CVS Health (NYSE:CVS) Price Target Cut to $77.00 by Analysts at Bank of America

CVS Health (NYSE:CVS) had its price objective cut by Bank of America from $95.00 to $77.00 in a report released on Thursday morning, Benzinga reports. They currently have a buy rating on the pharmacy operator’s stock.

A number of other research analysts have also recently commented on the stock. Truist Financial restated a buy rating and issued a $66.00 price target (down from $90.00) on shares of CVS Health in a report on Thursday. Cantor Fitzgerald lowered shares of CVS Health from an overweight rating to a neutral rating and reduced their target price for the stock from $87.00 to $58.00 in a research report on Wednesday. Wells Fargo & Company lowered their price target 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. Leerink Partnrs restated an outperform rating on shares of CVS Health in a report on Monday, February 26th. Finally, The Goldman Sachs Group lowered their target price on CVS Health from $85.00 to $74.00 and set a buy rating for the company in a report on Thursday. Eight investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $80.35.

CVS Health Trading Up 1.4 %

NYSE:CVS traded up $0.75 during mid-day trading on Thursday, 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 quick ratio of 0.63, a current ratio of 0.81 and a debt-to-equity ratio of 0.78. CVS Health has a 52 week low of $53.70 and a 52 week high of $83.25. The stock has a market capitalization of $70.18 billion, a price-to-earnings ratio of 9.82, a PEG ratio of 0.86 and a beta of 0.56. The firm’s 50 day moving average is $72.77 and its two-hundred day moving average is $73.26.

CVS Health (NYSE:CVS) last released its earnings results on Wednesday, May 1st. The pharmacy operator reported $1.31 EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $89.33 billion. During the same period in the prior year, the company posted $2.20 EPS. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. On average, equities research analysts predict that CVS Health will post 7.03 earnings per share for the current year.

CVS Health Dividend Announcement

The firm also recently announced 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 4.76%. The ex-dividend date of this dividend was Friday, April 19th. CVS Health’s dividend payout ratio is currently 46.75%.

Insider Activity

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

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Atticus Wealth Management LLC increased its holdings in shares of CVS Health by 149.0% during the 4th 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 in the last quarter. USA Financial Formulas lifted its position 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 acquiring an additional 321 shares in the last quarter. Cornerstone Planning Group LLC boosted its stake in CVS Health by 111.5% during the 3rd quarter. Cornerstone Planning Group LLC now owns 461 shares of the pharmacy operator’s stock worth $32,000 after purchasing an additional 243 shares during the last quarter. Ables Iannone Moore & Associates Inc. purchased a new stake in shares of CVS Health during the fourth quarter worth $32,000. Finally, Creekmur Asset Management LLC acquired a new stake in shares of CVS Health in the fourth quarter valued at about $34,000. Hedge funds and other 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.