Truist Financial Raises CVS Health (NYSE:CVS) Price Target to $84.00

CVS Health (NYSE:CVS) had its price target lifted by Truist Financial from $82.00 to $84.00 in a research note published on Monday,Benzinga reports. The firm currently has a buy rating on the pharmacy operator’s stock.

A number of other equities analysts have also recently weighed in on CVS. Argus set a $77.00 price objective on shares of CVS Health in a research report on Tuesday, February 18th. Evercore ISI raised their price target on CVS Health from $60.00 to $65.00 and gave the stock an “outperform” rating in a research report on Monday, January 27th. StockNews.com raised CVS Health from a “hold” rating to a “buy” rating in a research note on Friday, May 9th. Wolfe Research raised their target price on CVS Health from 67.00 to 70.00 and gave the company an “overweight” rating in a report on Tuesday, February 11th. Finally, JPMorgan Chase & Co. boosted their price target on shares of CVS Health from $80.00 to $81.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 18th. Three analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $74.94.

CVS Health Price Performance

NYSE:CVS opened at $60.03 on Monday. CVS Health has a 52 week low of $43.56 and a 52 week high of $72.51. The stock’s fifty day moving average is $66.71 and its two-hundred day moving average is $59.15. The company has a market capitalization of $75.94 billion, a P/E ratio of 16.40, a P/E/G ratio of 0.98 and a beta of 0.60. The company has a quick ratio of 0.60, a current ratio of 0.81 and a debt-to-equity ratio of 0.80.

CVS Health (NYSE:CVS) last issued its quarterly earnings data on Thursday, May 1st. The pharmacy operator reported $2.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.63. The firm had revenue of $94.59 billion for the quarter, compared to analyst estimates of $93.07 billion. CVS Health had a net margin of 1.24% and a return on equity of 9.11%. CVS Health’s revenue was up 7.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.31 EPS. Equities analysts expect that CVS Health will post 5.89 EPS for the current year.

CVS Health Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 22nd were issued a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a yield of 4.43%. The ex-dividend date was Tuesday, April 22nd. CVS Health’s dividend payout ratio (DPR) is 63.48%.

Insider Activity

In related news, Director Michael F. Mahoney bought 30,000 shares of the stock in a transaction dated Tuesday, February 18th. The stock was acquired at an average price of $66.70 per share, for a total transaction of $2,001,000.00. Following the acquisition, the director now owns 39,356 shares in the company, valued at approximately $2,625,045.20. This represents a 320.65% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP James David Clark sold 7,513 shares of CVS Health stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $66.35, for a total transaction of $498,487.55. Following the sale, the senior vice president now owns 8,394 shares in the company, valued at $556,941.90. This represents a 47.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.22% of the company’s stock.

Hedge Funds Weigh In On CVS Health

Several large investors have recently bought and sold shares of CVS. Norges Bank acquired a new position in CVS Health during the fourth quarter worth approximately $839,574,000. Capital World Investors increased its holdings in shares of CVS Health by 26.6% in the 4th quarter. Capital World Investors now owns 61,039,777 shares of the pharmacy operator’s stock valued at $2,739,927,000 after acquiring an additional 12,819,148 shares during the period. Davis Selected Advisers boosted its stake in CVS Health by 2,998.1% during the 4th quarter. Davis Selected Advisers now owns 11,385,950 shares of the pharmacy operator’s stock worth $511,115,000 after purchasing an additional 11,018,438 shares during the period. Dodge & Cox grew its position in CVS Health by 11.2% during the 4th quarter. Dodge & Cox now owns 70,105,899 shares of the pharmacy operator’s stock worth $3,147,054,000 after purchasing an additional 7,075,209 shares during the last quarter. Finally, Pzena Investment Management LLC increased its stake in CVS Health by 49.3% in the fourth quarter. Pzena Investment Management LLC now owns 19,610,579 shares of the pharmacy operator’s stock valued at $880,319,000 after purchasing an additional 6,475,271 shares during the period. Institutional investors and hedge funds own 80.66% of the company’s stock.

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.