Maryland State Retirement & Pension System Reduces Position in CVS Health Corporation (NYSE:CVS)

Key Points

• The Maryland State Retirement & Pension System reduced its holdings in CVS Health Corporation by 12.5%, selling 8,391 shares during the first quarter, bringing its total ownership to 58,984 shares valued at approximately $3.996 million.
• Multiple hedge funds increased their stakes in CVS Health, with notable boosts including a 584.8% increase by Sierra Ocean LLC, indicating heightened institutional interest in the company.
• CVS Health recently reported earnings of $1.81 per share, exceeding analyst estimates, with a quarter revenue of $98.92 billion, which is an 8.4% increase year-over-year.

Maryland State Retirement & Pension System trimmed its holdings in shares of CVS Health Corporation (NYSE:CVS - Free Report) by 12.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 58,984 shares of the pharmacy operator's stock after selling 8,391 shares during the quarter. Maryland State Retirement & Pension System's holdings in CVS Health were worth $3,996,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of CVS. Costello Asset Management INC boosted its stake in CVS Health by 281.3% in the first quarter. Costello Asset Management INC now owns 572 shares of the pharmacy operator's stock valued at $39,000 after acquiring an additional 422 shares during the period. GW&K Investment Management LLC boosted its stake in CVS Health by 39.4% in the first quarter. GW&K Investment Management LLC now owns 637 shares of the pharmacy operator's stock valued at $43,000 after acquiring an additional 180 shares during the period. Hemington Wealth Management boosted its stake in CVS Health by 33.7% in the first quarter. Hemington Wealth Management now owns 682 shares of the pharmacy operator's stock valued at $46,000 after acquiring an additional 172 shares during the period. McIlrath & Eck LLC boosted its position in shares of CVS Health by 32.6% during the fourth quarter. McIlrath & Eck LLC now owns 707 shares of the pharmacy operator's stock worth $32,000 after buying an additional 174 shares during the period. Finally, Sierra Ocean LLC boosted its position in shares of CVS Health by 584.8% during the first quarter. Sierra Ocean LLC now owns 719 shares of the pharmacy operator's stock worth $49,000 after buying an additional 614 shares during the period. 80.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CVS. Wells Fargo & Company reiterated an "overweight" rating and set a $84.00 price objective (up from $76.00) on shares of CVS Health in a research report on Tuesday, May 6th. Cowen reiterated a "buy" rating on shares of CVS Health in a research report on Monday. Barclays boosted their target price on CVS Health from $79.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Wall Street Zen raised CVS Health from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Finally, Morgan Stanley boosted their target price on CVS Health from $80.00 to $82.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Three research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, CVS Health presently has an average rating of "Moderate Buy" and a consensus price target of $75.11.

Insider Activity at CVS Health

In related news, Director Guy P. Sansone acquired 1,570 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was acquired at an average price of $63.70 per share, with a total value of $100,009.00. Following the completion of the transaction, the director owned 12,007 shares of the company's stock, valued at approximately $764,845.90. This represents a 15.04% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.22% of the company's stock.

CVS Health Stock Up 0.0%

CVS Health stock opened at $63.54 on Friday. The firm has a market cap of $80.58 billion, a price-to-earnings ratio of 17.75, a P/E/G ratio of 0.70 and a beta of 0.58. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.80 and a quick ratio of 0.62. CVS Health Corporation has a fifty-two week low of $43.56 and a fifty-two week high of $72.51. The firm has a fifty day moving average price of $64.65 and a two-hundred day moving average price of $64.14.

CVS Health (NYSE:CVS - Get Free Report) last released its earnings results on Thursday, July 31st. The pharmacy operator reported $1.81 earnings per share for the quarter, topping analysts' consensus estimates of $1.46 by $0.35. The firm had revenue of $98.92 billion during the quarter, compared to analyst estimates of $94.87 billion. CVS Health had a net margin of 1.17% and a return on equity of 10.51%. The business's revenue was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.83 EPS. As a group, analysts forecast that CVS Health Corporation will post 5.89 earnings per share for the current year.

CVS Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 22nd were given a dividend of $0.665 per share. The ex-dividend date of this dividend was Tuesday, July 22nd. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.2%. CVS Health's dividend payout ratio is currently 74.30%.

CVS Health Profile

CVS Health Corporation provides health solutions in the United States. It operates through Health Care Benefits, Health Services, and Pharmacy & Consumer Wellness segments. The Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services.

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