The Goldman Sachs Group Lowers CVS Health (NYSE:CVS) Price Target to $74.00

CVS Health (NYSE:CVS) had its price objective reduced by The Goldman Sachs Group from $85.00 to $74.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have a buy rating on the pharmacy operator’s stock.

A number of other brokerages have also weighed in on CVS. SVB Leerink restated a market perform rating and issued a $60.00 price objective (down from $87.00) on shares of CVS Health in a report on Wednesday. Cantor Fitzgerald downgraded shares of CVS Health from an overweight rating to a neutral rating and lowered their price objective for the company from $87.00 to $58.00 in a research note on Wednesday. Wells Fargo & Company decreased their target price on CVS Health from $83.00 to $76.00 and set an equal weight rating for the company in a report on Monday, April 8th. Mizuho reduced their price objective on shares of CVS Health from $86.00 to $72.00 and set a buy rating on the stock in a research report on Thursday. Finally, UBS Group cut shares of CVS Health from a buy rating to a neutral rating and dropped their target price for the stock from $85.00 to $60.00 in a research report on Thursday. Eight equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, CVS Health presently has an average rating of Moderate Buy and a consensus target price of $80.35.

CVS Health Price Performance

Shares of CVS Health stock traded up $0.75 on Thursday, hitting $55.90. 23,946,075 shares of the company traded hands, compared to its average volume of 12,498,538. CVS Health has a 12-month low of $53.70 and a 12-month high of $83.25. The firm’s 50-day simple moving average is $72.77 and its 200 day simple moving average is $73.26. The company has a market cap of $70.18 billion, a P/E ratio of 9.82, a P/E/G ratio of 0.88 and a beta of 0.56. The company has a current ratio of 0.81, a quick ratio of 0.63 and a debt-to-equity ratio of 0.78.

CVS Health (NYSE:CVS) last issued its quarterly earnings results on Wednesday, May 1st. The pharmacy operator reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.69 by ($0.38). The firm had revenue of $88.44 billion for the quarter, compared to the consensus estimate of $89.33 billion. CVS Health had a return on equity of 13.53% and a net margin of 2.03%. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period last year, the firm earned $2.20 EPS. Analysts expect that CVS Health will post 7.03 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

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

Insider Activity

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

Hedge Funds Weigh In On CVS Health

Institutional investors and hedge funds have recently modified their holdings of the company. SOA Wealth Advisors LLC. boosted its position in CVS Health by 4.9% in the fourth quarter. SOA Wealth Advisors LLC. now owns 2,859 shares of the pharmacy operator’s stock worth $226,000 after purchasing an additional 133 shares during the last quarter. Apella Capital LLC grew its position in CVS Health by 4.2% during the fourth quarter. Apella Capital LLC now owns 3,378 shares of the pharmacy operator’s stock valued at $272,000 after buying an additional 136 shares during the period. Prairie Sky Financial Group LLC increased its holdings in CVS Health by 4.1% during the fourth quarter. Prairie Sky Financial Group LLC now owns 3,612 shares of the pharmacy operator’s stock valued at $285,000 after buying an additional 141 shares during the last quarter. WealthShield Partners LLC raised its position in CVS Health by 3.2% in the fourth quarter. WealthShield Partners LLC now owns 4,498 shares of the pharmacy operator’s stock worth $355,000 after acquiring an additional 141 shares during the period. Finally, Sugarloaf Wealth Management LLC grew its position in shares of CVS Health by 9.5% during the 4th quarter. Sugarloaf Wealth Management LLC now owns 1,639 shares of the pharmacy operator’s stock valued at $129,000 after acquiring an additional 142 shares during the period. 80.66% of the stock is currently owned by hedge funds and other institutional investors.

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.