CVS Health Corporation $CVS Stake Cut by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. decreased its holdings in CVS Health Corporation (NYSE:CVS) by 2.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 62,630 shares of the pharmacy operator’s stock after selling 1,663 shares during the period. Pinnacle Associates Ltd.’s holdings in CVS Health were worth $4,320,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in CVS. Goldman Sachs Group Inc. lifted its holdings in shares of CVS Health by 87.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 9,927,650 shares of the pharmacy operator’s stock valued at $672,598,000 after buying an additional 4,632,530 shares during the last quarter. Dodge & Cox raised its stake in shares of CVS Health by 4.8% in the 1st quarter. Dodge & Cox now owns 73,459,122 shares of the pharmacy operator’s stock valued at $4,976,856,000 after acquiring an additional 3,353,223 shares in the last quarter. Nuveen LLC bought a new position in shares of CVS Health in the 1st quarter valued at approximately $204,421,000. Invesco Ltd. increased its position in CVS Health by 13.2% in the 1st quarter. Invesco Ltd. now owns 20,413,853 shares of the pharmacy operator’s stock worth $1,383,039,000 after buying an additional 2,375,764 shares during the period. Finally, Robeco Institutional Asset Management B.V. increased its position in CVS Health by 815.2% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 2,663,111 shares of the pharmacy operator’s stock worth $183,701,000 after buying an additional 2,372,121 shares during the period. Institutional investors and hedge funds own 80.66% of the company’s stock.

CVS Health Trading Up 1.9%

NYSE CVS opened at $78.13 on Friday. CVS Health Corporation has a 12 month low of $43.56 and a 12 month high of $85.15. The stock has a 50-day simple moving average of $76.49 and a 200 day simple moving average of $69.04. The company has a market capitalization of $99.18 billion, a PE ratio of 205.61, a P/E/G ratio of 0.87 and a beta of 0.60. The company has a current ratio of 0.83, a quick ratio of 0.62 and a debt-to-equity ratio of 0.83.

CVS Health (NYSE:CVS) last announced its quarterly earnings results on Wednesday, October 29th. The pharmacy operator reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.24. CVS Health had a return on equity of 11.45% and a net margin of 0.12%.The company had revenue of $102.87 billion during the quarter, compared to the consensus estimate of $98.85 billion. During the same period in the prior year, the company earned $1.09 earnings per share. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. CVS Health has set its FY 2025 guidance at 6.550-6.650 EPS. Research analysts forecast that CVS Health Corporation will post 5.89 EPS for the current year.

CVS Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Thursday, October 23rd will be issued a $0.665 dividend. This represents a $2.66 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Thursday, October 23rd. CVS Health’s dividend payout ratio is 700.00%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Wolfe Research lifted their price target on CVS Health from $80.00 to $85.00 and gave the stock an “outperform” rating in a research report on Monday, September 22nd. Cantor Fitzgerald boosted their price target on CVS Health from $78.00 to $95.00 and gave the company an “overweight” rating in a research note on Thursday. The Goldman Sachs Group initiated coverage on CVS Health in a research note on Tuesday, October 14th. They issued a “buy” rating and a $91.00 price target on the stock. Robert W. Baird raised CVS Health from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $71.00 to $82.00 in a research note on Thursday, August 14th. Finally, Barclays boosted their price objective on CVS Health from $80.00 to $87.00 and gave the stock an “overweight” rating in a research note on Thursday, September 4th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, CVS Health currently has an average rating of “Moderate Buy” and an average target price of $87.64.

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 dated Wednesday, August 20th. The stock was sold at an average price of $71.02, for a total transaction 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.22% of the stock is owned by corporate 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.