CVS
Cvs Health CORP
NYSE
Form 4: CVS Health Director Anne Finucane Corrects Beneficial Ownership Reporting After Gift and Trust Transfer
Sentiment:
SEC Filing Form 4
14 March 2025 5:02 PM
Anne Finucane, a director at CVS Health, filed an amended Form 4 to correct previous reporting errors related to a gift of shares and the holding of shares in a trust.
Delay expected
The gift of shares by the reporting person to a donor-advised charitable family foundation on November 18, 2022 was not timely reported due to an administrative error.
Summary
- Anne Finucane, a director of CVS Health Corp, filed a Form 4 to report changes in beneficial ownership.
- The report includes a correction for a gift of 800 shares of common stock to a donor-advised charitable family foundation on November 18, 2022, at a price of $97.35 per share, which was not timely reported due to an administrative error.
- The reporting person also corrected an error where some shares were reported as directly held since June 2018 when they had been moved into a trust.
- Additionally, the reporting person inadvertently included 1.2482 shares that had been delivered as cash in lieu of fractional shares in January 2022.
- Following the reported transactions, the reporting person beneficially owns 28,964 shares indirectly through a trust.
Sentiment
Score: 5
Explanation: The document primarily involves correcting past reporting errors, which is neutral. The errors themselves are slightly negative, but the correction is a positive step towards compliance.
Highlights
- Director Anne Finucane corrected a previous reporting error regarding a gift of 800 CVS Health shares to a charitable foundation on November 18, 2022.
- The gift was made at a price of $97.35 per share.
- The reporting person also corrected an error where some shares were reported as directly held since June 2018 when they had been moved into a trust.
- The reporting person inadvertently included 1.2482 shares that had been delivered as cash in lieu of fractional shares in January 2022.
- Following these corrections, Finucane's beneficial ownership includes 28,964 shares held indirectly through a trust.
Negatives
- The reporting person had to correct previous errors in reporting beneficial ownership, indicating a lapse in internal controls or oversight.
Risks
- Failure to accurately report beneficial ownership can lead to regulatory scrutiny and potential penalties.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. Corrections, while not ideal, are not uncommon and highlight the importance of accurate record-keeping and reporting.
Stakeholder Impact
- Shareholders benefit from accurate and transparent reporting of insider transactions.
Key Dates
- June 2018: Shares were moved into a trust but incorrectly reported as directly held.
- January 2022: 1.2482 shares were delivered as cash in lieu of fractional shares and inadvertently included in the reporting.
- 11/18/2022: Gift of 800 shares to a donor-advised charitable family foundation.
- 03/14/2025: Signature date of the reporting person.
Keywords
CVS
Cvs Health CORP
NYSE
Sector: TBD
Filings with Classifications
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Definitive Proxy Statement
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Delay expected
14 March 2025 5:02 PM
SEC Filing Form 4
- The gift of shares by the reporting person to a donor-advised charitable family foundation on November 18, 2022 was not timely reported due to an administrative error.
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12 February 2025 6:47 AM
Annual Results
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Debt Issuance Announcement
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Capital raise
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Debt Tender Offer Announcement
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Capital raise
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Debt Offering Announcement
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Debt Tender Offer Announcement
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6 November 2024 6:33 AM
Quarterly Report
- The company's GAAP and adjusted EPS were significantly lower than the previous year due to a decline in the Health Care Benefits segment and premium deficiency reserves.
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7 August 2024 6:35 AM
Quarterly Report
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Worse than expected
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Quarterly Report
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Capital raise
9 May 2024 4:19 PM
Debt Issuance Announcement
- CVS Health Corporation issued $5 billion in senior notes.
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Capital raise
8 May 2024 4:40 PM
Debt Issuance Announcement
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Worse than expected
1 May 2024 6:40 AM
Quarterly Report
- The company's net income and operating income decreased significantly, indicating worse than expected results.
- The medical benefit ratio (MBR) in the Health Care Benefits segment increased substantially, reflecting higher healthcare costs than anticipated.
- The Health Services segment experienced a revenue decrease, which was worse than expected.
Worse than expected
1 May 2024 6:32 AM
Quarterly Report
- The company's earnings per share and cash flow guidance were significantly lowered due to higher than expected medical costs.
- The Health Care Benefits segment experienced a substantial decrease in adjusted operating income, indicating worse than expected performance.
- The medical benefit ratio increased significantly, reflecting higher healthcare costs than anticipated.
Worse than expected
7 February 2024 6:52 AM
Annual Results
- The company's Medicare Advantage plans did not qualify for full level quality bonuses in 2024, which could reduce profit margin.
Worse than expected
7 February 2024 6:33 AM
Quarterly Report
- The company revised its full-year 2024 earnings and cash flow guidance downwards, indicating worse than expected future performance.
- The Health Care Benefits segment experienced a decrease in adjusted operating income due to increased utilization in Medicare Advantage, which was worse than expected.
- The Pharmacy & Consumer Wellness segment saw a decrease in adjusted operating income for the full year due to continued pharmacy reimbursement pressure and decreased COVID-19 related services, which was worse than expected.
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