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.

Wall Street Analysts Forecast Growth

CVS has been the topic of a number of recent research reports. Wells Fargo & Company decreased their price objective on CVS Health from $83.00 to $76.00 and set an equal weight rating on the stock in a research report on Monday, April 8th. Truist Financial reaffirmed a buy rating and set a $66.00 price target (down from $90.00) on shares of CVS Health in a research note on Thursday. UBS Group downgraded CVS Health from a buy rating to a neutral rating and decreased their target price for the stock from $85.00 to $60.00 in a research report on Thursday. Barclays dropped their target price on shares of CVS Health from $78.00 to $63.00 and set an equal weight rating on the stock in a research note on Thursday. Finally, Leerink Partnrs cut CVS Health from an outperform rating to a market perform rating in a research note on Wednesday. Eight research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, CVS Health presently has an average rating of Moderate Buy and an average target price of $80.35.

CVS Health Stock Performance

Shares of NYSE:CVS traded up $0.75 during trading on Friday, hitting $55.90. 23,946,075 shares of the stock traded hands, compared to its average volume of 12,498,538. The company has a fifty day moving average price of $72.77 and a two-hundred day moving average price of $73.26. CVS Health has a 52-week low of $53.70 and a 52-week high of $83.25. The company has a market cap 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. 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 (NYSE:CVS) last issued 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 firm had revenue of $88.44 billion during the quarter, compared to analyst estimates of $89.33 billion. During the same quarter last year, the company posted $2.20 EPS. The company’s revenue was up 3.7% on a year-over-year basis. As a group, equities analysts predict that CVS Health will post 7.03 EPS for the current year.

CVS Health Announces Dividend

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

Insider Buying and Selling at CVS Health

In other CVS Health news, EVP Prem S. Shah sold 29,473 shares of the stock in a transaction that occurred 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 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. In other CVS Health news, Director Edward J. Ludwig bought 1,000 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were acquired at an average cost of $53.88 per share, with a total value of $53,880.00. Following the purchase, the director now directly owns 21,630 shares of the company’s stock, valued at approximately $1,165,424.40. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Prem S. Shah sold 29,473 shares of the business’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 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.