What smart money is saying about CVS Health Corporation
CVS · Healthcare · Medical - Healthcare Plans · Market cap $98.53B
2 funds in our archive have pitched CVS Health Corporation, most recently Argent Capital Management Dividend Select Strategy in September 2026.
Company profile
CVS Health Corp. is a health solutions company, which engages in the provision of healthcare services. It operates through the following segments: Health Care Benefits, Health Services, Pharmacy and Consumer Wellness, and Corporate and Other. The Health Care Benefits segment operates as a health care benefits provider. The Health Services segment offers a full range of PBM solutions, delivers health care services in its medical clinics, virtually, and in the home. The Pharmacy & Consumer Wellness segment dispenses prescriptions in its retail pharmacies and through its infusion operations. The Corporate and Other Segment is involved in management and administrative expenses. The company was founded by Stanley P. Goldstein and Ralph Hoagland in 1963 and is headquartered in Woonsocket, RI.
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Fund signal · last 12 months
12 lettersMore funds are buying than selling
+3
Net flow
4 buys · 1 new position · 80%1 sell
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q4 2024 and Q3 2026, 17 fund letters reported a position in CVS Health Corporation, with 4 buys (opened or added) and 3 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 7 | 3 | 1 | 1 |
| Q2 2026 | 4 | 1 | 0 | 0 |
| Q4 2025 | 1 | 0 | 0 | 0 |
| Q3 2025 | 2 | 0 | 1 | 0 |
| Q2 2025 | 2 | 0 | 0 | 0 |
| Q1 2025 | 1 | 0 | 1 | 0 |
| Q4 2024 | 0 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 17 positions · 7 moves
- New positionClearBridge Investments Appreciation StrategySeptember 2026
“During the quarter, besides activity discussed above, we initiated positions in Colgate-Palmolive in consumer staples, Mastercard in financials, ServiceNow in IT, United Rentals, XPO and Howmet Aerospace in industrials and Novartis and CVS Health in health care.”
CVS Health Corporation - September 2026
“Performance Overview Relative performance in the quarter showed a mix of positives and negatives in most sectors, with few major factors dominating. Our IT underweight detracted, although our positioning in the sector contributed positively: not owning the high-beta cyclical picks and shovels beneficiaries of the AI infrastructure buildout helped as these stocks sold off in the third quarter. However, our measured and underweight positions in Apple, Nvidia and Microsoft detracted. Our energy overweight contributed, although our positioning detracted as Williams sold off modestly as investors impatiently await additional data center projects; ExxonMobil, on the other hand, rose as higher oil prices lifted producer revenue and earnings expectations. In health care, Becton Dickinson rose as the sector rebounded from depressed valuations, helped by a rotation away from crowded AI positions. At the same time, CVS Health weakened despite strong results and increased 2026 guidance as management warned that pressure in its 340B business would persist into 2027.”
CVS Health Corporation - AddedWCM Global Growth LimitedSeptember 2026
“Within the Health Care sleeve, AstraZeneca and Medline were exited in favour of CVS Health and IQVIA Holdings.”
CVS Health Corporation - September 2026
“We added to CVS Health as operating trends improved across several of its major businesses.”
CVS Health Corporation - HoldsPolaris Capital Management Global Equity CompositeSeptember 2026
“In health care, Takeda Pharmaceutical was up more than 17% for the quarter as multiple late-stage drugs moved from development toward commercialization, with new approvals and regulatory progress. In contrast, Cytokinetics fell despite a strong product launch and positive Phase 3 results for an expanded use, as investors focused on safety signals in the trial. CVS Health raised its 2026 earnings guidance after a large second-quarter beat, but the shares fell as the company flagged 2027 membership losses and reimbursement pressure.”
CVS Health Corporation - HoldsRhenman Healthcare Equity L/SAugust 2026
“Sionna together with CVS Health were the worst contributors to the fund performance.”
CVS Health Corporation - August 2026
“• CVS Health (CVS) & Voyager (EVRI): Trimmed these issuers given valuations are on the tighter end of their range and to capitalise on gains.”
CVS Health Corporation - June 2026
“Health care also contributed, with CVS Health and UnitedHealth Group benefiting from improved sentiment toward managed care.”
CVS Health Corporation - June 2026
“We added to our existing positions in auto parts retailer Advance Auto Parts, consumer products company Spectrum Brands, and health insurer and retail pharmacy operator CVS Health on valuation.”
CVS Health Corporation - HoldsPolaris Capital Management Global Equity CompositeJune 2026
“CVS Health Corp. launched a comprehensive GLP-1 program in June 2026, combining lower-cost access, personalized pharmacist support, and tailored over-the- counter products to manage medication side effects.”
CVS Health Corporation - June 2026
“UnitedHealth and CVS both rose on increased market optimism around stabilizing medical cost trends and improved Medicare Advantage margins.”
CVS Health Corporation - HoldsClipper FundDecember 2025
“Healthcare is an industry where there has been enormous volatility by sub-sector and by company, and the key again is to be opportunistic. We focus on companies we consider recession-resistant— those that have the characteristics of durability and strong sustainable demand. We like those parts of the industry that concentrate on services and generic pharmaceuticals and we avoid companies with big single drug exposures and similar risks. In this sector too we want to own businesses that can use AI to enhance earnings by reducing costs and improving the customer and patient experience. Our portfolio holdings include CVS Health, which has a very broad and resilient portfolio across healthcare services and products.”
