Lee Danner & Bass Inc. Sells 3,692 Shares of CVS Health Corporation $CVS

Key Points

• Lee Danner & Bass Inc. sold 3,692 shares of CVS Health, reducing its holdings by 6.7% in the second quarter, leaving them with 51,685 shares valued at approximately $3.57 million.
• Multiple analysts have raised their price targets for CVS Health, with Mizuho setting theirs as high as $88, indicating strong confidence in the company's future performance.
• CVS Health announced a quarterly dividend of $0.665 per share, translating to an annualized dividend yield of 3.3%, scheduled for distribution on November 3rd.

Lee Danner & Bass Inc. reduced its position in CVS Health Corporation (NYSE:CVS - Free Report) by 6.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,685 shares of the pharmacy operator's stock after selling 3,692 shares during the quarter. Lee Danner & Bass Inc.'s holdings in CVS Health were worth $3,565,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CVS. Hazlett Burt & Watson Inc. grew its stake in shares of CVS Health by 10.9% during the second quarter. Hazlett Burt & Watson Inc. now owns 1,682 shares of the pharmacy operator's stock worth $117,000 after acquiring an additional 165 shares during the last quarter. Essex Financial Services Inc. boosted its position in CVS Health by 0.8% in the 1st quarter. Essex Financial Services Inc. now owns 20,705 shares of the pharmacy operator's stock worth $1,403,000 after purchasing an additional 166 shares in the last quarter. Williams Financial LLC raised its stake in shares of CVS Health by 2.5% during the 2nd quarter. Williams Financial LLC now owns 6,923 shares of the pharmacy operator's stock worth $478,000 after buying an additional 167 shares during the period. Hemington Wealth Management raised its stake in shares of CVS Health by 33.7% during the 1st quarter. Hemington Wealth Management now owns 682 shares of the pharmacy operator's stock worth $46,000 after buying an additional 172 shares during the period. Finally, Sumitomo Life Insurance Co. raised its stake in CVS Health by 1.0% in the 1st quarter. Sumitomo Life Insurance Co. now owns 17,114 shares of the pharmacy operator's stock valued at $1,159,000 after purchasing an additional 174 shares during the last quarter. Hedge funds and other institutional investors own 80.66% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on CVS shares. Mizuho increased their price target on CVS Health from $76.00 to $88.00 and gave the stock an "outperform" rating in a report on Thursday, October 9th. Weiss Ratings reiterated a "hold (c)" rating on shares of CVS Health in a research note on Tuesday, October 14th. Zacks Research downgraded CVS Health from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 8th. The Goldman Sachs Group began coverage on CVS Health in a report on Tuesday, October 14th. They set a "buy" rating and a $91.00 target price on the stock. Finally, Jefferies Financial Group increased their price target on CVS Health from $80.00 to $92.00 in a research note on Wednesday, October 15th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, CVS Health currently has an average rating of "Moderate Buy" and a consensus price target of $82.57.

CVS Health Trading Up 0.4%

NYSE CVS opened at $81.42 on Friday. CVS Health Corporation has a 12 month low of $43.56 and a 12 month high of $83.52. The stock has a 50-day simple moving average of $75.31 and a 200 day simple moving average of $68.57. The company has a market capitalization of $103.26 billion, a PE ratio of 22.73, a P/E/G 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 (NYSE:CVS - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The pharmacy operator reported $1.81 EPS for the quarter, beating the consensus estimate of $1.46 by $0.35. The firm had revenue of $98.92 billion during the quarter, compared to analysts' expectations of $94.87 billion. CVS Health had a return on equity of 10.51% and a net margin of 1.17%.The business's quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.83 earnings per share. CVS Health has set its FY 2025 guidance at 6.300-6.400 EPS. Research analysts forecast that CVS Health Corporation will post 5.89 EPS for the current year.

CVS Health Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Thursday, October 23rd will be given a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Thursday, October 23rd. CVS Health's dividend payout ratio is presently 74.30%.

Insider Buying and Selling at CVS Health

In other news, Director Anne A. Finucane sold 7,500 shares of the company'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 value of $532,650.00. Following the completion of the transaction, the director directly owned 22,156 shares of the company's stock, valued at $1,573,519.12. This represents a 25.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.22% of the stock is owned by insiders.

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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