The Manufacturers Life Insurance Company Sells 30,311 Shares of CVS Health Corporation $CVS

Key Points

• The Manufacturers Life Insurance Company reduced its stake in CVS Health by 2.7% during the first quarter, now owning approximately 1,108,048 shares valued at $75 million.
• CVS Health recently reported $1.81 EPS for the last quarter, exceeding analysts' expectations, with revenue growing 8.4% year-over-year to nearly $99 billion.
• Analysts have a strong consensus on CVS Health with an average target price of $77.56, including several upgrades from firms like Barclays and Baird R W.

The Manufacturers Life Insurance Company trimmed its position in CVS Health Corporation (NYSE:CVS - Free Report) by 2.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,108,048 shares of the pharmacy operator's stock after selling 30,311 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.09% of CVS Health worth $75,070,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in CVS. Canada Pension Plan Investment Board increased its position in CVS Health by 15.5% in the first quarter. Canada Pension Plan Investment Board now owns 918,127 shares of the pharmacy operator's stock worth $62,203,000 after buying an additional 123,037 shares during the last quarter. State of Wyoming acquired a new position in shares of CVS Health in the 1st quarter valued at $291,000. Trexquant Investment LP boosted its position in shares of CVS Health by 41.4% during the first quarter. Trexquant Investment LP now owns 331,722 shares of the pharmacy operator's stock worth $22,474,000 after buying an additional 97,097 shares during the period. Callodine Capital Management LP purchased a new stake in CVS Health during the first quarter worth approximately $19,648,000. Finally, CreativeOne Wealth LLC grew its position in CVS Health by 5.0% in the 1st quarter. CreativeOne Wealth LLC now owns 6,778 shares of the pharmacy operator's stock valued at $459,000 after buying an additional 320 shares during the last quarter. 80.66% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on CVS shares. Robert W. Baird raised CVS Health from a "neutral" rating to an "outperform" rating and lifted their target price for the stock from $71.00 to $82.00 in a research report on Thursday, August 14th. Wall Street Zen raised shares of CVS Health from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Cantor Fitzgerald reiterated an "overweight" rating and set a $78.00 price objective on shares of CVS Health in a research note on Tuesday, August 26th. Barclays lifted their target price on CVS Health from $79.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, Jefferies Financial Group lifted their price objective 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. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $77.56.

CVS Health Stock Down 1.0%

CVS Health stock traded down $0.75 during mid-day trading on Wednesday, reaching $73.34. 6,699,485 shares of the company were exchanged, compared to its average volume of 9,669,568. 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 has a market cap of $93.01 billion, a P/E ratio of 20.48, a PEG ratio of 0.81 and a beta of 0.62. The business has a fifty day moving average of $66.25 and a 200 day moving average of $65.83. CVS Health Corporation has a 12-month low of $43.56 and a 12-month high of $74.53.

CVS Health (NYSE:CVS - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The pharmacy operator reported $1.81 EPS for the quarter, topping the consensus estimate of $1.46 by $0.35. The company had revenue of $98.92 billion during the quarter, compared to analyst estimates of $94.87 billion. CVS Health had a return on equity of 10.51% and a net margin of 1.17%.CVS Health's quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.83 EPS. CVS Health has set its FY 2025 guidance at 6.300-6.400 EPS. Research 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 announced a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 22nd were given a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Tuesday, July 22nd. CVS Health's payout ratio is presently 74.30%.

Insider Activity at CVS Health

In other news, Director Anne A. Finucane sold 7,500 shares of the business's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $71.02, for a total value of $532,650.00. Following the sale, the director owned 22,156 shares of the company's stock, valued at approximately $1,573,519.12. The trade was a 25.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Guy P. Sansone bought 1,570 shares of the stock in a transaction on Thursday, June 5th. The shares were acquired at an average cost of $63.70 per share, for a total transaction of $100,009.00. Following the completion of the transaction, the director directly owned 12,007 shares of the company's stock, valued at approximately $764,845.90. The trade was a 15.04% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.22% of the stock is currently owned by corporate 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.