CVS Health (NYSE:CVS) Price Target Cut to $80.00 by Analysts at Argus

CVS Health (NYSE:CVS) had its target price cut by Argus from $100.00 to $80.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the pharmacy operator’s stock.

A number of other brokerages also recently issued reports on CVS. The Goldman Sachs Group lowered their price target on CVS Health from $85.00 to $74.00 and set a buy rating on the stock in a report on Thursday, May 2nd. Bank of America reduced their price target on CVS Health from $95.00 to $77.00 and set a buy rating for the company in a research report on Thursday, May 2nd. SVB Leerink reiterated a market perform rating and set a $60.00 target price (down previously from $87.00) on shares of CVS Health in a research report on Wednesday, May 1st. Truist Financial restated a buy rating and set a $66.00 price target (down previously from $90.00) on shares of CVS Health in a report on Thursday, May 2nd. Finally, TD Cowen lowered CVS Health from a buy rating to a hold rating and lowered their price objective for the company from $99.00 to $59.00 in a research note on Tuesday. Nine investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $76.75.

CVS Health Trading Up 1.4 %

CVS stock traded up $0.76 during midday trading on Wednesday, hitting $55.67. The company had a trading volume of 10,298,162 shares, compared to its average volume of 11,874,933. The company has a current ratio of 0.81, a quick ratio of 0.61 and a debt-to-equity ratio of 0.78. CVS Health has a 52 week low of $53.70 and a 52 week high of $83.25. The stock’s 50 day moving average price is $71.54 and its 200 day moving average price is $72.96. The stock has a market cap of $69.89 billion, a price-to-earnings ratio of 9.79, a PEG ratio of 0.88 and a beta of 0.56.

CVS Health (NYSE:CVS) last issued its quarterly earnings results on Wednesday, May 1st. The pharmacy operator reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.69 by ($0.38). The firm had revenue of $88.44 billion during the quarter, compared to analysts’ expectations of $89.33 billion. CVS Health had a return on equity of 13.53% and a net margin of 2.03%. CVS Health’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the previous year, the company earned $2.20 earnings per share. As a group, equities research analysts expect that CVS Health will post 7.03 earnings per share for the current fiscal year.

CVS Health Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 22nd were paid a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a yield of 4.78%. The ex-dividend date of this dividend was Friday, April 19th. CVS Health’s payout ratio is currently 46.75%.

Insider Activity at CVS Health

In related news, Director Edward J. Ludwig bought 1,000 shares of CVS Health stock in a transaction that occurred on Thursday, May 2nd. The shares were purchased at an average price of $53.88 per share, with a total value of $53,880.00. Following the purchase, the director now owns 21,630 shares in the company, valued at $1,165,424.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other CVS Health news, Director Edward J. Ludwig purchased 1,000 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was bought at an average cost of $53.88 per share, for a total transaction of $53,880.00. Following the acquisition, the director now owns 21,630 shares of the company’s stock, valued at approximately $1,165,424.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $2,267,947.35. Following the completion of the transaction, the executive vice president now owns 39,765 shares of the company’s stock, valued at $3,059,916.75. The disclosure for this sale can be found here. 0.24% of the stock is owned by corporate insiders.

Institutional Trading of CVS Health

Institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank acquired a new stake in CVS Health in the 4th quarter valued at $1,092,040,000. Capital International Investors increased its holdings in CVS Health by 47.4% in the 4th quarter. Capital International Investors now owns 33,691,698 shares of the pharmacy operator’s stock valued at $2,660,298,000 after purchasing an additional 10,837,801 shares in the last quarter. FMR LLC increased its holdings in CVS Health by 29.1% in the 3rd quarter. FMR LLC now owns 27,487,238 shares of the pharmacy operator’s stock valued at $1,919,159,000 after purchasing an additional 6,194,441 shares in the last quarter. Pzena Investment Management LLC increased its holdings in CVS Health by 573.8% in the 1st quarter. Pzena Investment Management LLC now owns 5,553,457 shares of the pharmacy operator’s stock valued at $442,944,000 after purchasing an additional 4,729,207 shares in the last quarter. Finally, Clearbridge Investments LLC increased its holdings in CVS Health by 306.6% in the 4th quarter. Clearbridge Investments LLC now owns 3,046,216 shares of the pharmacy operator’s stock valued at $240,529,000 after purchasing an additional 2,297,100 shares in the last quarter. 80.66% of the stock is currently owned by institutional investors and hedge funds.

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.