Cresset Asset Management LLC Decreases Stake in CVS Health Corporation $CVS

Cresset Asset Management LLC reduced its position in CVS Health Corporation (NYSE:CVS) by 17.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,051 shares of the pharmacy operator’s stock after selling 4,379 shares during the period. Cresset Asset Management LLC’s holdings in CVS Health were worth $1,426,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Whitebox Advisors LLC purchased a new position in CVS Health in the 4th quarter valued at about $249,000. Jennison Associates LLC lifted its position in shares of CVS Health by 503.8% during the first quarter. Jennison Associates LLC now owns 1,896,341 shares of the pharmacy operator’s stock worth $128,477,000 after purchasing an additional 1,582,257 shares during the last quarter. Cerity Partners LLC lifted its position in shares of CVS Health by 25.0% during the first quarter. Cerity Partners LLC now owns 648,266 shares of the pharmacy operator’s stock worth $43,920,000 after purchasing an additional 129,535 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of CVS Health by 2.1% during the first quarter. Bank of New York Mellon Corp now owns 8,981,262 shares of the pharmacy operator’s stock worth $608,481,000 after purchasing an additional 183,813 shares during the last quarter. Finally, Fairfax Financial Holdings Ltd. Can bought a new position in shares of CVS Health during the fourth quarter worth about $121,742,000. 80.66% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at CVS Health

In other news, Director Guy P. Sansone purchased 1,570 shares of the company’s stock in a transaction on Thursday, June 5th. The shares were bought at an average price of $63.70 per share, for a total transaction of $100,009.00. Following the completion of the purchase, the director owned 12,007 shares of the company’s stock, valued at $764,845.90. This trade represents a 15.04% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.22% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Cowen reaffirmed a “buy” rating on shares of CVS Health in a research report on Monday, August 4th. Jefferies Financial Group increased their price target on shares of CVS Health from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, June 30th. UBS Group raised shares of CVS Health from a “neutral” rating to a “buy” rating and increased their price target for the stock from $67.00 to $79.00 in a research report on Monday. Robert W. Baird raised shares of CVS Health from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $71.00 to $82.00 in a research report on Thursday, August 14th. Finally, Barclays increased their price objective on shares of CVS Health from $79.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $76.67.

CVS Health Price Performance

CVS opened at $70.9160 on Thursday. The firm has a market cap of $89.94 billion, a price-to-earnings ratio of 19.81, a price-to-earnings-growth ratio of 0.78 and a beta of 0.58. CVS Health Corporation has a fifty-two week low of $43.56 and a fifty-two week high of $72.51. The company’s 50-day moving average price is $65.33 and its 200 day moving average price is $64.90. The company has a quick ratio of 0.62, a current ratio of 0.80 and a debt-to-equity ratio of 0.74.

CVS Health (NYSE:CVS) last announced its quarterly earnings results on Thursday, July 31st. The pharmacy operator reported $1.81 EPS for the quarter, beating the consensus estimate of $1.46 by $0.35. CVS Health had a net margin of 1.17% and a return on equity of 10.51%. The company had revenue of $98.92 billion for the quarter, compared to analyst estimates of $94.87 billion. During the same quarter last year, the business earned $1.83 earnings per share. CVS Health’s revenue was up 8.4% compared to the same quarter last year. CVS Health has set its FY 2025 guidance at 6.300-6.400 EPS. As a group, sell-side analysts expect that CVS Health Corporation will post 5.89 earnings per share for the current year.

CVS Health Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 1st. Shareholders of record on Tuesday, July 22nd were paid a $0.665 dividend. The ex-dividend date was Tuesday, July 22nd. This represents a $2.66 annualized dividend and a dividend yield of 3.8%. CVS Health’s dividend payout ratio (DPR) 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.