Q2 2023 EPS Estimates for CVS Health Co. Reduced by Analyst (NYSE:CVS)

CVS Health Co. (NYSE:CVS – Get Rating) – Oppenheimer lowered their Q2 2023 earnings estimates for CVS Health in a note issued to investors on Thursday, January 19th. Oppenheimer analyst M. Wiederhorn now forecasts that the pharmacy operator will post earnings per share of $2.36 for the quarter, down from their prior estimate of $2.37. The consensus estimate for CVS Health’s current full-year earnings is $8.64 per share. Oppenheimer also issued estimates for CVS Health’s Q1 2024 earnings at $2.38 EPS, Q2 2024 earnings at $2.46 EPS, Q3 2024 earnings at $2.38 EPS, Q4 2024 earnings at $2.39 EPS, FY2024 earnings at $9.60 EPS and FY2025 earnings at $10.62 EPS.

CVS Health (NYSE:CVS – Get Rating) last posted its quarterly earnings data on Wednesday, November 2nd. The pharmacy operator reported $2.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.99 by $0.10. CVS Health had a net margin of 1.00% and a return on equity of 15.56%. The firm had revenue of $81.16 billion for the quarter, compared to analyst estimates of $76.53 billion.

A number of other equities analysts have also weighed in on the stock. Royal Bank of Canada lowered their price objective on shares of CVS Health from $119.00 to $115.00 and set an “outperform” rating on the stock in a research report on Monday, November 7th. JPMorgan Chase & Co. lowered their price objective on shares of CVS Health from $130.00 to $125.00 and set an “overweight” rating on the stock in a research report on Thursday, November 3rd. Morgan Stanley raised their target price on CVS Health from $119.00 to $120.00 and gave the company an “overweight” rating in a report on Friday, January 13th. Bank of America reduced their target price on CVS Health from $122.00 to $118.00 and set a “buy” rating for the company in a report on Thursday, October 20th. Finally, Credit Suisse Group raised their target price on CVS Health from $117.00 to $125.00 and gave the company an “outperform” rating in a report on Monday, November 21st. Three research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $119.13.

CVS Health Stock Performance

NYSE:CVS opened at $87.00 on Friday. The firm’s fifty day moving average price is $95.76 and its 200 day moving average price is $96.99. CVS Health has a 1-year low of $86.28 and a 1-year high of $111.25. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.94 and a quick ratio of 0.69. The firm has a market cap of $114.32 billion, a price-to-earnings ratio of 37.02, a price-to-earnings-growth ratio of 1.39 and a beta of 0.71.

CVS Health Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 1st. Stockholders of record on Friday, January 20th will be paid a dividend of $0.605 per share. This represents a $2.42 annualized dividend and a dividend yield of 2.78%. The ex-dividend date of this dividend is Thursday, January 19th. This is an increase from CVS Health’s previous quarterly dividend of $0.55. CVS Health’s payout ratio is 93.62%.

Insider Transactions at CVS Health

In other news, EVP Thomas M. Moriarty sold 137,466 shares of CVS Health stock in a transaction on Thursday, December 15th. The stock was sold at an average price of $98.36, for a total transaction of $13,521,155.76. Following the completion of the transaction, the executive vice president now owns 608,129 shares of the company’s stock, valued at approximately $59,815,568.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.69% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Advisor Resource Council acquired a new position in CVS Health in the 2nd quarter valued at about $795,000. Brown Advisory Inc. raised its stake in CVS Health by 11.9% in the 2nd quarter. Brown Advisory Inc. now owns 315,888 shares of the pharmacy operator’s stock valued at $29,980,000 after purchasing an additional 33,520 shares during the last quarter. Diversified Trust Co grew its holdings in CVS Health by 1.0% in the 3rd quarter. Diversified Trust Co now owns 14,899 shares of the pharmacy operator’s stock valued at $1,421,000 after buying an additional 145 shares during the period. Carnegie Capital Asset Management LLC grew its holdings in CVS Health by 28.9% in the 3rd quarter. Carnegie Capital Asset Management LLC now owns 55,867 shares of the pharmacy operator’s stock valued at $5,328,000 after buying an additional 12,527 shares during the period. Finally, Eastern Bank grew its holdings in CVS Health by 2.2% in the 2nd quarter. Eastern Bank now owns 6,917 shares of the pharmacy operator’s stock valued at $640,000 after buying an additional 149 shares during the period. Institutional investors and hedge funds own 77.29% of the company’s stock.

CVS Health Company Profile

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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.