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 brokerages recently issued reports on CVS. Royal Bank of Canada dropped their target price on shares of CVS Health from $86.00 to $84.00 and set an outperform rating on the stock in a report on Thursday, February 8th. Leerink Partnrs downgraded shares of CVS Health from an outperform rating to a market perform rating in a research report on Wednesday. Barclays cut their price target on CVS Health from $78.00 to $63.00 and set an equal weight rating for the company in a research note on Thursday. Mizuho decreased their target price on CVS Health from $86.00 to $72.00 and set a buy rating on the stock in a research note on Thursday. Finally, Bank of America decreased their target price on CVS Health from $95.00 to $77.00 and set a buy rating on the stock 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $80.35.

CVS Health Trading Up 1.4 %

Shares of NYSE CVS traded up $0.75 during trading on Friday, hitting $55.90. 23,946,075 shares of the company were exchanged, compared to its average volume of 12,498,538. The firm has a market capitalization of $70.18 billion, a PE ratio of 9.82, a P/E/G ratio of 0.86 and a beta of 0.56. CVS Health has a 12-month low of $53.70 and a 12-month 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 company has a fifty day moving average price of $72.77 and a 200-day moving average price of $73.26.

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

CVS Health Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 22nd were paid a dividend of $0.665 per share. 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 46.75%.

Insider Activity

In other news, Director Edward J. Ludwig bought 1,000 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was bought at an average cost of $53.88 per share, for a total transaction of $53,880.00. Following the acquisition, the director now directly owns 21,630 shares of the company’s stock, valued at approximately $1,165,424.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other CVS Health news, Director Edward J. Ludwig purchased 1,000 shares of the firm’s 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 transaction, the director now directly owns 21,630 shares of the company’s stock, valued at approximately $1,165,424.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 completion of the transaction, the executive vice president now 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. 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.