CVS Health Corporation $CVS Stock Holdings Decreased by Fifth Third Bancorp

Fifth Third Bancorp trimmed its position in shares of CVS Health Corporation (NYSE:CVS) by 8.8% in the third quarter, HoldingsChannel reports. The firm owned 342,368 shares of the pharmacy operator’s stock after selling 33,219 shares during the period. Fifth Third Bancorp’s holdings in CVS Health were worth $29,338,000 as of its most recent filing with the Securities & Exchange Commission.

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

Insiders Place Their Bets

In other CVS Health news, EVP Prem Shah purchased 23,855 shares of the business’s stock in a transaction on Friday, November 6th. The shares were purchased at an average cost of $83.89 per share, for a total transaction of $2,001,195.95. Following the acquisition, the executive vice president owned 88,516 shares of the company’s stock, valued at approximately $7,425,607.24. This represents a 36.89% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.85% of the company’s stock.

CVS Health News Summary

Here’s some of the latest news about CVS:

• 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.
• Negative Sentiment: The separation may not ease political criticism: lawmakers and critics argue that retaining CVS’s other lucrative businesses, including its pharmacy-benefit operations, would leave key drug-pricing concerns unresolved. CVS is planning a huge corporate breakup after drug price criticism
• 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?

Analysts Set New Price Targets

Several analysts have issued reports on CVS shares. TD Cowen restated a “buy” rating on shares of CVS Health in a research report on Wednesday, November 4th. Barclays reduced their price target on shares of CVS Health from $108.00 to $107.00 and set an “overweight” rating on the stock in a research report on Thursday, November 5th. Cantor Fitzgerald reiterated a “neutral” rating on shares of CVS Health in a research report on Friday, October 9th. Wall Street Zen downgraded CVS Health from a “strong-buy” rating to a “buy” rating in a report on Monday, October 19th. Finally, Wells Fargo & Company reduced their price target on shares of CVS Health from $123.00 to $112.00 and set an “overweight” rating on the stock in a research report on Thursday. Twenty-three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $107.54.

CVS Health Stock Performance

Shares of CVS stock opened at $89.37 on Friday. The company has a market capitalization of $114.34 billion, a price-to-earnings ratio of 10.40, a PEG ratio of 0.78 and a beta of 0.58. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.66 and a current ratio of 0.85. CVS Health Corporation has a 52 week low of $69.51 and a 52 week high of $110.68. The company has a 50-day simple moving average of $89.65 and a 200 day simple moving average of $89.09.

CVS Health (NYSE:CVS) last announced its earnings results on Wednesday, November 4th. The pharmacy operator reported $2.09 EPS for the quarter, topping the consensus estimate of $1.65 by $0.44. CVS Health had a net margin of 2.62% and a return on equity of 13.65%. The company had revenue of $108.40 billion for the quarter, compared to analysts’ expectations of $104.72 billion. During the same period last year, the firm earned $1.60 earnings per share. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. On average, sell-side analysts predict that CVS Health Corporation will post 8.26 earnings per share for the current year.

CVS Health Announces Dividend

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

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.