Miracle Mile Advisors LLC Reduces Holdings in CVS Health Co. (NYSE:CVS)

Miracle Mile Advisors LLC reduced its stake in CVS Health Co. (NYSE:CVS) by 27.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,402 shares of the pharmacy operator’s stock after selling 4,278 shares during the quarter. Miracle Mile Advisors LLC’s holdings in CVS Health were worth $717,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Pzena Investment Management LLC lifted its stake in shares of CVS Health by 132.9% during the second quarter. Pzena Investment Management LLC now owns 12,936,388 shares of the pharmacy operator’s stock worth $764,023,000 after buying an additional 7,382,931 shares during the period. Capital International Investors lifted its position in CVS Health by 12.5% during the 1st quarter. Capital International Investors now owns 37,917,923 shares of the pharmacy operator’s stock worth $3,024,334,000 after acquiring an additional 4,226,225 shares during the period. Capital World Investors grew its stake in CVS Health by 8.0% during the 1st quarter. Capital World Investors now owns 43,776,874 shares of the pharmacy operator’s stock valued at $3,491,643,000 after purchasing an additional 3,232,172 shares during the last quarter. State of Michigan Retirement System increased its holdings in shares of CVS Health by 402.5% in the second quarter. State of Michigan Retirement System now owns 2,005,677 shares of the pharmacy operator’s stock valued at $118,455,000 after purchasing an additional 1,606,500 shares during the period. Finally, Swedbank AB purchased a new position in shares of CVS Health in the first quarter worth about $110,816,000. Hedge funds and other institutional investors own 80.66% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CVS. Barclays cut their price target on shares of CVS Health from $65.00 to $63.00 and set an “equal weight” rating on the stock in a report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of CVS Health from $64.00 to $63.00 and set a “hold” rating on the stock in a research note on Friday, August 9th. Wells Fargo & Company boosted their target price on shares of CVS Health from $60.00 to $61.00 and gave the company an “equal weight” rating in a research report on Monday, August 12th. Royal Bank of Canada reiterated an “outperform” rating and set a $68.00 price objective on shares of CVS Health in a research note on Wednesday, September 4th. Finally, TD Cowen upgraded CVS Health from a “hold” rating to a “buy” rating and upped their target price for the stock from $59.00 to $85.00 in a research note on Friday, October 4th. Ten analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $74.05.

CVS Health Price Performance

NYSE:CVS opened at $65.88 on Wednesday. The firm has a market cap of $82.70 billion, a P/E ratio of 11.58, a price-to-earnings-growth ratio of 0.81 and a beta of 0.54. The stock has a 50 day moving average of $58.67 and a two-hundred day moving average of $61.25. CVS Health Co. has a 12 month low of $52.77 and a 12 month high of $83.25. The company has a current ratio of 0.86, a quick ratio of 0.66 and a debt-to-equity ratio of 0.83.

CVS Health (NYSE:CVS) last posted its quarterly earnings data on Wednesday, August 7th. The pharmacy operator reported $1.83 EPS for the quarter, beating the consensus estimate of $1.73 by $0.10. CVS Health had a return on equity of 12.72% and a net margin of 1.98%. The firm had revenue of $91.23 billion during the quarter, compared to the consensus estimate of $91.41 billion. During the same period in the prior year, the company earned $2.21 EPS. The firm’s revenue was up 2.6% compared to the same quarter last year. On average, analysts expect that CVS Health Co. will post 6.51 earnings per share for the current fiscal year.

CVS Health Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Monday, October 21st will be issued a $0.665 dividend. The ex-dividend date is Monday, October 21st. This represents a $2.66 dividend on an annualized basis and a yield of 4.04%. CVS Health’s payout ratio is 46.75%.

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.