Public Employees Retirement System of Ohio Decreases Position in CVS Health Corporation $CVS

Key Points

• The Public Employees Retirement System of Ohio reduced its stake in CVS Health Corporation by 5.5%, now holding 543,655 shares worth approximately $37.5 million.
• CVS Health surpassed analysts' expectations with a reported $1.81 EPS for the last quarter, beating the consensus estimate of $1.46.
• The company declared a quarterly dividend of $0.665, with an annualized yield of 3.5%, payable on November 3rd to shareholders of record on October 23rd.

Public Employees Retirement System of Ohio decreased its holdings in CVS Health Corporation (NYSE:CVS - Free Report) by 5.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 543,655 shares of the pharmacy operator's stock after selling 31,716 shares during the quarter. Public Employees Retirement System of Ohio's holdings in CVS Health were worth $37,501,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in CVS. Vanguard Group Inc. increased its stake in shares of CVS Health by 0.8% in the first quarter. Vanguard Group Inc. now owns 118,335,394 shares of the pharmacy operator's stock worth $8,017,223,000 after acquiring an additional 969,027 shares during the period. Dodge & Cox boosted its position 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 in the last quarter. Invesco Ltd. lifted its position in shares of CVS Health by 13.2% during the 1st quarter. Invesco Ltd. now owns 20,413,853 shares of the pharmacy operator's stock valued at $1,383,039,000 after buying an additional 2,375,764 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of CVS Health by 14.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 15,309,289 shares of the pharmacy operator's stock valued at $1,037,205,000 after purchasing an additional 1,942,886 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in CVS Health by 5.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 13,647,873 shares of the pharmacy operator's stock worth $924,643,000 after buying an additional 728,924 shares in the last quarter. 80.66% of the stock is owned by institutional investors and hedge funds.

CVS Health Trading Down 0.2%

Shares of NYSE CVS opened at $76.36 on Thursday. The stock has a fifty day simple moving average of $68.63 and a 200-day simple moving average of $66.84. CVS Health Corporation has a twelve month low of $43.56 and a twelve month high of $77.34. The company has a current ratio of 0.80, a quick ratio of 0.62 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $96.85 billion, a PE ratio of 21.33, a PEG ratio of 0.84 and a beta 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 EPS for the quarter, beating analysts' consensus estimates of $1.46 by $0.35. The company 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%.CVS Health's revenue for the quarter was up 8.4% on a year-over-year basis. During the same period last year, the business posted $1.83 EPS. CVS Health has set its FY 2025 guidance at 6.300-6.400 EPS. On average, equities analysts forecast that CVS Health Corporation will post 5.89 earnings per share for the current year.

CVS Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Thursday, October 23rd will be given a $0.665 dividend. The ex-dividend date of this dividend is Thursday, October 23rd. This represents a $2.66 dividend on an annualized basis and a yield of 3.5%. CVS Health's dividend payout ratio (DPR) is currently 74.30%.

Analyst Ratings Changes

CVS has been the topic of a number of research reports. Wolfe Research raised their target price on shares of CVS Health from $80.00 to $85.00 and gave the stock an "outperform" rating in a research note on Monday. Jefferies Financial Group increased their price objective on CVS Health from $74.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday, June 30th. Baird R W raised CVS Health from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 14th. Cowen restated a "buy" rating on shares of CVS Health in a research report on Monday, August 4th. Finally, UBS Group upgraded CVS Health from a "neutral" rating to a "buy" rating and increased their price target for the stock from $67.00 to $79.00 in a report on Monday, August 18th. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $78.25.

Insiders Place Their Bets

In other news, Director Anne A. Finucane sold 7,500 shares of the firm's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $71.02, for a total value of $532,650.00. Following the sale, the director directly owned 22,156 shares in the company, valued at approximately $1,573,519.12. This trade represents a 25.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.22% of the stock is currently owned by company 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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