Dodge & Cox Cuts Stock Position in CVS Health Corporation $CVS

Key Points

• Dodge & Cox trimmed its CVS stake by 0.2% (sold 112,180 shares), leaving 73,176,586 shares — about 5.76% of CVS and ~3.0% of the fund's portfolio, valued at roughly $5.52 billion.
• Analysts remain largely positive on CVS with 20 Buys and 3 Holds, an average rating of “Moderate Buy” and an average price target of $95.05, while several firms have recently raised targets (e.g., JPMorgan to $101, Barclays to $93).
• CVS posted an EPS beat ($1.09 vs. $1.00) and $105.69B in revenue, set FY2026 guidance of $5.94–$6.14 EPS, and pays a 3.5% dividend though the payout ratio is high at 192.75%.

Dodge & Cox lowered its position in CVS Health Corporation (NYSE:CVS - Free Report) by 0.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 73,176,586 shares of the pharmacy operator's stock after selling 112,180 shares during the period. CVS Health makes up approximately 3.0% of Dodge & Cox's investment portfolio, making the stock its 4th biggest holding. Dodge & Cox owned approximately 5.76% of CVS Health worth $5,516,783,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Pathstone Holdings LLC grew its position in CVS Health by 0.5% in the 3rd quarter. Pathstone Holdings LLC now owns 180,776 shares of the pharmacy operator's stock valued at $13,629,000 after acquiring an additional 973 shares during the last quarter. Boston Partners lifted its position in shares of CVS Health by 116.8% during the third quarter. Boston Partners now owns 104,491 shares of the pharmacy operator's stock worth $7,878,000 after purchasing an additional 56,296 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of CVS Health by 19.3% during the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 418,891 shares of the pharmacy operator's stock valued at $31,580,000 after purchasing an additional 67,668 shares during the period. Banco BTG Pactual S.A. bought a new position in shares of CVS Health in the third quarter worth about $1,982,000. Finally, Legacy Advisors LLC purchased a new position in CVS Health in the 3rd quarter worth about $249,000. Institutional investors own 80.66% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CVS shares. Leerink Partners reissued an "outperform" rating and issued a $98.00 price objective on shares of CVS Health in a research report on Thursday, March 5th. Barclays lifted their price target on shares of CVS Health from $87.00 to $93.00 and gave the company an "overweight" rating in a research note on Wednesday, December 10th. JPMorgan Chase & Co. boosted their price target on CVS Health from $93.00 to $101.00 and gave the company an "overweight" rating in a report on Wednesday, December 17th. Wolfe Research dropped their price objective on CVS Health from $100.00 to $97.00 and set an "outperform" rating on the stock in a research note on Monday, March 2nd. Finally, Sanford C. Bernstein raised CVS Health from a "market perform" rating to an "outperform" rating and lifted their target price for the company from $91.00 to $94.00 in a research report on Thursday. Twenty analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, CVS Health currently has an average rating of "Moderate Buy" and an average target price of $95.05.

CVS Health News Summary

Here are the key news stories impacting CVS Health this week:

• Positive Sentiment: Sanford C. Bernstein upgraded CVS to "outperform" with a $94 price target, signaling upward analyst momentum and providing a clear catalyst for investor sentiment. Occidental Petroleum, CVS, Petco: Top Analyst Calls
• Positive Sentiment: CVS announced a new AI-powered health platform, which could boost growth prospects for care management, digital engagement and margin improvement if adoption scales. CVS to launch new AI-powered health platform
• Positive Sentiment: CVS joined an international movement to become menopause accredited, strengthening its clinical services and retail clinic positioning in women’s health — a niche revenue/traffic driver over time. CVS Health joins international movement to become menopause accredited
• Neutral Sentiment: Analysts are revising fair‑value estimates modestly (one update moved fair value ~US$94→US$96), reflecting balanced views: upside from Medicare Advantage exposure but uncertainty on managed‑care earnings and capital allocation. How The CVS Health (CVS) Story Is Shifting With Medicare Advantage And Valuation Debates
• Neutral Sentiment: Competitive dynamics: a North Carolina health plan is triggering a bidding fight for 2028 Aetna/CVS contracts — potential upside if CVS wins, but outcome uncertain. N.C. Health Plan Sparks 2028 Bidding War Over Aetna And CVS Contracts
• Neutral Sentiment: Market reaction since earnings: commentary and data pieces note the stock has moved modestly since last quarter; investors are parsing guidance and EPS trajectory for cues. Why Is CVS Health (CVS) Down 1.7% Since Last Earnings Report?
• Negative Sentiment: Aetna, a CVS subsidiary, agreed to a $117.7M DOJ settlement over alleged inaccurate diagnosis coding in Medicare Advantage — a material legal headline that keeps compliance and MA reimbursement risk on investors' radar. Aetna’s US$117.7m Settlement Puts CVS Health Compliance In Focus
• Negative Sentiment: Policy risk: CVS warned it may close 100+ Tennessee pharmacies if proposed PBM legislation passes, highlighting state‑level regulatory risk that could reduce retail footprint and revenues in affected markets. CVS threatens to close 100+ Tennessee pharmacies over PBM legislation

CVS Health Price Performance

Shares of CVS opened at $76.14 on Friday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.63 and a current ratio of 0.84. The company has a 50 day moving average price of $78.17 and a 200-day moving average price of $77.74. CVS Health Corporation has a fifty-two week low of $58.35 and a fifty-two week high of $85.15. The stock has a market capitalization of $96.87 billion, a PE ratio of 55.17, a PEG ratio of 0.79 and a beta of 0.49.

CVS Health (NYSE:CVS - Get Free Report) last issued its quarterly earnings data on Tuesday, February 10th. The pharmacy operator reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.09. The company had revenue of $105.69 billion for the quarter, compared to analyst estimates of $103.67 billion. CVS Health had a net margin of 0.44% and a return on equity of 11.31%. CVS Health's revenue was up 8.2% compared to the same quarter last year. During the same period last year, the company posted $1.19 earnings per share. CVS Health has set its FY 2026 guidance at 5.940-6.140 EPS. Equities analysts predict that CVS Health Corporation will post 5.89 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Thursday, January 22nd were paid a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Thursday, January 22nd. CVS Health's dividend payout ratio is 192.75%.

About CVS Health

CVS Health Corporation is a diversified healthcare company that operates a large network of retail pharmacies, pharmacy benefit management services and health care solutions. Headquartered in Woonsocket, Rhode Island, the company traces its roots to the early 1960s and has grown into an integrated provider of prescription drugs, over‑the‑counter products, clinical services and health insurance offerings. Its operating model combines retail pharmacy locations and in‑store clinics with broader pharmacy and health plan capabilities.

Key business activities include CVS Pharmacy retail operations, MinuteClinic walk‑in medical clinics and HealthHUB locations that offer expanded clinical services.

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