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 earnings per share guidance of at least $7.00 for the period, compared to the consensus earnings per share estimate of $8.27.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CVS shares. Leerink Partnrs cut CVS Health from an outperform rating to a market perform rating in a research note on Wednesday. UBS Group lowered shares of CVS Health from a buy rating to a neutral rating and decreased their price target for the company from $85.00 to $60.00 in a report on Thursday. Piper Sandler increased their price objective on shares of CVS Health from $93.00 to $94.00 and gave the stock an overweight rating in a research note on Friday, March 15th. Bank of America decreased their target price on CVS Health from $95.00 to $77.00 and set a buy rating for the company in a research note on Thursday. Finally, Wells Fargo & Company cut their price target on CVS Health from $83.00 to $76.00 and set an equal weight rating on the stock in a report on Monday, April 8th. Eight 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 company has an average rating of Moderate Buy and an average price target of $80.35.

CVS Health Trading Up 1.4 %

NYSE:CVS traded up $0.75 on Friday, hitting $55.90. 23,946,075 shares of the stock were exchanged, compared to its average volume of 12,498,538. The company’s 50-day moving average price is $72.77 and its 200 day moving average price is $73.26. CVS Health has a 52 week low of $53.70 and a 52 week high of $83.25. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.63 and a current ratio of 0.81. The stock has a market capitalization of $70.18 billion, a price-to-earnings ratio of 9.82, a P/E/G ratio of 0.86 and a beta of 0.56.

CVS Health (NYSE:CVS) last issued its quarterly earnings data on Wednesday, May 1st. The pharmacy operator reported $1.31 EPS 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 company had revenue of $88.44 billion for the quarter, compared to analyst estimates of $89.33 billion. During the same quarter in the previous year, the business earned $2.20 earnings per share. The company’s revenue was up 3.7% on a year-over-year basis. On average, equities research analysts forecast that CVS Health will post 7.03 earnings per share for the current year.

CVS Health Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 22nd were given a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a yield of 4.76%. The ex-dividend date of this dividend was Friday, April 19th. CVS Health’s dividend payout ratio (DPR) is currently 46.75%.

Insiders Place Their Bets

In related news, Director Edward J. Ludwig bought 1,000 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were acquired at an average price of $53.88 per share, for a total transaction of $53,880.00. Following the completion of the acquisition, the director now owns 21,630 shares of the company’s stock, valued at approximately $1,165,424.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Edward J. Ludwig purchased 1,000 shares of the stock in a transaction 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 transaction, the director now directly owns 21,630 shares of the company’s stock, valued at $1,165,424.40. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Prem S. Shah sold 29,473 shares of the business’s 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 transaction, the executive vice president now owns 39,765 shares in the company, valued at $3,059,916.75. The disclosure for this sale can be found here. Insiders own 0.24% of the company’s stock.

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.