Q2 2024 EPS Estimates for CVS Health Co. (NYSE:CVS) Decreased by Analyst

CVS Health Co. (NYSE:CVS) – Stock analysts at Leerink Partnrs dropped their Q2 2024 earnings estimates for shares of CVS Health in a note issued to investors on Wednesday, May 1st. Leerink Partnrs analyst M. Cherny now anticipates that the pharmacy operator will post earnings of $1.83 per share for the quarter, down from their prior forecast of $2.13. Leerink Partnrs currently has a “Market Perform” rating on the stock. The consensus estimate for CVS Health’s current full-year earnings is $7.03 per share. Leerink Partnrs also issued estimates for CVS Health’s Q3 2024 earnings at $1.88 EPS, FY2024 earnings at $6.98 EPS, FY2025 earnings at $7.68 EPS and FY2026 earnings at $8.86 EPS.

CVS Health (NYSE:CVS) last posted its quarterly earnings results on Wednesday, May 1st. The pharmacy operator reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.69 by ($0.38). The company had revenue of $88.44 billion during the quarter, compared to the consensus estimate of $89.33 billion. CVS Health had a net margin of 2.03% and a return on equity of 13.53%. CVS Health’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the prior year, the company posted $2.20 EPS.

A number of other analysts have also commented on CVS. Cantor Fitzgerald lowered shares of CVS Health from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $87.00 to $58.00 in a research note on Wednesday, May 1st. Barclays reduced their price target on shares of CVS Health from $78.00 to $63.00 and set an “equal weight” rating for the company in a research report on Thursday. Wells Fargo & Company cut their target price on shares of CVS Health from $83.00 to $76.00 and set an “equal weight” rating on the stock in a research note on Monday, April 8th. The Goldman Sachs Group reduced 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. Finally, Bank of America reduced their target price on CVS Health from $95.00 to $77.00 and set a “buy” rating for the company in a report on Thursday. Eight research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $80.35.

CVS Health Trading Up 1.4 %

Shares of NYSE CVS opened at $55.90 on Monday. The business has a fifty day simple moving average of $72.77 and a 200-day simple moving average of $73.29. The company has a market cap of $70.18 billion, a price-to-earnings ratio of 9.82, a P/E/G ratio of 0.88 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 quick ratio of 0.63, a current ratio of 0.81 and a debt-to-equity ratio of 0.78.

Institutional Investors Weigh In On CVS Health

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Atticus Wealth Management LLC grew 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 worth $29,000 after purchasing an additional 219 shares in the last quarter. USA Financial Formulas lifted its position in CVS Health by 573.2% in the fourth quarter. USA Financial Formulas now owns 377 shares of the pharmacy operator’s stock worth $30,000 after purchasing an additional 321 shares during the period. Cornerstone Planning Group LLC lifted its position in CVS Health by 111.5% in the third 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 period. Ables Iannone Moore & Associates Inc. bought a new position in CVS Health in the fourth quarter worth $32,000. Finally, Creekmur Asset Management LLC bought a new position in CVS Health in the fourth quarter worth $34,000. 80.66% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other CVS Health news, Director Edward J. Ludwig bought 1,000 shares of the stock in a transaction on Thursday, May 2nd. The shares were purchased at an average cost of $53.88 per share, with a total value of $53,880.00. Following the completion of 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 filing with the SEC, which is accessible through the SEC website. In other CVS Health news, EVP Prem S. Shah sold 29,473 shares of the 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 directly owns 39,765 shares of the company’s stock, valued at $3,059,916.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Edward J. Ludwig purchased 1,000 shares of the stock in a transaction dated Thursday, May 2nd. The stock was acquired at an average cost of $53.88 per share, for a total transaction of $53,880.00. Following the completion of the transaction, the director now owns 21,630 shares of the company’s stock, valued at approximately $1,165,424.40. The disclosure for this purchase can be found here. 0.24% of the stock is owned by corporate insiders.

CVS Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 22nd were issued a dividend of $0.665 per share. The ex-dividend date was Friday, April 19th. This represents a $2.66 annualized dividend and a dividend yield of 4.76%. CVS Health’s dividend payout ratio is 46.75%.

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.