CVS Health Corporation (NYSE:CVS) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System cut its holdings in shares of CVS Health Corporation (NYSE:CVS - Free Report) by 88.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 409,577 shares of the pharmacy operator's stock after selling 3,174,600 shares during the period. State of Michigan Retirement System's holdings in CVS Health were worth $27,749,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Hopwood Financial Services Inc. acquired a new stake in shares of CVS Health in the fourth quarter valued at about $29,000. McIlrath & Eck LLC lifted its stake in CVS Health by 32.6% in the 4th quarter. McIlrath & Eck LLC now owns 707 shares of the pharmacy operator's stock worth $32,000 after purchasing an additional 174 shares in the last quarter. Sierra Ocean LLC boosted its holdings in shares of CVS Health by 584.8% during the 1st quarter. Sierra Ocean LLC now owns 719 shares of the pharmacy operator's stock worth $49,000 after purchasing an additional 614 shares during the last quarter. MV Capital Management Inc. grew its position in shares of CVS Health by 63.9% in the first quarter. MV Capital Management Inc. now owns 741 shares of the pharmacy operator's stock valued at $50,000 after purchasing an additional 289 shares in the last quarter. Finally, Dunhill Financial LLC lifted its position in CVS Health by 147.2% during the first quarter. Dunhill Financial LLC now owns 749 shares of the pharmacy operator's stock worth $51,000 after buying an additional 446 shares in the last quarter. 80.66% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at CVS Health

In other CVS Health news, Director Guy P. Sansone purchased 1,570 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was purchased at an average cost of $63.70 per share, with a total value of $100,009.00. Following the completion of the acquisition, the director directly owned 12,007 shares of the company's stock, valued at $764,845.90. This trade represents a 15.04% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.22% of the company's stock.

CVS Health Stock Down 1.4%

Shares of CVS Health stock traded down $0.89 on Friday, reaching $64.73. 7,020,831 shares of the company were exchanged, compared to its average volume of 10,796,063. The stock's 50 day moving average price is $65.10 and its 200-day moving average price is $62.08. The company has a market cap of $81.88 billion, a P/E ratio of 15.45, a price-to-earnings-growth ratio of 0.94 and a beta of 0.57. CVS Health Corporation has a 1-year low of $43.56 and a 1-year high of $72.51. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.82 and a quick ratio of 0.63.

CVS Health (NYSE:CVS - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The pharmacy operator reported $2.25 EPS for the quarter, beating analysts' consensus estimates of $1.62 by $0.63. The company had revenue of $94.59 billion for the quarter, compared to the consensus estimate of $93.07 billion. CVS Health had a net margin of 1.39% and a return on equity of 10.59%. The company's quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.31 EPS. As a group, equities analysts forecast that CVS Health Corporation will post 5.89 EPS for the current year.

CVS Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Tuesday, July 22nd will be issued a $0.665 dividend. The ex-dividend date of this dividend is Tuesday, July 22nd. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.11%. CVS Health's payout ratio is currently 63.48%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CVS. Piper Sandler raised their target price on CVS Health from $72.00 to $74.00 and gave the stock an "overweight" rating in a research note on Friday, March 21st. Robert W. Baird lifted their target price on shares of CVS Health from $51.00 to $71.00 and gave the stock a "neutral" rating in a research note on Tuesday, April 15th. UBS Group increased their price target on shares of CVS Health from $67.00 to $71.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Morgan Stanley reaffirmed an "overweight" rating on shares of CVS Health in a research report on Tuesday, April 15th. Finally, Mizuho raised their target price on CVS Health from $70.00 to $76.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 9th. Two analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $75.06.

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.