CVS Health Corporation $CVS Shares Sold by Park National Corp OH

Key Points

• Park National Corp OH reduced its stake in CVS Health Corporation by 7.7%, now owning 189,431 shares valued at approximately $13.07 million after selling 15,779 shares in Q2.
• Despite Park National's reduction, other investors like Goldman Sachs and Dodge & Cox significantly increased their holdings by 87.5% and 4.8%, respectively, indicating a positive outlook on CVS Health.
• CVS reported better-than-expected quarterly earnings, with earnings per share of $1.81, exceeding estimates, along with a revenue of $98.92 billion, up 8.4% from the previous year.

Park National Corp OH lowered its holdings in CVS Health Corporation (NYSE:CVS - Free Report) by 7.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 189,431 shares of the pharmacy operator's stock after selling 15,779 shares during the period. Park National Corp OH's holdings in CVS Health were worth $13,067,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the business. Kera Capital Partners Inc. bought a new stake in shares of CVS Health in the second quarter worth $371,000. AG2R LA Mondiale Gestion D Actifs acquired a new position in CVS Health in the first quarter worth about $2,989,000. Swedbank AB increased its holdings in CVS Health by 1.0% in the first quarter. Swedbank AB now owns 1,420,266 shares of the pharmacy operator's stock valued at $96,223,000 after buying an additional 14,454 shares during the last quarter. First Hawaiian Bank lifted its holdings in CVS Health by 4.0% during the 1st quarter. First Hawaiian Bank now owns 102,950 shares of the pharmacy operator's stock worth $6,975,000 after buying an additional 3,990 shares during the last quarter. Finally, Modern Wealth Management LLC acquired a new position in shares of CVS Health in the 1st quarter worth approximately $204,000. 80.66% of the stock is owned by institutional investors and hedge funds.

Insider Activity at CVS Health

In related news, Director Anne A. Finucane sold 7,500 shares of the business'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 transaction of $532,650.00. Following the sale, the director owned 22,156 shares of the company's stock, valued at $1,573,519.12. The trade was a 25.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.22% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CVS shares. Wall Street Zen cut CVS Health from a "buy" rating to a "hold" rating in a research note on Saturday. Bernstein Bank decreased their price target on shares of CVS Health from $78.00 to $72.00 and set a "market perform" rating for the company in a report on Wednesday, July 16th. Barclays increased their price objective on shares of CVS Health from $80.00 to $87.00 and gave the stock an "overweight" rating in a research note on Thursday, September 4th. Sanford C. Bernstein upped their target price on CVS Health from $72.00 to $77.00 and gave the company a "market perform" rating in a report on Friday, September 5th. Finally, Jefferies Financial Group raised their price target on CVS Health from $74.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $77.89.

CVS Health Stock Performance

Shares of NYSE CVS traded up $0.33 during midday trading on Friday, hitting $75.00. 6,400,711 shares of the company's stock were exchanged, compared to its average volume of 6,810,735. CVS Health Corporation has a twelve month low of $43.56 and a twelve month high of $75.55. The firm has a market cap of $95.12 billion, a P/E ratio of 20.95, a PEG ratio of 0.83 and a beta of 0.62. The stock's 50 day moving average price is $67.11 and its 200-day moving average price is $66.33. 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 (NYSE:CVS - Get Free Report) last announced its earnings results on Thursday, July 31st. The pharmacy operator reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.35. The firm 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 firm's revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.83 EPS. CVS Health has set its FY 2025 guidance at 6.300-6.400 EPS. Equities research analysts anticipate that CVS Health Corporation will post 5.89 EPS for the current year.

CVS Health Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 22nd were paid a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Tuesday, July 22nd. 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.