CVS Health Corporation $CVS Shares Sold by Novare Capital Management LLC

Key Points

• Novare Capital Management LLC has decreased its stake in CVS Health by 9.7%, now holding 49,169 shares valued at $3,392,000 after selling 5,252 shares in the second quarter.
• Numerous institutional investors are increasing their holdings, with Jennison Associates LLC boosting their ownership by 503.8% to approximately 1.9 million shares worth over $128 million.
• CVS Health recently announced a quarterly dividend of $0.665 per share, which will be paid on November 3rd, representing an annual yield of 3.2%.

Novare Capital Management LLC reduced its position in CVS Health Corporation (NYSE:CVS - Free Report) by 9.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,169 shares of the pharmacy operator's stock after selling 5,252 shares during the quarter. Novare Capital Management LLC's holdings in CVS Health were worth $3,392,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Jennison Associates LLC boosted 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 valued at $128,477,000 after acquiring an additional 1,582,257 shares during the period. Cantor Fitzgerald Investment Advisors L.P. boosted its holdings in shares of CVS Health by 1.6% in the second quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 409,735 shares of the pharmacy operator's stock valued at $28,264,000 after acquiring an additional 6,615 shares during the period. Cerity Partners LLC boosted 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 valued at $43,920,000 after acquiring an additional 129,535 shares during the period. Bank of New York Mellon Corp raised its stake in shares of CVS Health by 2.1% during 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 purchasing an additional 183,813 shares during the last quarter. Finally, Brandywine Global Investment Management LLC raised its stake in shares of CVS Health by 20.1% during the first quarter. Brandywine Global Investment Management LLC now owns 3,421,519 shares of the pharmacy operator's stock worth $231,808,000 after purchasing an additional 572,533 shares during the last quarter. 80.66% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on CVS shares. Cowen reiterated a "buy" rating on shares of CVS Health in a research report on Monday, August 4th. Truist Financial set a $92.00 price objective on CVS Health in a research report on Tuesday. The Goldman Sachs Group started coverage on CVS Health in a research report on Tuesday. They issued a "buy" rating and a $91.00 price objective for the company. Leerink Partners increased their price objective on CVS Health from $86.00 to $95.00 and gave the stock an "outperform" rating in a research report on Thursday. Finally, UBS Group upgraded CVS Health from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $67.00 to $79.00 in a research report on Monday, August 18th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $82.57.

Insider Transactions at CVS Health

In other news, Director Anne A. Finucane sold 7,500 shares of CVS Health stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $71.02, for a total transaction of $532,650.00. Following the sale, the director owned 22,156 shares in the company, valued at $1,573,519.12. This trade represents a 25.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.22% of the stock is owned by company insiders.

CVS Health Stock Up 1.6%

Shares of NYSE:CVS opened at $82.64 on Friday. The stock's 50-day moving average price is $74.00 and its two-hundred day moving average price is $68.12. The firm has a market cap of $104.81 billion, a price-to-earnings ratio of 23.08, a PEG ratio of 0.90 and a beta of 0.60. The company has a current ratio of 0.80, a quick ratio of 0.62 and a debt-to-equity ratio of 0.74. CVS Health Corporation has a 12-month low of $43.56 and a 12-month high of $82.88.

CVS Health (NYSE:CVS - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The pharmacy operator reported $1.81 EPS for the quarter, topping analysts' consensus estimates of $1.46 by $0.35. The company had revenue of $98.92 billion for the quarter, compared to the consensus estimate of $94.87 billion. CVS Health had a return on equity of 10.51% and a net margin of 1.17%.The company's quarterly revenue was up 8.4% compared to the same quarter last year. During the same period last year, the business posted $1.83 EPS. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Thursday, October 23rd will be issued a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Thursday, October 23rd. CVS Health's dividend 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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