Tocqueville Asset Management L.P. Cuts Position in CVS Health Corporation $CVS

Key Points

• Tocqueville Asset Management L.P. trimmed its CVS stake by 20.0% in Q3, selling 76,936 shares and finishing the quarter with 307,161 shares worth about $23.16 million.
• Several large institutions (including a new ~ $1.36B position from Norges Bank, and added holdings from Invesco, Vanguard and others) now own roughly 80.66% of CVS, and analysts carry a consensus "Moderate Buy" rating with a $95.05 target.
• CVS recently beat quarterly EPS estimates ($1.09 vs. $1.00) with revenue up 8.2% and FY2026 guidance of 5.94–6.14 EPS, but faces regulatory/legal risks such as a $117.7M Aetna settlement and threats to close 100+ Tennessee pharmacies.

Tocqueville Asset Management L.P. trimmed its holdings in shares of CVS Health Corporation (NYSE:CVS - Free Report) by 20.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 307,161 shares of the pharmacy operator's stock after selling 76,936 shares during the quarter. Tocqueville Asset Management L.P.'s holdings in CVS Health were worth $23,157,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Norges Bank bought a new position in shares of CVS Health during the 2nd quarter valued at approximately $1,358,698,000. Invesco Ltd. raised its holdings in shares of CVS Health by 15.3% in the 2nd quarter. Invesco Ltd. now owns 23,532,479 shares of the pharmacy operator's stock worth $1,623,270,000 after purchasing an additional 3,118,626 shares during the period. Capital Research Global Investors lifted its stake in CVS Health by 24.5% in the third quarter. Capital Research Global Investors now owns 11,469,250 shares of the pharmacy operator's stock valued at $864,667,000 after purchasing an additional 2,253,531 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in CVS Health by 70.5% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,294,134 shares of the pharmacy operator's stock valued at $399,125,000 after purchasing an additional 2,188,307 shares during the period. Finally, Vanguard Group Inc. increased its position in CVS Health by 1.7% in the second quarter. Vanguard Group Inc. now owns 120,399,131 shares of the pharmacy operator's stock worth $8,305,132,000 after buying an additional 2,063,737 shares during the last quarter. Hedge funds and other institutional investors own 80.66% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. Wolfe Research lowered their target price 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. Barclays lifted their price objective on CVS Health from $87.00 to $93.00 and gave the stock an "overweight" rating in a report on Wednesday, December 10th. Mizuho upped their price objective on shares of CVS Health from $88.00 to $95.00 and gave the company an "outperform" rating in a report on Wednesday, December 10th. Wells Fargo & Company cut their target price on shares of CVS Health from $103.00 to $102.00 and set an "overweight" rating for the company in a research report on Thursday, November 13th. Finally, The Goldman Sachs Group lifted their target price on shares of CVS Health from $95.00 to $97.00 and gave the stock a "buy" rating in a research note on Thursday, February 12th. Twenty equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $95.05.

CVS Health Price Performance

NYSE CVS traded up $0.71 during trading hours on Friday, hitting $76.78. The company had a trading volume of 876,434 shares, compared to its average volume of 9,014,825. The firm has a 50 day simple moving average of $78.25 and a 200 day simple moving average of $77.71. CVS Health Corporation has a 52 week low of $58.35 and a 52 week high of $85.15. The firm has a market capitalization of $97.68 billion, a price-to-earnings ratio of 55.58, a PEG ratio of 0.79 and a beta of 0.49. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.63 and a current ratio of 0.84.

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

CVS Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Thursday, January 22nd were given 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 was Thursday, January 22nd. CVS Health's dividend payout ratio (DPR) is 192.75%.

More CVS Health News

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

• Positive Sentiment: Sanford C. Bernstein upgraded CVS to "outperform" and raised its price target (cited in market coverage), signaling analyst confidence that could support further upside. Occidental Petroleum, CVS, Petco: Top Analyst Calls
• Positive Sentiment: CVS announced an AI-powered health platform rollout, pointing to digital/service-led revenue expansion and potential margin benefits over time if adoption scales. CVS to launch new AI-powered health platform
• Positive Sentiment: CVS joined an international movement to become menopause-accredited, expanding clinical services in retail/clinic channels — a small but constructive example of diversifying care offerings. CVS Health joins international movement to become menopause accredited
• Neutral Sentiment: Analysts are updating valuations: one fair-value update nudged CVS's estimate slightly higher (~$96.38), reflecting optimism on Medicare Advantage but continued debate on managed-care earnings and capital allocation. How The CVS Health (CVS) Story Is Shifting With Medicare Advantage And Valuation Debates
• Neutral Sentiment: Comparison pieces and retirement-portfolio coverage (CVS vs. Cigna) highlight CVS's diversified model (retail, PBM, insurance) — useful context for longer-term investors but not an immediate catalyst. CVS vs Cigna: Which Healthcare Giant Belongs in Your Retirement Portfolio?
• Negative Sentiment: Aetna, a CVS unit, agreed to pay $117.7M to resolve DOJ False Claims Act allegations over Medicare Advantage coding — a meaningful compliance cost and a reminder of regulatory/legal risk for managed-care operations. CVS Health's Aetna to Pay $117.7 Million to Resolve False Claims Act Allegations
• Negative Sentiment: CVS warned it may close 100+ Tennessee pharmacies over proposed PBM legislation — a potential near-term hit to retail revenues, local access and political/regulatory uncertainty in pharmacy operations. CVS threatens to close 100+ Tennessee pharmacies over PBM legislation

CVS Health Company Profile

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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