CVS Health Corporation - September 2025
“A better outlook from Johnson & Johnson, where Tremfya could be a next-gen immunology leader, and for CVS Health, on track toward recovery in its Medicare Advantage insurance book, more than offset weakness in GLP-1 maker Novo Nordisk, which we exited.”
CVS Health Corporation - TrimmedPzena Focused ValueSeptember 2025
“Financials, consumer discretionary, and consumer staples were the strongest sectors in the portfolio. Citigroup was the largest individual contributor after quarterly earnings beat expectations. Auto supplier Magna International Inc. rose after raising earnings guidance driven by self-help benefits. CVS Health rose after earnings demonstrated further progress in the turnaround of insurance unit Aetna. During the quarter, we initiated a new position in PPG Industries, a leading coatings provider. PPG boasts enviable franchises across multiple coatings markets and has generated attractive returns on capital historically. Shares are currently trading at a discounted valuation due to concerns around tepid organic growth relative to peers. We see these concerns as overly discounted in the valuation and expect growth to improve over time as some key end markets recover from cyclical pressure. We also initiated a new position in medical device company Solventum, a recent spinoff from 3M. Concerns around operational challenges and margin pressure caused by the separation from 3M, in addition to high financial leverage, resulted in an attractive entry point. We expect the company to benefit from self-help opportunities going forward as an independent company and see a clean balance sheet after recently divesting a non-core asset at a premium valuation. We trimmed TE Connectivity, CVS Health, and Citigroup all on strength.”
CVS Health Corporation - June 2025
“Healthcare: Durability vs. Speculation For decades, healthcare spending relentlessly rose from 5% of U.S. GDP in 1960 to roughly 17% in 2010. However, reflecting the wisdom of Herb Stein’s famous observation that “if something cannot go on forever, it will stop,”11 the rollout of the Affordable Care Act in 2010, along with a range of other public and private initiatives, has led to a flattening of this growth since then. Today, while healthcare spending remains a political hot button, it is somewhat encouraging that 15 years later, its percentage of GDP still stands around 17% despite the invention of many expensive new therapies in the interim. To offset the rising costs of novel treatments and innovative (and patented) pharmaceutical therapies, the healthcare system has needed to constantly find savings elsewhere. As a result, our investments in this important sector have tended to avoid pharmaceutical and biotech companies that may rely on high prices to recoup costs and instead focus on areas such as generic drug manufacturers (Viatris), hospital product companies (Solventum), and lab testing companies (Quest Diagnostics). Historically, we have also made several profitable long-term investments in the health insurance area. As companies in this controversial sector have swooned under recent scrutiny, investors have been fleeing the sector, driving many companies’ stock prices down more than 50%. While we acknowledge today’s risks, we also see no practical alternative to the employer-paid system of health insurance in this country. As a result, previous experience has 10. Roy Amara (1925–2007) was an American scientist and president of the Institute for the Future. 11. Known as “Stein’s Law,” formulated in 1986 by Herbert Stein, an American economist and senior fellow at the American Enterprise Institute. DNYVF | SEMI-ANNUAL REVIEW [ 12 ] taught us that such periods of controversy (including those experienced under both the Clinton and Obama administrations) often create good entry points into these dominant companies. As a result, we have initiated a position in UnitedHealth which joins our holdings in CVS and Humana.”
CVS Health Corporation - HoldsDavis Global FundJune 2025
“Our holdings in the healthcare industry as well as in consumer discretionary were major contributors to results.”
CVS Health Corporation - ExitedMacquarie Value FundMarch 2025
“We sold our position in CVS Health Corp., a provider of health insurance, PBM, and retail pharmacy services.”
CVS Health Corporation
Also mentioned · 1
These funds discuss CVS Health Corporation as a competitor, benchmark or comparable, without disclosing a position in it.
- June 2026
“Market Overview After a challenging first quarter that saw the S&P 500 Index decline 4.3%, markets rebounded sharply in the second quarter. The S&P 500 climbed 15.2%, driven by a surge in information technology (IT) stocks, particularly semiconductor stocks, which soared 44.0%. The ClearBridge Dividend Strategy rose nicely but lagged the exuberant gains of S&P 500 mainly due to our lower technology exposure. While no one likes to trail in sharp market rallies, diversified dividend growth portfolios tend to lag in these narrow, momentum driven markets. Our research shows, however, that these periods tend to be followed by periods of broader market participation in which diversified dividend-growth portfolios shine. Semiconductor memory stocks were the standout performers. Shares of Micron, the largest producer of storage chips, skyrocketed 240%, adding over $900 billion of market cap — more than the entire market capitalization of Exxon Mobil, Johnson & Johnson or JPMorgan Chase. Our underweight to Micron and a select group of other non-dividend- paying data center plays, like Advanced Micro Devices, Intel and SanDisk, were the largest drivers of our relative underperformance. We previously owned Intel but sold it in 2024 when the company eliminated its dividend. While the market’s leading contributors were concentrated in IT, our top contributors were diffuse. Shares of CVS Health rose as earnings recovered significantly in its health insurance segment.”
CVS Health Corporation
Fund coverage · 2 theses
- Argent Capital Management Dividend Select StrategySeptember 2026
CVS Health is gaining from improving margins, strong client retention, retail pharmacy share gains, and deleveraging that supports future capital returns.
Read the full thesis - Patient CapitalDecember 2024
CVS Health Corp. is undergoing a turnaround with management upgrades and a clear pathway to improving margins, leveraging its diverse healthcare assets while offering an attractive 5.8% dividend yield.
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