CVS Health (NYSE:CVS) Updates FY24 Earnings Guidance

CVS Health (NYSE:CVS) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of at least $7.00 for the period, compared to the consensus EPS estimate of $8.27.

CVS Health Price Performance

Shares of NYSE CVS traded up $0.75 during trading hours on Friday, reaching $55.90. 23,946,075 shares of the stock traded hands, compared to its average volume of 12,498,538. The company has a market capitalization of $70.18 billion, a P/E ratio of 9.82, a price-to-earnings-growth ratio of 0.86 and a beta of 0.56. The company’s 50-day simple moving average is $72.77 and its two-hundred day simple moving average is $73.26. The company has a quick ratio of 0.63, a current ratio of 0.81 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.

CVS Health (NYSE:CVS) last announced its quarterly earnings data on Wednesday, May 1st. The pharmacy operator reported $1.31 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.38). CVS Health had a return on equity of 13.53% and a net margin of 2.03%. The business had revenue of $88.44 billion during the quarter, compared to the consensus estimate of $89.33 billion. During the same quarter in the previous year, the firm posted $2.20 earnings per share. The company’s revenue was up 3.7% compared to the same quarter last year. Equities research analysts forecast that CVS Health will post 7.03 EPS for the current year.

CVS Health Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 22nd were issued a $0.665 dividend. The ex-dividend date of this dividend was Friday, April 19th. This represents a $2.66 annualized dividend and a dividend yield of 4.76%. CVS Health’s dividend payout ratio is currently 46.75%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Cantor Fitzgerald lowered CVS Health from an overweight rating to a neutral rating and reduced their price target for the stock from $87.00 to $58.00 in a research report on Wednesday. The Goldman Sachs Group decreased their target price on shares of CVS Health from $85.00 to $74.00 and set a buy rating on the stock in a research note on Thursday. Mizuho cut their price target on shares of CVS Health from $86.00 to $72.00 and set a buy rating on the stock in a report on Thursday. Bank of America decreased their price objective on shares of CVS Health from $95.00 to $77.00 and set a buy rating on the stock in a research report on Thursday. Finally, UBS Group cut CVS Health from a buy rating to a neutral rating and dropped their price objective for the stock from $85.00 to $60.00 in a report on Thursday. Eight analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $80.35.

Insider Buying and Selling

In other CVS Health news, EVP Prem S. Shah sold 29,473 shares of CVS Health stock in a transaction on Friday, February 16th. The stock was sold at an average price of $76.95, for a total transaction of $2,267,947.35. Following the completion of 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Prem S. Shah sold 29,473 shares of the firm’s 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 completion of the sale, the executive vice president now owns 39,765 shares of the company’s stock, valued at $3,059,916.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Edward J. Ludwig acquired 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was purchased at an average price of $53.88 per share, with a total value of $53,880.00. Following the completion of the acquisition, the director now owns 21,630 shares in the company, valued at $1,165,424.40. The disclosure for this purchase can be found here. 0.24% of the stock is currently owned by company insiders.

About CVS Health

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.