CVS Health Co. (NYSE:CVS – Get Free Report)’s stock price dropped 1.5% during trading on Wednesday after Argus lowered their price target on the stock from $100.00 to $80.00. Argus currently has a buy rating on the stock. CVS Health traded as low as $54.69 and last traded at $54.93. Approximately 3,955,369 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 11,776,579 shares. The stock had previously closed at $55.74.
A number of other brokerages have also issued reports on CVS. Wells Fargo & Company cut their price target on shares of CVS Health from $76.00 to $60.00 and set an “equal weight” rating on the stock in a report on Tuesday. Leerink Partnrs cut CVS Health from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 1st. Piper Sandler upped their target price on CVS Health from $93.00 to $94.00 and gave the company an “overweight” rating in a report on Friday, March 15th. Mizuho decreased their price objective on shares of CVS Health from $86.00 to $72.00 and set a “buy” rating for the company in a report on Thursday, May 2nd. Finally, Barclays cut their target price on shares of CVS Health from $78.00 to $63.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 2nd. Nine equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.67.
Insider Buying and Selling
In related news, EVP Prem S. Shah sold 29,473 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now owns 39,765 shares in the company, valued at $3,059,916.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Edward J. Ludwig bought 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were bought at an average cost of $53.88 per share, with a total value of $53,880.00. Following the acquisition, the director now owns 21,630 shares in the company, valued at $1,165,424.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Prem S. Shah sold 29,473 shares of the company’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $76.95, for a total value of $2,267,947.35. Following the completion of the sale, the executive vice president now owns 39,765 shares of the company’s stock, valued at approximately $3,059,916.75. The disclosure for this sale can be found here. 0.24% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On CVS Health
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Atticus Wealth Management LLC raised its stake in CVS Health by 149.0% during the 4th quarter. Atticus Wealth Management LLC now owns 366 shares of the pharmacy operator’s stock valued at $29,000 after purchasing an additional 219 shares during the period. USA Financial Formulas lifted its holdings in shares of CVS Health by 573.2% in the fourth quarter. USA Financial Formulas now owns 377 shares of the pharmacy operator’s stock worth $30,000 after buying an additional 321 shares in the last quarter. Cornerstone Planning Group LLC boosted its position in shares of CVS Health by 111.5% during the third quarter. Cornerstone Planning Group LLC now owns 461 shares of the pharmacy operator’s stock worth $32,000 after acquiring an additional 243 shares during the last quarter. Ables Iannone Moore & Associates Inc. purchased a new position in CVS Health during the fourth quarter valued at $32,000. Finally, Creekmur Asset Management LLC bought a new stake in CVS Health in the 4th quarter valued at $34,000. 80.66% of the stock is owned by hedge funds and other institutional investors.
CVS Health Stock Performance
The firm has a market cap of $68.96 billion, a PE ratio of 9.65, a PEG ratio of 0.88 and a beta of 0.56. The firm’s 50 day simple moving average is $71.95 and its 200 day simple moving average is $73.09. 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 (NYSE:CVS – Get Free Report) last posted its quarterly earnings results on Wednesday, May 1st. The pharmacy operator reported $1.31 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.38). The company 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%. The company’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the prior year, the business earned $2.20 EPS. On average, research analysts forecast that CVS Health Co. will post 7.03 EPS for the current fiscal year.
CVS Health Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 22nd were given a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.84%. The ex-dividend date of this dividend was Friday, April 19th. CVS Health’s payout ratio is 46.75%.
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.