Expanding Key Investments
Park National Corp Boosts Stakes in Large-Cap Pharma, Tech, and Financials, Expands Fixed Income
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Key Points
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Park National’s CVS increase came with a specific SEC-reported position size: it held 157,794 shares after adding 18,117 shares, worth $11,333,000, and the article notes institutional investors/hedge funds own 80.66% of CVS stock. It also highlights other active investors around the same period (e.g., Swiss RE bought a new position; Caitong International Asset Management lifted its stake by 407.2%).
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On CVS, multiple analysts issued concrete target/ratings changes that go beyond the summary’s general “bullish” characterization—for example: Barclays raised its target to $106 and kept an “overweight” rating; Argus lifted its price objective to $104 with a “buy” rating; Sanford C. Bernstein increased its target to $106 with an “outperform” rating.
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For the FIXD ETF sleeve, the article details other managers’ sizable ETF-trade adjustments in addition to Park National’s 47.6% increase—such as Qube Research & Technologies raising its FIXD stake by 805.7% (to 4,900 shares), Betterment increasing by 3.4%, and Ausdal Financial Partners lifting its holdings by 22.8%.
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In Salesforce, the coverage provides examples of other major institutional moves alongside Park National’s 8.9% buy—most notably J. Stern & Co. LLP boosting its Salesforce stake by 24,056.7% to 47,385,511 shares (valued at $12,552,896,000) and Norges Bank adding a new position worth $3,182,951,000; the article also states institutional investors own 80.43% of Salesforce stock.
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For AstraZeneca, the piece adds the exact disclosed trade: Park National bought 73,331 AZNCF shares in Q1 valued at about $14,462,000, and it includes AstraZeneca’s described research focus areas—oncology; cardiovascular, renal and metabolism; and respiratory, inflammation and autoimmunity.
Park National Corp, an Ohio-based regional bank and wealth management firm with $13.0 billion in total assets, made a series of bold portfolio moves in the first quarter of 2026. The firm boosted stakes in CVS Health, Salesforce, and Capital One, opened a fresh position in AstraZeneca, and nearly doubled its exposure to a fixed-income ETF, according to TickerReport.
The moves signal a deliberate shift toward large, established companies with stable cash flows. Together, the five positions now account for more than $92 million in disclosed holdings.
Park National Boosts CVS Stake Amid Analyst Upgrades
Park National added 18,117 CVS Health shares in Q1, bringing its total to 157,794 shares worth about $11.33 million, according to TickerReport. The buy came as Wall Street turned more bullish on the healthcare giant. Barclays analyst Andrew Mok raised his price target to $106 and kept an "Overweight" rating. Bernstein's Lance Wilkes also lifted his target to $106, pointing to a "Medicare Advantage turnaround" as the key driver.
Other institutions moved aggressively at the same time. Caitong International Asset Management grew its CVS stake by 407.2%. Swiss RE opened a brand-new position. Hedge funds and institutional investors now own 80.66% of CVS stock. GuruFocus does flag a cautious note, estimating CVS is "25.3% overvalued" based on an intrinsic value of $77.66 — well below the $106 targets from Barclays and Bernstein.
Salesforce Bet Grows Even as AI Skepticism Creeps In
Park National added roughly 8.9% to its Salesforce position in Q1, reaching 155,850 shares valued at about $29.1 million. It was not alone. J. Stern & Co. LLP increased its Salesforce stake by a staggering 24,056.7%, reaching 47.38 million shares worth $12.55 billion. Norway's sovereign wealth fund, Norges Bank, opened a new position worth $3.18 billion. Institutional investors now own 80.43% of Salesforce stock.
The institutional enthusiasm faces a test. On June 15, 2026, Salesforce announced it would buy AI customer-service firm Fin for $3.6 billion to strengthen its "Agentforce" AI platform. CEO Marc Benioff said the deal brings "proven agent technology" to the suite. But the stock fell 4.2% on June 17 as some analysts questioned whether the price tag was redundant given Salesforce's existing tools.
New AstraZeneca Position Targets Drug Pipeline Strength
Park National opened a completely new position in AstraZeneca in Q1, buying 73,331 shares of the over-the-counter stock AZNCF for about $14.46 million, according to TickerReport. AstraZeneca focuses on three core research areas: oncology, cardiovascular and kidney disease, and respiratory and immune disorders. Those are high-growth therapeutic categories that have attracted broad institutional interest.
The firm also grew its Capital One Financial stake by 6.5% during the same quarter, bringing that position to roughly $16.6 million. Both moves fit the same playbook: large, proven companies with clear earnings visibility rather than early-stage bets.
Fixed-Income ETF Exposure Nearly Doubles in Flight to Safety
Park National lifted its holdings in the First Trust TCW Opportunistic Fixed Income ETF — ticker FIXD — by 47.6% in Q1, reaching a position worth about $21.4 million. FIXD is an actively managed bond fund. Asset managers use it to seek higher returns than plain index bond funds, especially when interest rate direction is uncertain.
Other managers made even bigger moves into FIXD at the same time. Qube Research & Technologies raised its stake by 805.7%, jumping to 4,900 shares. Ausdal Financial Partners lifted its holdings by 22.8%. Betterment took a more cautious approach, adding just 3.4%. The broad pattern suggests institutions are parking more money in managed fixed income as 2026's cooling inflation shifts the outlook for Treasury yields.
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