Truist Financial Corp Decreases Position in CVS Health Corporation $CVS

Truist Financial Corp decreased its holdings in CVS Health Corporation (NYSE:CVS) by 4.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 200,493 shares of the pharmacy operator’s stock after selling 8,378 shares during the period. Truist Financial Corp’s holdings in CVS Health were worth $15,115,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CVS. Norges Bank purchased a new position in shares of CVS Health during the 2nd quarter worth approximately $1,358,698,000. Invesco Ltd. increased its holdings in CVS Health by 15.3% during the 2nd quarter. Invesco Ltd. now owns 23,532,479 shares of the pharmacy operator’s stock worth $1,623,270,000 after purchasing an additional 3,118,626 shares during the period. Jennison Associates LLC raised its holdings in CVS Health by 111.7% in the second quarter. Jennison Associates LLC now owns 4,014,139 shares of the pharmacy operator’s stock valued at $276,895,000 after acquiring an additional 2,117,798 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of CVS Health by 1.7% during the second quarter. Vanguard Group Inc. now owns 120,399,131 shares of the pharmacy operator’s stock worth $8,305,132,000 after purchasing an additional 2,063,737 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of CVS Health by 153.0% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,105,827 shares of the pharmacy operator’s stock worth $214,240,000 after acquiring an additional 1,878,217 shares in the last quarter. Institutional investors and hedge funds own 80.66% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Jefferies Financial Group increased their price objective on CVS Health from $92.00 to $98.00 in a report on Thursday, October 30th. Robert W. Baird lifted their target price on shares of CVS Health from $82.00 to $92.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 10th. The Goldman Sachs Group lifted their price objective on CVS Health from $93.00 to $95.00 and gave the company a “buy” rating in a research note on Wednesday, December 10th. TD Cowen lifted their price target on shares of CVS Health from $100.00 to $105.00 and gave the stock a “buy” rating in a research note on Wednesday, December 10th. Finally, Barclays lifted their price objective on shares of CVS Health from $87.00 to $93.00 and gave the stock an “overweight” rating in a report on Wednesday, December 10th. Nineteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, CVS Health has an average rating of “Moderate Buy” and a consensus price target of $94.82.

CVS Health Stock Up 0.1%

Shares of NYSE:CVS opened at $74.51 on Friday. CVS Health Corporation has a 12 month low of $53.36 and a 12 month high of $85.15. The company’s 50-day moving average price is $78.90 and its two-hundred day moving average price is $75.16. The firm has a market cap of $94.59 billion, a P/E ratio of 196.09, a P/E/G ratio of 0.68 and a beta of 0.48. The company has a quick ratio of 0.63, a current ratio of 0.83 and a debt-to-equity ratio of 0.83.

CVS Health (NYSE:CVS) last released its earnings results on Wednesday, October 29th. The pharmacy operator reported $1.60 earnings per share for the quarter, topping analysts’ consensus estimates 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 quarter in the previous year, the company posted $1.09 earnings per share. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. As a group, research analysts forecast that CVS Health Corporation will post 5.89 EPS for the current fiscal year.

CVS Health Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 2nd. Stockholders of record on Thursday, January 22nd will be given a dividend of $0.665 per share. The ex-dividend date of this dividend is Thursday, January 22nd. This represents a $2.66 dividend on an annualized basis and a dividend yield of 3.6%. CVS Health’s dividend payout ratio (DPR) is currently 700.00%.

CVS Health Profile

CVS Health Corporation is a diversified healthcare company that operates a large network of retail pharmacies, pharmacy benefit management services and health care solutions. Headquartered in Woonsocket, Rhode Island, the company traces its roots to the early 1960s and has grown into an integrated provider of prescription drugs, over‑the‑counter products, clinical services and health insurance offerings. Its operating model combines retail pharmacy locations and in‑store clinics with broader pharmacy and health plan capabilities.

Key business activities include CVS Pharmacy retail operations, MinuteClinic walk‑in medical clinics and HealthHUB locations that offer expanded clinical services.