MAI Capital Management Sells 16,051 Shares of CVS Health Co. (NYSE:CVS)

MAI Capital Management cut its stake in CVS Health Co. (NYSE:CVS - Free Report) by 22.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 55,154 shares of the pharmacy operator's stock after selling 16,051 shares during the period. MAI Capital Management's holdings in CVS Health were worth $3,468,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of CVS. Livelsberger Financial Advisory bought a new position in CVS Health in the 3rd quarter valued at $31,000. Reston Wealth Management LLC acquired a new stake in shares of CVS Health in the 3rd quarter valued at about $32,000. First Community Trust NA raised its stake in shares of CVS Health by 116.2% in the 2nd quarter. First Community Trust NA now owns 562 shares of the pharmacy operator's stock valued at $33,000 after purchasing an additional 302 shares during the period. Kathleen S. Wright Associates Inc. acquired a new stake in shares of CVS Health in the third quarter valued at about $33,000. Finally, ORG Partners LLC increased its position in shares of CVS Health by 11,840.0% in the second quarter. ORG Partners LLC now owns 597 shares of the pharmacy operator's stock valued at $35,000 after acquiring an additional 592 shares during the last quarter. 80.66% of the stock is owned by institutional investors and hedge funds.

CVS Health Stock Up 1.9 %

CVS stock traded up $1.06 during mid-day trading on Wednesday, reaching $56.83. 11,440,997 shares of the company traded hands, compared to its average volume of 11,378,567. The stock has a market cap of $71.52 billion, a price-to-earnings ratio of 14.40, a P/E/G ratio of 0.92 and a beta of 0.55. The company has a quick ratio of 0.59, a current ratio of 0.80 and a debt-to-equity ratio of 0.80. CVS Health Co. has a fifty-two week low of $52.71 and a fifty-two week high of $83.25. The firm's 50 day moving average price is $59.18 and its 200 day moving average price is $58.60.

CVS Health (NYSE:CVS - Get Free Report) last posted its earnings results on Wednesday, November 6th. The pharmacy operator reported $1.09 EPS for the quarter, topping the consensus estimate of $1.08 by $0.01. CVS Health had a net margin of 1.36% and a return on equity of 10.72%. The firm had revenue of $95.43 billion for the quarter, compared to analysts' expectations of $92.72 billion. During the same quarter last year, the firm earned $2.21 EPS. The company's quarterly revenue was up 6.3% compared to the same quarter last year. As a group, equities research analysts predict that CVS Health Co. will post 5.48 EPS for the current fiscal year.

CVS Health Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Monday, October 21st were given a dividend of $0.665 per share. The ex-dividend date of this dividend was Monday, October 21st. This represents a $2.66 annualized dividend and a dividend yield of 4.68%. CVS Health's dividend payout ratio is currently 67.51%.

Wall Street Analysts Forecast Growth

CVS has been the topic of a number of recent research reports. Evercore ISI lifted their target price on CVS Health from $62.00 to $75.00 and gave the company an "outperform" rating in a research report on Tuesday, October 8th. Mizuho lowered their price target on CVS Health from $73.00 to $66.00 and set an "outperform" rating on the stock in a research report on Thursday, October 24th. Cantor Fitzgerald reissued a "neutral" rating and set a $62.00 price target on shares of CVS Health in a research report on Tuesday, October 1st. Royal Bank of Canada lowered their price target on CVS Health from $68.00 to $58.00 and set an "outperform" rating on the stock in a research report on Friday, November 15th. Finally, UBS Group boosted their price target on CVS Health from $60.00 to $62.00 and gave the stock a "neutral" rating in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, CVS Health has an average rating of "Moderate Buy" and a consensus price target of $72.28.

CVS Health Company 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.