of "Buy" and a target price averaging $77.89, while its recent earnings exceeded estimates with a reported EPS of $1.81.

RNC Capital Management LLC grew its position in CVS Health Corporation (NYSE:CVS - Free Report) by 44.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 813,333 shares of the pharmacy operator's stock after purchasing an additional 251,039 shares during the period. CVS Health comprises about 2.8% of RNC Capital Management LLC's portfolio, making the stock its 9th largest position. RNC Capital Management LLC owned about 0.06% of CVS Health worth $55,103,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its stake in shares of CVS Health by 87.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 9,927,650 shares of the pharmacy operator's stock worth $672,598,000 after acquiring an additional 4,632,530 shares during the period. Dodge & Cox raised its stake in CVS Health by 4.8% in the 1st quarter. Dodge & Cox now owns 73,459,122 shares of the pharmacy operator's stock valued at $4,976,856,000 after acquiring an additional 3,353,223 shares during the period. Nuveen LLC bought a new stake in CVS Health in the 1st quarter valued at about $204,421,000. Assenagon Asset Management S.A. raised its stake in CVS Health by 310.8% in the 1st quarter. Assenagon Asset Management S.A. now owns 3,523,824 shares of the pharmacy operator's stock valued at $238,739,000 after acquiring an additional 2,666,029 shares during the period. Finally, Invesco Ltd. raised its stake in CVS Health by 13.2% in the 1st quarter. Invesco Ltd. now owns 20,413,853 shares of the pharmacy operator's stock valued at $1,383,039,000 after acquiring an additional 2,375,764 shares during the period. Hedge funds and other institutional investors own 80.66% of the company's stock.

Analyst Ratings Changes

CVS has been the topic of a number of recent research reports. Robert W. Baird raised CVS Health from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $71.00 to $82.00 in a report on Thursday, August 14th. Jefferies Financial Group raised their price target on shares of CVS Health from $74.00 to $80.00 and gave the company a "buy" rating in a report on Monday, June 30th. Sanford C. Bernstein boosted their target price on CVS Health from $72.00 to $77.00 and gave the stock a "market perform" rating in a research report on Friday. Morgan Stanley raised their price target on CVS Health from $80.00 to $82.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Finally, Bernstein Bank lowered their price target on CVS Health from $78.00 to $72.00 and set a "market perform" rating on the stock in a report on Wednesday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, CVS Health currently has a consensus rating of "Buy" and an average target price of $77.89.

CVS Health Trading Up 0.1%

Shares of CVS stock opened at $73.76 on Monday. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.80 and a quick ratio of 0.62. The stock has a market capitalization of $93.56 billion, a PE ratio of 20.60, a P/E/G ratio of 0.81 and a beta of 0.62. CVS Health Corporation has a 1-year low of $43.56 and a 1-year high of $74.53. The business has a 50-day moving average of $66.60 and a 200 day moving average of $66.00.

CVS Health (NYSE:CVS - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The pharmacy operator reported $1.81 earnings per share for the quarter, topping analysts' consensus estimates of $1.46 by $0.35. The business had revenue of $98.92 billion for the quarter, compared to analysts' expectations 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 was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.83 earnings per share. CVS Health has set its FY 2025 guidance at 6.300-6.400 EPS. As a group, sell-side analysts anticipate that CVS Health Corporation will post 5.89 earnings per share for the current year.

CVS Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 22nd were paid a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Tuesday, July 22nd. CVS Health's dividend payout ratio (DPR) is currently 74.30%.

Insiders Place Their Bets

In other CVS Health news, Director Anne A. Finucane sold 7,500 shares of the firm's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $71.02, for a total transaction of $532,650.00. Following the completion of the sale, the director directly owned 22,156 shares in the company, valued at approximately $1,573,519.12. This trade represents a 25.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.22% of the company's stock.

CVS Health Company 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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