Equities Analysts Set Expectations for CVS Health Co.’s Q2 2024 Earnings (NYSE:CVS)

CVS Health Co. (NYSE:CVS) – Research analysts at Leerink Partnrs lowered their Q2 2024 earnings estimates for CVS Health in a report released on Wednesday, May 1st. Leerink Partnrs analyst M. Cherny now forecasts that the pharmacy operator will earn $1.83 per share for the quarter, down from their prior estimate of $2.13. Leerink Partnrs has a “Market Perform” rating on the stock. The consensus estimate for CVS Health’s current full-year earnings is $7.03 per share. Leerink Partnrs also issued estimates for CVS Health’s Q3 2024 earnings at $1.88 EPS, FY2024 earnings at $6.98 EPS, FY2025 earnings at $7.68 EPS and FY2026 earnings at $8.86 EPS.

CVS Health (NYSE:CVS) last announced its quarterly earnings results on Wednesday, May 1st. The pharmacy operator reported $1.31 earnings per share (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 firm had revenue of $88.44 billion for the quarter, compared to analysts’ expectations of $89.33 billion. During the same period last year, the company posted $2.20 earnings per share. The business’s quarterly revenue was up 3.7% on a year-over-year basis.

Other equities analysts also recently issued reports about the stock. UBS Group downgraded shares of CVS Health from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $85.00 to $60.00 in a report on Thursday, May 2nd. TD Cowen downgraded shares of CVS Health from a “buy” rating to a “hold” rating and decreased their price objective for the company from $99.00 to $59.00 in a report on Tuesday. The Goldman Sachs Group decreased their price objective on shares of CVS Health from $85.00 to $74.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Mizuho decreased their price objective on shares of CVS Health from $86.00 to $72.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Finally, StockNews.com downgraded shares of CVS Health from a “buy” rating to a “hold” rating in a report on Thursday, February 15th. Nine analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $77.55.

CVS Health Stock Performance

Shares of NYSE CVS opened at $55.74 on Monday. The company’s fifty day moving average price is $71.95 and its 200 day moving average price is $73.09. CVS Health has a 1 year low of $53.70 and a 1 year high of $83.25. The company has a market capitalization of $69.97 billion, a PE ratio of 9.80, a price-to-earnings-growth ratio of 0.88 and a beta of 0.56. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.61 and a current ratio of 0.81.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CVS. Atticus Wealth Management LLC boosted its stake in shares of CVS Health by 149.0% in the fourth 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 boosted its stake 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 valued at $30,000 after purchasing an additional 321 shares during the period. Cornerstone Planning Group LLC boosted its stake in shares of CVS Health by 111.5% in the third quarter. Cornerstone Planning Group LLC now owns 461 shares of the pharmacy operator’s stock valued at $32,000 after purchasing an additional 243 shares during the period. Ables Iannone Moore & Associates Inc. purchased a new position in shares of CVS Health in the fourth quarter valued at approximately $32,000. Finally, Creekmur Asset Management LLC purchased a new position in CVS Health in the fourth quarter worth approximately $34,000. Hedge funds and other institutional investors own 80.66% of the company’s stock.

Insider Buying and Selling

In other CVS Health news, EVP Prem S. Shah sold 29,473 shares of the 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 completion of the transaction, 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 SEC, which is available at this link. In related news, Director Edward J. Ludwig bought 1,000 shares of the stock in a transaction on 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 in the company, valued at approximately $1,165,424.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction, the executive vice president now directly 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 company insiders.

CVS Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 22nd were given a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a yield of 4.77%. The ex-dividend date was Friday, April 19th. CVS Health’s payout ratio is currently 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.