Sanford C. Bernstein Lowers CVS Health (NYSE:CVS) to Market Perform

CVS Health (NYSE:CVSGet Rating) was downgraded by stock analysts at Sanford C. Bernstein from an “outperform” rating to a “market perform” rating in a report released on Thursday, The Fly reports.

Several other research analysts have also recently weighed in on CVS. StockNews.com started coverage on shares of CVS Health in a research report on Thursday, March 31st. They set a “strong-buy” rating on the stock. Tigress Financial raised their price target on shares of CVS Health from $122.00 to $125.00 in a report on Thursday, April 7th. BMO Capital Markets upped their price objective on CVS Health from $108.00 to $120.00 in a report on Thursday, February 10th. Raymond James cut CVS Health from a “strong-buy” rating to an “outperform” rating and raised their target price for the stock from $115.00 to $120.00 in a research note on Friday, February 11th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on CVS Health from $110.00 to $113.00 in a report on Thursday, May 5th. Four investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $116.05.

Shares of NYSE:CVS traded up $0.65 during midday trading on Thursday, hitting $97.80. The company’s stock had a trading volume of 4,744,278 shares, compared to its average volume of 6,297,867. The company has a market cap of $128.25 billion, a P/E ratio of 16.25, a price-to-earnings-growth ratio of 1.47 and a beta of 0.78. CVS Health has a 12-month low of $79.33 and a 12-month high of $111.25. The business’s 50 day simple moving average is $101.54 and its 200 day simple moving average is $101.26. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.62 and a current ratio of 0.88.

CVS Health (NYSE:CVSGet Rating) last issued its earnings results on Wednesday, May 4th. The pharmacy operator reported $2.22 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.08. CVS Health had a return on equity of 15.33% and a net margin of 2.67%. The business had revenue of $76.83 billion for the quarter, compared to analysts’ expectations of $75.30 billion. During the same period in the previous year, the firm posted $2.04 EPS. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. On average, sell-side analysts predict that CVS Health will post 8.32 earnings per share for the current fiscal year.

In other news, EVP Daniel P. Finke sold 55,359 shares of the stock in a transaction that occurred on Monday, April 4th. The stock was sold at an average price of $100.13, for a total value of $5,543,096.67. Following the completion of the sale, the executive vice president now directly owns 3,098 shares of the company’s stock, valued at $310,202.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Prem S. Shah sold 5,346 shares of the business’s stock in a transaction dated Wednesday, March 30th. The shares were sold at an average price of $104.70, for a total value of $559,726.20. The disclosure for this sale can be found here. Insiders have sold a total of 82,283 shares of company stock worth $8,376,142 over the last quarter. 0.69% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Zeke Capital Advisors LLC grew its position in CVS Health by 31.7% during the third quarter. Zeke Capital Advisors LLC now owns 12,182 shares of the pharmacy operator’s stock worth $1,034,000 after buying an additional 2,933 shares during the period. Equitable Holdings Inc. boosted its position in CVS Health by 44.2% during the third quarter. Equitable Holdings Inc. now owns 26,526 shares of the pharmacy operator’s stock worth $2,251,000 after purchasing an additional 8,132 shares in the last quarter. Court Place Advisors LLC grew its holdings in CVS Health by 2.2% in the third quarter. Court Place Advisors LLC now owns 56,404 shares of the pharmacy operator’s stock valued at $4,786,000 after purchasing an additional 1,194 shares during the last quarter. Auxier Asset Management raised its stake in shares of CVS Health by 1.0% during the 3rd quarter. Auxier Asset Management now owns 108,859 shares of the pharmacy operator’s stock worth $9,238,000 after buying an additional 1,093 shares during the last quarter. Finally, Farmers & Merchants Investments Inc. boosted its position in shares of CVS Health by 1.5% in the 4th quarter. Farmers & Merchants Investments Inc. now owns 263,517 shares of the pharmacy operator’s stock worth $27,184,000 after buying an additional 3,894 shares in the last quarter. Institutional investors own 78.00% of the company’s stock.

About CVS Health (Get Rating)

CVS Health Corporation provides health services in the United States. The company's Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services. It serves employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups, and expatriates.

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