CVS Health (CVS)
Combines health insurance, pharmacy benefits, retail pharmacies, and care delivery across the United States.
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Combines Aetna insurance, CVS Caremark pharmacy benefits, CVS Pharmacy retail dispensing, and clinic, virtual, and home-based care. Revenue comes from insurance premiums, benefit administration, prescription fulfillment, pharmacy services, and merchandise, with a primarily U.S. model exposed to medical utilization and government reimbursement.
Combines Aetna health insurance, CVS Caremark pharmacy benefit management, and CVS Pharmacy retail dispensing with specialty and mail pharmacy, MinuteClinic, Oak Street Health primary care, and Signify Health in-home assessments. Health Care Benefits sells insured and administrative-services plans; Health Services provides benefit administration, pharmacy services, and care delivery; Pharmacy & Consumer Wellness fills prescriptions, administers vaccines, and sells health and general merchandise.
Operates primarily across the United States. Its integrated model connects insurance and benefit relationships with a broad footprint of pharmacies, clinics, virtual care, and home visits, allowing coverage, medication fulfillment, and care to be coordinated across businesses.
Insurance economics depend on medical utilization and government reimbursement, particularly Medicare. Pharmacy and PBM results depend on drug purchasing terms, client pricing, regulation, and reimbursement.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 9, 2026 | Bernstein | Reiterate | Rating: —Target: $106 | Target: $112 |
| Sep 9, 2026 | BMO Capital | Target | Target: $120 | Target: $112 |
| Sep 9, 2026 | Piper Sandler | Target | Target: $113 | Target: $112 |
| Sep 3, 2026 | UBS | Reiterate | Rating: —Target: $126 | Target: $118 |
| Aug 19, 2026 | Argus Research | Reiterate | Rating: —Target: $90 | Target: $114 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $13.96B · Total debt $76.31B · Total assets $253.77B · Shareholders' equity $79.70B
- Revenue
- $106.10B
- Operating income
- $4.70B
- Net income
- $3.00B
HistoryDividendAnnual yield
| Institutions | 90.00% | 1.15B shares | |
|---|---|---|---|
| 2,169 holders · as of Jun 30, 2026 | |||
| Insiders | 0.04% | 561.8K shares | |
| 23 holders · as of Jun 29, 2026 | |||
| Other | 9.96% | 127.31M shares | |
| remainder | |||
1.28B company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 9.63% | 123.22M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 6.51% | 83.32M | as of Jun 30, 2026 |
Capital World InvestorsInstitution | 5.86% | 74.95M | as of Jun 30, 2026 |
State Street CorpInstitution | 4.71% | 60.28M | as of Jun 30, 2026 |
Dodge & CoxInstitution | 3.91% | 50.01M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 21, 2026 | Larry Robbins | director | −748,462 | $75.69 |
| May 20, 2026 | Larry Robbins | director | −1,018,000 | $93.82 |
| May 19, 2026 | Larry Robbins | director | −1,983,538 | $94.45 |
| May 8, 2026 | Tilak Mandadi | officer: EVP, Chief Exp & Tech Officer | −69,551 | $89.58 |
| Jan 23, 2025 | Steven H. Nelson | officer: EVP and President, Aetna | +24 | $53.70 |
- UnitedHealth Group
Integrated peer with the #1 MA insurer and #3 PBM under one roof.
- Cigna
#1 PBM by 2024 claims after winning 20M Centene lives from CVS Caremark.
- Humana
Pure-play #2 Medicare Advantage insurer competing head-to-head with Aetna.
- Elevance Health
Largest BCBS licensee with CarelonRx pulling pharmacy lives from CVS Caremark.
- Amazon
Digital pharmacy and primary care disruptor targeting CVS’s retail Rx customers.
- Walmart
Mass-retail pharmacy with ~4,600 US stores and ~5% of national Rx volume.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| CVS Health | $87.24 | −0.41% | $111.77B | 23.2 | 10.8 | 0.3 | +7.3% |
| UnitedHealth Group | $374.07 | −0.93% | $342.88B | 24.3 | 17.5 | 0.8 | +0.4% |
| Cigna | $274.60 | +0.05% | $72.53B | 11.4 | 8.7 | 0.3 | +6.6% |
| Humana | $371.94 | −1.75% | $45.39B | 35.9 | 30.2 | 0.3 | +26.2% |
| Elevance Health | $402.99 | −1.54% | $88.77B | 18.2 | 14.8 | 0.4 | +0.8% |
| Amazon | $256.13 | −0.90% | $2.78T | 20.8 | 27.4 | 3.6 | +19.6% |
| Walmart | $110.10 | +2.47% | $855.02B | 38.8 | 36.8 | 1.2 | +5.9% |
| Median | 22.5 | 22.5 | 0.6 | +6.3% |