CVS Health (NYSE:CVS) Issues Earnings Results

CVS Health (NYSE:CVS) released its quarterly earnings data on Wednesday. The pharmacy operator reported $1.31 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.38), Briefing.com reports. CVS Health had a net margin of 2.33% and a return on equity of 15.25%. The firm had revenue of $88.44 billion during the quarter, compared to analysts’ expectations of $89.33 billion. During the same period in the previous year, the firm posted $2.20 EPS. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. CVS Health updated its FY24 guidance to at least $7.00 EPS.

CVS Health Stock Down 2.4 %

Shares of NYSE:CVS traded down $1.33 during midday trading on Thursday, reaching $54.98. The company had a trading volume of 32,344,513 shares, compared to its average volume of 11,532,171. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.86 and a quick ratio of 0.63. The stock’s fifty day moving average price is $73.63 and its 200-day moving average price is $73.50. The stock has a market capitalization of $69.30 billion, a P/E ratio of 8.41, a PEG ratio of 0.90 and a beta of 0.56. CVS Health has a one year low of $53.70 and a one year high of $83.25.

CVS Health Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 22nd were paid a $0.665 dividend. The ex-dividend date was Friday, April 19th. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.84%. CVS Health’s dividend payout ratio (DPR) is presently 41.18%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CVS shares. Bank of America lowered their price target on shares of CVS Health from $95.00 to $77.00 and set a “buy” rating on the stock in a research report on Thursday. Truist Financial restated a “buy” rating and set a $66.00 price target (down from $90.00) on shares of CVS Health in a research report on Thursday. The Goldman Sachs Group decreased their target price on shares of CVS Health from $85.00 to $74.00 and set a “buy” rating on the stock in a report on Thursday. UBS Group lowered shares of CVS Health from a “buy” rating to a “neutral” rating and decreased their target price for the company from $85.00 to $60.00 in a report on Thursday. Finally, Mizuho decreased their target price on shares of CVS Health from $86.00 to $72.00 and set a “buy” rating on the stock in a report on Thursday. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $80.35.

Insider Buying and Selling

In other CVS Health news, EVP Prem S. Shah sold 29,473 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $76.95, for a total transaction of $2,267,947.35. Following the completion of the sale, the executive vice president now owns 39,765 shares in the company, valued at $3,059,916.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.24% of the company’s stock.

About CVS Health

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.