ICONIQ Capital LLC Takes $378,000 Position in CVS Health Corporation $CVS

Key Points

• ICONIQ Capital LLC has invested $378,000 in CVS Health, acquiring 5,586 shares of the company during the first quarter.
• Several institutional investors have increased their stakes in CVS Health, with Vanguard Group now owning over $8 billion in shares and holding a significant 80.66% of the company’s stock.
• CVS Health reported a strong quarterly earnings performance, beating analysts' expectations with $1.81 EPS and an 8.4% year-over-year revenue increase, prompting analysts to raise their price targets for the stock.

ICONIQ Capital LLC purchased a new position in shares of CVS Health Corporation (NYSE:CVS - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 5,586 shares of the pharmacy operator's stock, valued at approximately $378,000.

A number of other large investors also recently bought and sold shares of CVS. Goldman Sachs Group Inc. raised its stake in CVS Health by 87.5% during the first 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 during the period. Dodge & Cox raised its stake in CVS Health by 4.8% during the first 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 during the period. Nuveen LLC purchased a new position in CVS Health during the first quarter worth approximately $204,421,000. Fairfax Financial Holdings Ltd. Can purchased a new position in CVS Health during the fourth quarter worth approximately $121,742,000. Finally, Assenagon Asset Management S.A. raised its stake in shares of 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. Hedge funds and other institutional investors own 80.66% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Barclays raised their target price on shares of CVS Health from $79.00 to $80.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Jefferies Financial Group raised their target price on shares of CVS Health from $74.00 to $80.00 and gave the company a "buy" rating in a research note on Monday, June 30th. Bernstein Bank cut their target price on shares of CVS Health from $78.00 to $72.00 and set a "market perform" rating on the stock in a research note on Wednesday, July 16th. Truist Financial raised their target price on shares of CVS Health from $82.00 to $84.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Finally, Royal Bank Of Canada raised their price target on shares of CVS Health from $74.00 to $81.00 and gave the company an "outperform" rating in a report on Monday, May 5th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $77.56.

CVS Health Stock Up 0.5%

CVS traded up $0.39 during trading hours on Wednesday, reaching $71.94. 3,586,239 shares of the stock traded hands, compared to its average volume of 8,055,836. The company has a market cap of $91.24 billion, a price-to-earnings ratio of 20.09, a PEG ratio of 0.79 and a beta of 0.58. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.80 and a quick ratio of 0.62. CVS Health Corporation has a fifty-two week low of $43.56 and a fifty-two week high of $72.51. The firm's fifty day simple moving average is $65.76 and its two-hundred day simple moving average is $65.46.

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 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 net margin of 1.17% and a return on equity of 10.51%. The firm's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period last year, the business earned $1.83 EPS. CVS Health has set its FY 2025 guidance at 6.300-6.400 EPS. As a group, analysts forecast that CVS Health Corporation will post 5.89 earnings per share for the current fiscal year.

CVS Health Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 22nd were issued a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Tuesday, July 22nd. CVS Health's dividend payout ratio (DPR) is currently 74.30%.

Insiders Place Their Bets

In related news, Director Guy P. Sansone acquired 1,570 shares of the firm's stock in a transaction on Thursday, June 5th. The stock was bought at an average cost of $63.70 per share, with a total value of $100,009.00. Following the acquisition, the director directly owned 12,007 shares in the company, valued at approximately $764,845.90. The trade was a 15.04% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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.