RNC Capital Management LLC Decreases Stock Position in CVS Health Corporation $CVS

RNC Capital Management LLC lowered its stake in CVS Health Corporation (NYSE:CVS) by 0.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 808,816 shares of the pharmacy operator’s stock after selling 4,517 shares during the period. CVS Health makes up approximately 2.7% of RNC Capital Management LLC’s holdings, making the stock its 13th largest holding. RNC Capital Management LLC’s holdings in CVS Health were worth $55,792,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of CVS. Harbor Asset Planning Inc. purchased a new position in shares of CVS Health in the second quarter worth about $30,000. Bell Investment Advisors Inc increased its holdings in shares of CVS Health by 119.8% in the first quarter. Bell Investment Advisors Inc now owns 455 shares of the pharmacy operator’s stock worth $31,000 after buying an additional 248 shares during the period. Roxbury Financial LLC increased its holdings in shares of CVS Health by 78.3% in the second quarter. Roxbury Financial LLC now owns 460 shares of the pharmacy operator’s stock worth $32,000 after buying an additional 202 shares during the period. ORG Partners LLC increased its holdings in shares of CVS Health by 418.9% in the second quarter. ORG Partners LLC now owns 467 shares of the pharmacy operator’s stock worth $32,000 after buying an additional 377 shares during the period. Finally, Saudi Central Bank purchased a new position in shares of CVS Health in the first quarter worth about $34,000. Hedge funds and other institutional investors own 80.66% of the company’s stock.

CVS Health Stock Down 1.2%

Shares of NYSE:CVS opened at $82.08 on Thursday. CVS Health Corporation has a 52-week low of $43.56 and a 52-week high of $83.52. The firm has a market capitalization of $104.11 billion, a P/E ratio of 22.93, a P/E/G ratio of 0.92 and a beta of 0.60. The stock has a 50 day moving average price of $75.02 and a 200-day moving average price of $68.45. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.62 and a current ratio of 0.80.

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

CVS Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Thursday, October 23rd will be paid a $0.665 dividend. The ex-dividend date is Thursday, October 23rd. This represents a $2.66 annualized dividend and a dividend yield of 3.2%. CVS Health’s dividend payout ratio is presently 74.30%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CVS. Weiss Ratings restated a “hold (c)” rating on shares of CVS Health in a report on Tuesday, October 14th. Wells Fargo & Company boosted their price target on CVS Health from $84.00 to $103.00 and gave the company an “overweight” rating in a report on Tuesday, October 7th. Truist Financial set a $92.00 price target on CVS Health in a report on Tuesday, October 14th. Robert W. Baird upgraded CVS Health from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $71.00 to $82.00 in a report on Thursday, August 14th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $78.00 target price on shares of CVS Health in a report on Tuesday, August 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $82.57.

Insider Buying and Selling at CVS Health

In related news, Director Anne A. Finucane sold 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $71.02, for a total value of $532,650.00. Following the sale, the director owned 22,156 shares in the company, valued at $1,573,519.12. This represents a 25.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.22% of the stock is owned by insiders.

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.