Vanguard Capital Management (NYSE: CVS) reports 95.6M shares, 7.51% stake

Rhea-AI Filing Summary

Vanguard Capital Management reports beneficial ownership of 95,598,528 shares of CVS Health Corp common stock, representing 7.51% of the class as of 03/31/2026. The filing states sole voting power of 12,948,452 shares and sole dispositive power of 95,598,528 shares. The filing lists Vanguard Capital Management's address in Malvern, PA, and notes that the holdings include shares managed across Vanguard funds and client accounts. The filing is signed by Ashley Grim as Head of Global Fund Administration on 04/29/2026.

Insights

Institutional Ownership Analyst

Vanguard holds a sizeable passive stake in CVS at 7.51% as of 03/31/2026.

Vanguard Capital Management reports 7.51% beneficial ownership of CVS common stock, totaling 95,598,528 shares. The filing attributes voting and dispositive powers across Vanguard business units and funds rather than to a single proprietary account.

Holder decisions and fund-level rebalancing will determine future activity; subsequent filings will show any material changes in percent ownership.

Corporate Governance Specialist

Voting vs dispositive power is concentrated: limited voting, broad dispositive control.

The filing shows sole voting power of 12,948,452 shares and sole dispositive power of 95,598,528 shares. This pattern is typical for large asset managers where voting authority may be segmented across affiliates.

Significant passive stakes above 5% trigger public disclosure obligations and can matter for proxy season dynamics; timing of any engagement is not provided.

Key Figures

Beneficial ownership: 95,598,528 shares Percent of class: 7.51% Sole voting power: 12,948,452 shares +1 more

4 metrics

Beneficial ownership 95,598,528 shares as of 03/31/2026

Percent of class 7.51% percentage of CVS common stock

Sole voting power 12,948,452 shares shares with sole power to vote

Sole dispositive power 95,598,528 shares shares with sole power to dispose

Key Terms

Beneficial ownership, Sole dispositive power, Schedule 13G

3 terms

Beneficial ownership regulatory

"Amount beneficially owned: 95598528"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Sole dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 95598528"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Schedule 13G regulatory

"Item 1. (a) Name of issuer: CVS Health Corp"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

CVS Health Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

126650100

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 126650100

1

Names of Reporting Persons

Vanguard Capital Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 12,948,452.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 95,598,528.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

95,598,528.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.51 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Capital Management LLC and the following affiliates of Vanguard Capital Management LLC or business divisions of such affiliates: Vanguard Asset Management Limited, Vanguard Fiduciary Trust Company, Vanguard Global Advisers, LLC and Vanguard Investments Australia Ltd. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Capital Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated above exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Capital Management LLC, or business divisions of such subsidiaries, whose ownership of securities is disaggregated from that of the reporting business unit in accordance with such release.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: CVS Health Corp
(b)	Address of issuer's principal executive offices: 1 CVS Drive, Woonsocket, RI, 02895
Item 2.
(a)	Name of person filing: Vanguard Capital Management
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 126650100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 95598528
(b)	Percent of class: 7.51 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 12948452
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 95598528
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Vanguard Capital Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Vanguard Capital Management

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	04/29/2026

FAQ

How many CVS shares does Vanguard Capital Management report owning?

Vanguard reports beneficial ownership of 95,598,528 shares of CVS common stock as of 03/31/2026. The filing lists this stake as 7.51% of the class and discloses voting and dispositive powers.

What voting power does Vanguard report for CVS (CVS)?

The filing states Vanguard has sole voting power over 12,948,452 shares and sole dispositive power over 95,598,528 shares. Shared voting and dispositive powers are reported as zero.

Does Vanguard hold CVS shares on behalf of other Vanguard funds or clients?

Yes. The filing explains the holdings include securities held by Vanguard funds and client accounts over which Vanguard affiliates exercise dispositive and/or voting power, as described in the disclosure paragraph.

What percent of CVS is owned by Vanguard according to this filing?

Vanguard reports ownership equal to 7.51% of CVS common stock as of 03/31/2026. The filing characterizes this as beneficial ownership across Vanguard-managed vehicles.

Who signed the Schedule 13G for Vanguard and when?

The filing is signed by Ashley Grim, Head of Global Fund Administration, with signature date 04/29/2026, certifying the reported ownership.