Sumitomo Life Insurance Co. Decreases Stake in CVS Health Corporation $CVS

Sumitomo Life Insurance Co. reduced its stake in CVS Health Corporation (NYSE:CVS) by 6.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,963 shares of the pharmacy operator’s stock after selling 1,151 shares during the period. Sumitomo Life Insurance Co.’s holdings in CVS Health were worth $1,101,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of CVS Health by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 118,335,394 shares of the pharmacy operator’s stock worth $8,017,223,000 after buying an additional 969,027 shares during the last quarter. Dodge & Cox boosted its position in shares of CVS Health by 4.8% during the first quarter. Dodge & Cox now owns 73,459,122 shares of the pharmacy operator’s stock valued at $4,976,856,000 after purchasing an additional 3,353,223 shares in the last quarter. Invesco Ltd. boosted its position in shares of CVS Health by 13.2% during the first quarter. Invesco Ltd. now owns 20,413,853 shares of the pharmacy operator’s stock valued at $1,383,039,000 after purchasing an additional 2,375,764 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of CVS Health by 14.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 15,309,289 shares of the pharmacy operator’s stock valued at $1,037,205,000 after purchasing an additional 1,942,886 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of CVS Health by 5.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 13,647,873 shares of the pharmacy operator’s stock valued at $924,643,000 after purchasing an additional 728,924 shares in the last quarter. 80.66% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CVS has been the topic of several research reports. Leerink Partners lifted their price target on CVS Health from $86.00 to $95.00 and gave the company an “outperform” rating in a research report on Thursday, October 16th. UBS Group lifted their price objective on CVS Health from $79.00 to $96.00 and gave the company a “buy” rating in a research note on Friday, October 24th. Barclays lifted their price objective on CVS Health from $80.00 to $87.00 and gave the company an “overweight” rating in a research note on Thursday, September 4th. Wells Fargo & Company boosted their price target on CVS Health from $84.00 to $103.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 7th. Finally, Cowen restated a “buy” rating on shares of CVS Health in a research note on Monday, August 4th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $87.91.

CVS Health Stock Up 1.9%

CVS Health stock opened at $78.13 on Monday. The stock has a market cap of $99.18 billion, a PE ratio of 205.61, a price-to-earnings-growth ratio of 0.87 and a beta of 0.60. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.62 and a current ratio of 0.83. CVS Health Corporation has a one year low of $43.56 and a one year high of $85.15. The stock has a fifty day moving average of $76.49 and a 200 day moving average of $69.04.

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

CVS Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Thursday, October 23rd will be given a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Thursday, October 23rd. CVS Health’s dividend payout ratio is 700.00%.

Insider Buying and Selling

In related news, Director Anne A. Finucane sold 7,500 shares of the company’s stock in a transaction on 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 sale, the director owned 22,156 shares in the company, valued at approximately $1,573,519.12. This represents a 25.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.22% of the company’s stock.

CVS Health Company Profile

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.