CVS Health Corporation $CVS Shares Sold by Columbia Asset Management

Key Points

• Columbia Asset Management dramatically reduced its stake in CVS Health Corporation by 98.7%, selling 509,000 shares and now holding only 6,598 shares valued at $455,000.
• CVS Health reported a quarterly earnings of $1.81 per share, exceeding analysts' expectations, with revenue of $98.92 billion, marking an 8.4% increase year-over-year.
• The company declared a quarterly dividend of $0.665 per share, with an ex-dividend date set for October 23rd, representing an annual yield of 3.5% based on a payout ratio of 74.30%.

Columbia Asset Management cut its position in CVS Health Corporation (NYSE:CVS - Free Report) by 98.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,598 shares of the pharmacy operator's stock after selling 509,000 shares during the quarter. Columbia Asset Management's holdings in CVS Health were worth $455,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of CVS. Goldman Sachs Group Inc. grew its stake in 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 purchasing an additional 4,632,530 shares in the last quarter. Dodge & Cox grew its stake in CVS Health by 4.8% during the 1st quarter. Dodge & Cox now owns 73,459,122 shares of the pharmacy operator's stock worth $4,976,856,000 after purchasing an additional 3,353,223 shares in the last quarter. Nuveen LLC acquired a new position in CVS Health during the 1st quarter worth $204,421,000. Assenagon Asset Management S.A. grew its stake in CVS Health by 310.8% during the 1st quarter. Assenagon Asset Management S.A. now owns 3,523,824 shares of the pharmacy operator's stock worth $238,739,000 after purchasing an additional 2,666,029 shares in the last quarter. Finally, Invesco Ltd. grew its stake in CVS Health by 13.2% during the 1st quarter. Invesco Ltd. now owns 20,413,853 shares of the pharmacy operator's stock worth $1,383,039,000 after purchasing an additional 2,375,764 shares in the last quarter. 80.66% of the stock is owned by institutional investors and hedge funds.

CVS Health Stock Down 0.3%

CVS opened at $75.31 on Wednesday. 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 business has a 50 day moving average price of $69.70 and a two-hundred day moving average price of $67.13. CVS Health Corporation has a 52 week low of $43.56 and a 52 week high of $77.34. The company has a market cap of $95.52 billion, a PE ratio of 21.04, a P/E/G ratio of 0.83 and a beta of 0.62.

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

CVS Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Thursday, October 23rd will be given a dividend of $0.665 per share. The ex-dividend date is Thursday, October 23rd. This represents a $2.66 annualized dividend and a yield of 3.5%. CVS Health's payout ratio is presently 74.30%.

Insider Transactions at CVS Health

In other CVS Health news, Director Anne A. Finucane sold 7,500 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $71.02, for a total transaction of $532,650.00. Following the transaction, the director owned 22,156 shares in the company, valued at approximately $1,573,519.12. The trade was a 25.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.22% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on CVS shares. Barclays boosted their target price on CVS Health from $80.00 to $87.00 and gave the stock an "overweight" rating in a research note on Thursday, September 4th. Zacks Research downgraded CVS Health from a "strong-buy" rating to a "hold" rating in a report on Monday, September 8th. Cowen reaffirmed a "buy" rating on shares of CVS Health in a report on Monday, August 4th. Baird R W raised CVS Health from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 14th. Finally, Wolfe Research lifted their price target on CVS Health from $80.00 to $85.00 and gave the stock an "outperform" rating in a report on Monday, September 22nd. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $78.25.

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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