BMO Capital Markets Raises CVS Health (NYSE:CVS) Price Target to $90.00

CVS Health (NYSE:CVS) had its price objective lifted by BMO Capital Markets from $82.00 to $90.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have a market perform rating on the pharmacy operator’s stock.

A number of other brokerages have also weighed in on CVS. Citigroup boosted their price objective on shares of CVS Health from $83.00 to $98.00 in a report on Wednesday, May 5th. Jefferies Financial Group boosted their price objective on shares of CVS Health from $90.00 to $95.00 and gave the stock a buy rating in a report on Wednesday, May 5th. Truist Securities boosted their price objective on shares of CVS Health from $80.00 to $88.00 and gave the stock a buy rating in a report on Tuesday, April 20th. Raymond James boosted their price objective on shares of CVS Health from $90.00 to $95.00 and gave the stock a strong-buy rating in a report on Tuesday. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lifted their target price on shares of CVS Health from $83.00 to $98.00 in a research note on Wednesday, May 5th. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Buy and an average target price of $92.14.

Shares of CVS Health stock opened at $84.33 on Wednesday. CVS Health has a 1 year low of $55.36 and a 1 year high of $87.18. The firm has a market cap of $111.03 billion, a PE ratio of 13.94, a PEG ratio of 1.72 and a beta of 0.82. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.95 and a quick ratio of 0.67. The company has a 50 day simple moving average of $77.14 and a two-hundred day simple moving average of $72.03.

CVS Health (NYSE:CVS) last announced its earnings results on Tuesday, May 4th. The pharmacy operator reported $2.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.32. The business had revenue of $69.10 billion during the quarter, compared to analyst estimates of $68.33 billion. CVS Health had a net margin of 2.99% and a return on equity of 15.60%. CVS Health’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.91 earnings per share. As a group, research analysts anticipate that CVS Health will post 7.43 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 3rd. Shareholders of record on Friday, April 23rd were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend was Thursday, April 22nd. CVS Health’s payout ratio is currently 28.25%.

In other CVS Health news, EVP Thomas M. Moriarty sold 109,469 shares of the business’s stock in a transaction on Monday, May 10th. The shares were sold at an average price of $86.00, for a total transaction of $9,414,334.00. Following the transaction, the executive vice president now directly owns 109,469 shares of the company’s stock, valued at approximately $9,414,334. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Eva C. Boratto sold 18,882 shares of the business’s stock in a transaction on Tuesday, March 16th. The shares were sold at an average price of $74.68, for a total transaction of $1,410,107.76. Over the last three months, insiders have sold 707,743 shares of company stock worth $54,520,885. Insiders own 0.46% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in shares of CVS Health by 2.3% in the 1st quarter. BlackRock Inc. now owns 94,562,500 shares of the pharmacy operator’s stock worth $7,113,937,000 after buying an additional 2,084,131 shares during the period. Geode Capital Management LLC grew its position in shares of CVS Health by 2.2% in the 1st quarter. Geode Capital Management LLC now owns 20,470,812 shares of the pharmacy operator’s stock worth $1,535,702,000 after buying an additional 441,924 shares during the period. Dodge & Cox grew its position in shares of CVS Health by 0.5% in the 4th quarter. Dodge & Cox now owns 15,960,473 shares of the pharmacy operator’s stock worth $1,090,100,000 after buying an additional 77,629 shares during the period. JPMorgan Chase & Co. grew its position in shares of CVS Health by 39.5% in the 1st quarter. JPMorgan Chase & Co. now owns 15,873,108 shares of the pharmacy operator’s stock worth $1,194,135,000 after buying an additional 4,491,735 shares during the period. Finally, Norges Bank purchased a new stake in shares of CVS Health in the 4th quarter worth about $964,912,000. 74.21% of the stock is currently owned by hedge funds and other institutional investors.

CVS Health Company Profile

CVS Health Corporation provides health services in the United States. The company's Pharmacy Services segment offers pharmacy benefit management solutions, including plan design and administration, formulary management, retail pharmacy network management, mail order pharmacy, specialty pharmacy and infusion, clinical, and disease and medical spend management services.

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Analyst Recommendations for CVS Health (NYSE:CVS)

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