CVS Health Corporation $CVS Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp decreased its position in CVS Health Corporation (NYSE:CVS) by 8.8% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 342,368 shares of the pharmacy operator’s stock after selling 33,219 shares during the quarter. Fifth Third Bancorp’s holdings in CVS Health were worth $29,338,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in CVS Health during the 2nd quarter valued at approximately $12,747,462,000. State Street Corp boosted its holdings in shares of CVS Health by 26.3% in the 2nd quarter. State Street Corp now owns 74,927,064 shares of the pharmacy operator’s stock worth $7,751,205,000 after purchasing an additional 15,604,883 shares during the period. Wellington Management Group LLP increased its position in CVS Health by 49.8% during the second quarter. Wellington Management Group LLP now owns 33,801,113 shares of the pharmacy operator’s stock valued at $3,496,725,000 after acquiring an additional 11,233,381 shares during the last quarter. Bank of America Corp DE lifted its stake in CVS Health by 148.0% in the second quarter. Bank of America Corp DE now owns 23,188,670 shares of the pharmacy operator’s stock worth $2,398,868,000 after purchasing an additional 13,836,701 shares during the last quarter. Finally, Pzena Investment Management LLC bought a new position in CVS Health in the 2nd quarter valued at $1,217,558,000. 80.66% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on CVS shares. Barclays lowered their price objective on shares of CVS Health from $108.00 to $107.00 and set an “overweight” rating for the company in a research note on Thursday, November 5th. Piper Sandler set a $106.00 price objective on shares of CVS Health in a research report on Friday. Evercore reiterated an “outperform” rating on shares of CVS Health in a report on Wednesday, November 4th. Argus upped their target price on CVS Health from $104.00 to $114.00 and gave the stock a “buy” rating in a research note on Wednesday, August 19th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $103.00 target price on shares of CVS Health in a research note on Wednesday, November 4th. Twenty-three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $107.54.

CVS Health Stock Down 0.5%

Shares of NYSE CVS opened at $89.37 on Friday. The company has a quick ratio of 0.66, a current ratio of 0.85 and a debt-to-equity ratio of 0.71. The firm has a market cap of $114.34 billion, a price-to-earnings ratio of 10.40, a PEG ratio of 0.78 and a beta of 0.58. CVS Health Corporation has a 52-week low of $69.51 and a 52-week high of $110.68. The business’s 50 day moving average is $89.65 and its two-hundred day moving average is $89.09.

CVS Health (NYSE:CVS) last posted its quarterly earnings results on Wednesday, November 4th. The pharmacy operator reported $2.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.65 by $0.44. CVS Health had a return on equity of 13.65% and a net margin of 2.62%. The company had revenue of $108.40 billion for the quarter, compared to analyst estimates of $104.72 billion. During the same quarter last year, the company earned $1.60 EPS. CVS Health’s revenue for the quarter was up 5.4% compared to the same quarter last year. Research analysts predict that CVS Health Corporation will post 8.26 EPS for the current year.

CVS Health Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, November 2nd. Shareholders of record on Thursday, October 22nd were paid a $0.6650 dividend. This represents a $2.66 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Thursday, October 22nd. CVS Health’s payout ratio is presently 30.97%.

Top CVS Health Stories

These are some of the CVS stories that stood out recently:

• Positive Sentiment: A separation could give the pharmacy business and CVS’s other operations sharper strategic focus and improve capital allocation. Some analysts see potential for the pieces to be worth more separately, though the plan is not expected until 2028. CVS Breakup Won’t Satisfy Washington. It Could Still Work for Wall Street.
• Neutral Sentiment: Wells Fargo lowered its price target to $112 from $123 but kept an Overweight rating, signaling a reduced valuation outlook while still seeing potential upside. Wells Fargo analyst rating
• Negative Sentiment: Carving out the retail pharmacies could involve significant execution costs and operational risks, leaving uncertainty about whether the restructuring will deliver the anticipated value. Can CVS Health’s 2028 Split Unlock Value Despite Execution Risks?

Insiders Place Their Bets

In related news, EVP Prem Shah purchased 23,855 shares of the company’s stock in a transaction that occurred on Friday, November 6th. The stock was purchased at an average price of $83.89 per share, with a total value of $2,001,195.95. Following the completion of the transaction, the executive vice president owned 88,516 shares of the company’s stock, valued at approximately $7,425,607.24. This trade represents a 36.89% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.85% of the company’s stock.

About CVS Health

CVS Health is a U.S.-based health care company that operates retail pharmacies, provides pharmacy benefit management services, and offers health insurance and other health services. Its businesses include CVS Pharmacy, pharmacy benefit manager CVS Caremark, and Aetna, its health benefits division. The company also provides care through MinuteClinic walk-in clinics and health care businesses including Oak Street Health and Signify Health. Its services span prescription fulfillment, pharmacy benefit management, health insurance, primary care, and in-home and community-based care.