Bank of America Lowers CVS Health (NYSE:CVS) Price Target to $77.00

CVS Health (NYSE:CVS) had its target price dropped by analysts at Bank of America from $95.00 to $77.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the pharmacy operator’s stock. Bank of America‘s target price points to a potential upside of 37.75% from the company’s previous close.

A number of other analysts also recently commented on the company. Truist Financial restated a “buy” rating and set a $66.00 price objective (down from $90.00) on shares of CVS Health in a report on Thursday. SVB Leerink reaffirmed a “market perform” rating and set a $60.00 price target (down from $87.00) on shares of CVS Health in a research report on Wednesday. Leerink Partnrs reaffirmed an “outperform” rating on shares of CVS Health in a research report on Monday, February 26th. Cantor Fitzgerald cut shares of CVS Health from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $87.00 to $58.00 in a research report on Wednesday. Finally, Mizuho decreased their price target on shares of CVS Health from $86.00 to $72.00 and set a “buy” rating for the company in a research report on Thursday. Eight research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.35.

CVS Health Trading Up 1.4 %

CVS traded up $0.75 during trading on Thursday, hitting $55.90. The company’s stock had a trading volume of 23,946,075 shares, compared to its average volume of 12,498,538. The firm’s 50 day moving average price is $72.77 and its 200-day moving average price is $73.26. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.81 and a quick ratio of 0.63. The stock has a market cap of $70.18 billion, a PE ratio of 9.82, a PEG ratio of 0.86 and a beta of 0.56. CVS Health has a twelve month low of $53.70 and a twelve month high of $83.25.

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

Insiders Place Their Bets

In related news, Director Edward J. Ludwig bought 1,000 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was bought at an average price of $53.88 per share, for a total transaction of $53,880.00. Following the transaction, the director now directly owns 21,630 shares in the company, valued at $1,165,424.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, EVP Prem S. Shah sold 29,473 shares of the firm’s stock in a transaction 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 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Edward J. Ludwig purchased 1,000 shares of the business’s stock in a transaction dated 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 acquisition, the director now directly owns 21,630 shares in the company, valued at approximately $1,165,424.40. The disclosure for this purchase can be found here. Insiders own 0.24% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Atticus Wealth Management LLC grew its stake in CVS Health by 149.0% in the 4th quarter. Atticus Wealth Management LLC now owns 366 shares of the pharmacy operator’s stock valued at $29,000 after buying an additional 219 shares during the last quarter. USA Financial Formulas grew its stake in CVS Health by 573.2% in the 4th quarter. USA Financial Formulas now owns 377 shares of the pharmacy operator’s stock valued at $30,000 after buying an additional 321 shares during the last quarter. Cornerstone Planning Group LLC grew its stake in CVS Health by 111.5% in the 3rd quarter. Cornerstone Planning Group LLC now owns 461 shares of the pharmacy operator’s stock valued at $32,000 after buying an additional 243 shares during the last quarter. Ables Iannone Moore & Associates Inc. acquired a new position in CVS Health in the 4th quarter valued at $32,000. Finally, Creekmur Asset Management LLC acquired a new position in CVS Health in the 4th quarter valued at $34,000. Institutional investors own 80.66% of the company’s stock.

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.