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CVS Health (NYSE:CVS – Get Rating) issued an update on its FY 2023 earnings guidance on Monday morning. The company provided EPS guidance of $8.70-$8.90 for the period, compared to the consensus EPS estimate of $8.86. The company issued revenue guidance of -. CVS Health also updated its FY 2022 guidance to $8.65-$8.65 EPS.
Analysts Set New Price Targets
A number of brokerages recently issued reports on CVS. Wells Fargo & Company lowered their price target on CVS Health from $106.00 to $101.00 and set an equal weight rating for the company in a research report on Tuesday, January 3rd. TheStreet upgraded CVS Health from a c+ rating to a b rating in a research report on Friday, November 25th. Royal Bank of Canada decreased their target price on CVS Health from $119.00 to $115.00 and set an outperform rating for the company in a research report on Monday, November 7th. Raymond James decreased their target price on CVS Health from $120.00 to $115.00 in a research report on Sunday, November 6th. Finally, The Goldman Sachs Group decreased their target price on CVS Health from $128.00 to $113.00 and set a buy rating for the company in a research report on Thursday, November 3rd. Three research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, CVS Health has a consensus rating of Moderate Buy and a consensus price target of $118.53.
CVS Health Stock Up 0.3 %
NYSE CVS traded up $0.30 during trading on Monday, hitting $91.90. The company’s stock had a trading volume of 193,438 shares, compared to its average volume of 6,256,686. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.94 and a quick ratio of 0.69. CVS Health has a fifty-two week low of $86.28 and a fifty-two week high of $111.25. The company has a market cap of $120.75 billion, a PE ratio of 38.98, a P/E/G ratio of 1.41 and a beta of 0.71. The business’s 50 day simple moving average is $97.57 and its 200-day simple moving average is $97.34.
CVS Health (NYSE:CVS – Get Rating) last released its earnings results on Wednesday, November 2nd. The pharmacy operator reported $2.09 EPS for the quarter, topping analysts’ consensus estimates of $1.99 by $0.10. CVS Health had a return on equity of 15.56% and a net margin of 1.00%. The firm had revenue of $81.16 billion during the quarter, compared to the consensus estimate of $76.53 billion. On average, equities analysts anticipate that CVS Health will post 8.62 EPS for the current fiscal year.
CVS Health Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 1st. Investors of record on Friday, January 20th will be issued a dividend of $0.605 per share. This is an increase from CVS Health’s previous quarterly dividend of $0.55. The ex-dividend date is Thursday, January 19th. This represents a $2.42 dividend on an annualized basis and a dividend yield of 2.63%. CVS Health’s payout ratio is 93.62%.
Insider Buying and Selling at CVS Health
In other CVS Health news, EVP Thomas M. Moriarty sold 137,466 shares of the business’s stock in a transaction that occurred on Thursday, December 15th. The stock was sold at an average price of $98.36, for a total value of $13,521,155.76. Following the completion of the transaction, the executive vice president now directly owns 608,129 shares of the company’s stock, valued at $59,815,568.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.69% of the stock is currently owned by corporate insiders.
Institutional Trading of CVS Health
A number of institutional investors and hedge funds have recently made changes to their positions in CVS. Capital Research Global Investors acquired a new position in CVS Health during the 1st quarter worth about $262,167,000. Arrowstreet Capital Limited Partnership increased its holdings in CVS Health by 3,551.8% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 716,037 shares of the pharmacy operator’s stock worth $72,470,000 after purchasing an additional 696,429 shares during the period. Renaissance Technologies LLC increased its holdings in CVS Health by 312.4% during the 1st quarter. Renaissance Technologies LLC now owns 774,819 shares of the pharmacy operator’s stock worth $78,419,000 after purchasing an additional 586,919 shares during the period. ING Groep NV increased its holdings in CVS Health by 130.5% during the 1st quarter. ING Groep NV now owns 461,438 shares of the pharmacy operator’s stock worth $46,702,000 after purchasing an additional 261,246 shares during the period. Finally, Cantor Fitzgerald Investment Advisor L.P increased its holdings in CVS Health by 92.9% during the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 377,875 shares of the pharmacy operator’s stock worth $38,245,000 after purchasing an additional 181,966 shares during the period. 77.29% 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 Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services. It serves employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups, and expatriates.
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