CVS Health Corporation $CVS Position Cut by Convergence Investment Partners LLC

Convergence Investment Partners LLC trimmed its holdings in CVS Health Corporation (NYSE:CVS) by 3.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,501 shares of the pharmacy operator’s stock after selling 308 shares during the quarter. Convergence Investment Partners LLC’s holdings in CVS Health were worth $517,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CVS. Goldman Sachs Group Inc. grew its holdings in CVS Health by 87.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 9,927,650 shares of the pharmacy operator’s stock worth $672,598,000 after buying an additional 4,632,530 shares in the last quarter. Dodge & Cox boosted its stake in CVS Health by 4.8% during the 1st quarter. Dodge & Cox now owns 73,459,122 shares of the pharmacy operator’s stock valued at $4,976,856,000 after purchasing an additional 3,353,223 shares in the last quarter. Nuveen LLC bought a new position in CVS Health during the 1st quarter valued at $204,421,000. Invesco Ltd. boosted its stake in 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 purchasing an additional 2,375,764 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its stake in CVS Health by 815.2% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 2,663,111 shares of the pharmacy operator’s stock valued at $183,701,000 after purchasing an additional 2,372,121 shares in the last quarter. 80.66% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CVS. Robert W. Baird raised CVS Health from a “neutral” rating to an “outperform” rating and increased their price target for the company from $71.00 to $82.00 in a research note on Thursday, August 14th. Wolfe Research increased their price target on CVS Health from $80.00 to $85.00 and gave the company an “outperform” rating in a research note on Monday, September 22nd. Morgan Stanley increased their price target on CVS Health from $82.00 to $89.00 and gave the company an “overweight” rating in a research note on Tuesday, October 14th. Truist Financial set a $92.00 price objective on CVS Health in a research report on Tuesday, October 14th. Finally, Zacks Research downgraded CVS Health from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 8th. Two research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.38.

Insider Activity

In other news, Director Anne A. Finucane sold 7,500 shares of the stock in a transaction 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 sale, the director owned 22,156 shares in the company, valued at $1,573,519.12. This represents a 25.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.22% of the stock is owned by insiders.

CVS Health Price Performance

Shares of NYSE:CVS opened at $82.44 on Tuesday. The stock has a fifty day moving average of $75.82 and a 200-day moving average of $68.75. The company has a market capitalization of $104.56 billion, a PE ratio of 23.03, a price-to-earnings-growth ratio of 0.90 and a beta of 0.60. CVS Health Corporation has a one year low of $43.56 and a one year high of $83.52. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 0.80.

CVS Health (NYSE:CVS) last released its earnings results on Thursday, July 31st. The pharmacy operator reported $1.81 earnings per share (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 analyst estimates of $94.87 billion. CVS Health had a return on equity of 10.51% and a net margin of 1.17%.The company’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.83 earnings per share. CVS Health has set its FY 2025 guidance at 6.300-6.400 EPS. As a group, equities analysts anticipate that CVS Health Corporation will post 5.89 EPS for the current fiscal year.

CVS Health Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Thursday, October 23rd will be issued a $0.665 dividend. The ex-dividend date is Thursday, October 23rd. This represents a $2.66 dividend on an annualized basis and a dividend yield of 3.2%. CVS Health’s dividend payout ratio is presently 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.