State of Michigan Retirement System Has $29.81 Million Position in CVS Health Corporation $CVS

Key Points

• State of Michigan Retirement System trimmed its position in CVS by 4.2%, selling 16,500 shares to hold 375,677 shares valued at $29.81 million at the end of the quarter.
• CVS beat Q4 expectations with $1.09 EPS vs. $1.00 and revenue up 8.2% to $105.69 billion, set FY2026 guidance of 5.94–6.14 EPS, and carries an analyst consensus of a "Moderate Buy" with a $95.05 target.
• The company declared a quarterly dividend of $0.665 (annualized $2.66, yield 3.4%) but shows a high payout ratio (192.75%) and faces regulatory risk after Tennessee passed a bill restricting pharmacies from owning PBMs that could force closures and legal challenges.

State of Michigan Retirement System lessened its stake in shares of CVS Health Corporation (NYSE:CVS - Free Report) by 4.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 375,677 shares of the pharmacy operator's stock after selling 16,500 shares during the period. State of Michigan Retirement System's holdings in CVS Health were worth $29,814,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of CVS. Vanguard Group Inc. grew its holdings in shares of CVS Health by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 120,709,530 shares of the pharmacy operator's stock worth $9,579,508,000 after purchasing an additional 1,824,424 shares in the last quarter. Capital World Investors raised its stake in CVS Health by 2.1% in the third quarter. Capital World Investors now owns 68,382,158 shares of the pharmacy operator's stock valued at $5,155,380,000 after purchasing an additional 1,419,575 shares in the last quarter. State Street Corp lifted its position in CVS Health by 0.3% during the third quarter. State Street Corp now owns 58,938,286 shares of the pharmacy operator's stock worth $4,443,357,000 after purchasing an additional 149,701 shares during the period. Capital International Investors grew its stake in CVS Health by 1.1% during the third quarter. Capital International Investors now owns 26,692,203 shares of the pharmacy operator's stock worth $2,012,347,000 after buying an additional 302,499 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in CVS Health by 3.2% in the 3rd quarter. Invesco Ltd. now owns 24,293,058 shares of the pharmacy operator's stock valued at $1,831,454,000 after buying an additional 760,579 shares during the period. 80.66% of the stock is currently owned by institutional investors.

CVS Health Trading Down 0.0%

Shares of CVS Health stock opened at $77.92 on Monday. The firm's 50 day moving average is $76.02 and its 200 day moving average is $77.86. The firm has a market capitalization of $99.86 billion, a PE ratio of 56.46, a price-to-earnings-growth ratio of 0.81 and a beta of 0.51. CVS Health Corporation has a 1 year low of $58.35 and a 1 year high of $85.15. The company has a current ratio of 0.84, a quick ratio of 0.63 and a debt-to-equity ratio of 0.80.

CVS Health (NYSE:CVS - Get Free Report) last issued its quarterly earnings data on Tuesday, February 10th. The pharmacy operator reported $1.09 EPS for the quarter, beating the consensus estimate of $1.00 by $0.09. CVS Health had a net margin of 0.44% and a return on equity of 11.31%. The business had revenue of $105.69 billion during the quarter, compared to the consensus estimate of $103.67 billion. During the same quarter in the prior year, the firm earned $1.19 EPS. The firm's revenue was up 8.2% compared to the same quarter last year. CVS Health has set its FY 2026 guidance at 5.940-6.140 EPS. Equities research analysts forecast that CVS Health Corporation will post 7.14 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 4th. Investors of record on Thursday, April 23rd will be issued a dividend of $0.665 per share. The ex-dividend date of this dividend is Thursday, April 23rd. This represents a $2.66 annualized dividend and a dividend yield of 3.4%. CVS Health's dividend payout ratio (DPR) is 192.75%.

Analysts Set New Price Targets

CVS has been the subject of several analyst reports. Sanford C. Bernstein upgraded shares of CVS Health from a "market perform" rating to an "outperform" rating and boosted their target price for the company from $91.00 to $94.00 in a research report on Thursday, March 12th. Leerink Partners reissued an "outperform" rating and issued a $98.00 price objective on shares of CVS Health in a research note on Thursday, March 5th. Wolfe Research cut their target price on CVS Health from $100.00 to $97.00 and set an "outperform" rating for the company in a research note on Monday, March 2nd. Bank of America reduced their target price on CVS Health from $100.00 to $95.00 and set a "buy" rating on the stock in a report on Tuesday, January 27th. Finally, Weiss Ratings reiterated a "hold (c-)" rating on shares of CVS Health in a research note on Monday, December 29th. Twenty research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $95.05.

CVS Health News Roundup

Here are the key news stories impacting CVS Health this week:

• Positive Sentiment: Aetna (a CVS Health company) reported measurable progress simplifying prior authorization, which should reduce administrative costs and speed care delivery—potentially improving medical cost trends and margins for the health-insurance segment. Aetna Announces Progress on Industry Leading Efforts to Simplify Prior Authorization
• Positive Sentiment: Major U.S. insurers (including Aetna and UnitedHealthcare) are coordinating to standardize electronic prior authorization — a structural change that could cut administrative friction across payors and providers, benefiting CVS’s insurance and PBM businesses over time. U.S. Health Insurers Step Up Prior Authorization Reforms
• Neutral Sentiment: CVS is pursuing packaging and sustainability changes (e.g., swapping foam and other supplier moves) that lower costs and environmental footprint, but these are incremental operational items unlikely to move near-term earnings materially. Packaging innovations: CVS Health swaps foam, PPG coats pet food cans
• Neutral Sentiment: Recent market-coverage pieces note modest share weakness in the last session; this reflects a mix of sector moves and headline sensitivity rather than fresh company-specific fundamentals. CVS Health (CVS) Stock Falls Amid Market Uptick: What Investors Need to Know
• Negative Sentiment: Tennessee passed a bill restricting pharmacies from owning PBMs; CVS warns the law could force many store closures and plans to sue—this represents direct state-level regulatory risk to retail pharmacy revenue and PBM economics. Legislation to ban pharmacies from owning PBMs heads to Gov. Lee's desk, CVS Health may close Tenn. locations
• Negative Sentiment: Multiple outlets report CVS is preparing legal fights and warning of large-scale closures if similar PBM restrictions spread—heightening investor concern about regulatory contagion and potential earnings downside. CVS fights law that could force over 100 stores to close
• Negative Sentiment: Analysis of the Mass General Brigham–CVS primary care arrangement flags potential hidden access costs (~$40M) that could pressure the economics of CVS’s expanding primary care footprint. Mass General Brigham, CVS Primary Care Deal Could Have a $40M Hidden Cost of Access

About CVS Health

CVS Health Corporation is a diversified healthcare company that operates a large network of retail pharmacies, pharmacy benefit management services and health care solutions. Headquartered in Woonsocket, Rhode Island, the company traces its roots to the early 1960s and has grown into an integrated provider of prescription drugs, over‑the‑counter products, clinical services and health insurance offerings. Its operating model combines retail pharmacy locations and in‑store clinics with broader pharmacy and health plan capabilities.

Key business activities include CVS Pharmacy retail operations, MinuteClinic walk‑in medical clinics and HealthHUB locations that offer expanded clinical services.

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