CVS Health (NYSE: CVS – Get Rating) released an update on its earnings guidance for the fiscal 2023 year on Monday morning. The company provided EPS guidance of $8.70-$8.90 for the period, compared to the consensus EPS estimate of $8.86. The company issued revenue guidance of -. CVS Health also updated its FY 2022 guidance to $8.65-$8.65 EPS.
Analysts set new price targets
A number of brokerages have recently released reports on CVS. Wells Fargo & Company lowered its price target on CVS Health from $106.00 to $101.00 and set an equal-weight valuation for the company in a research report on Tuesday, Jan. 3. TheStreet upgraded CVS Health from a c+ rating to an ab rating in a research report on Friday, November 25. The Royal Bank of Canada cut CVS Health’s price target from $119.00 to $115.00 and established an outperform rating for the company in a research report on Monday, Nov. 7. Raymond James reduced the price target on CVS Health from $120.00 to $115.00 in a research report on Sunday, Nov. 6. Finally, Goldman Sachs reduced its price target on CVS Health from $128.00 to $113.00 and set a buy rating for the company in a research report on Thursday, Nov. 3. Three research analysts have rated the stock with a hold rating, twelve have issued a buy rating, and one has issued a strong buy rating for the stock. Based on data from MarketBeat.com, CVS Health has a moderate buy consensus rating and a consensus price target of $118.53.
CVS Healthcare Stocks Up 0.3%
The NYSE CVS was trading higher by $0.30 during Monday’s trading, reaching $91.90. The company’s stock had trading volume of 193,438 shares, compared to its average volume of 6,256,686. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.94, and a prompt ratio of 0.69. CVS Health has a fifty-two week low of $86.28 and a fifty-two week high of $111.25. The company has a market cap of $120.75 billion, a PE of 38.98, a P/E/G ratio of 1.41, and a beta of 0.71. The company’s 50-day simple moving average is $97.57 and its 200-day simple moving average is $97.34.
CVS Health (NYSE:CVS – Get Rating) last released its earnings results on Wednesday, Nov. 2. The pharmaceutical operator reported earnings per share of $2.09 for the quarter, beating analyst consensus estimates of $1.99 by $0.10. CVS Health reported a return on equity of 15.56% and a net margin of 1.00%. The company reported revenue of $81.16 billion during the quarter, compared to the consensus estimate of $76.53 billion. On average, equity analysts expect CVS Health to post 8.62 EPS for the current fiscal year.
CVS Health increases dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 1. A dividend of $0.605 per share will be issued to investors of record on Friday, January 20. This is an increase from CVS Health’s previous quarterly dividend of $0.55. The ex-dividend date is Thursday 19 January. This represents a $2.42 annualized dividend and a dividend yield of 2.63%. CVS Health’s payout is 93.62%.
Insider buying and selling at CVS Health
In other CVS Health news, EVP Thomas M. Moriarty sold 137,466 shares of the company in a deal on Thursday, Dec. 15. The stock sold at an average price of $98.36, for a total value of $13,521,155.76. Following the completion of the transaction, the executive vice president now directly owns 608,129 shares of the company, valued at $59,815,568.44. The sale was disclosed in a filing with the Securities & Exchange Commission, available at this hyperlink. 0.69% of the shares are currently owned by corporate insiders.
CVS Health Institutional Trading
Several institutional investors and hedge funds have recently made changes to their positions in CVS. Capital Research Global Investors acquired a new position in CVS Health during the first quarter for approximately $262,167,000. Arrowstreet Capital Limited Partnership increased its holdings in CVS Health by 3,551.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 716,037 shares of the pharmaceutical operator valued at $72,470,000 after purchasing an additional 696,429 shares during the period. Renaissance Technologies LLC increased its holdings in CVS Health by 312.4% during the first quarter. Renaissance Technologies LLC now owns 774,819 shares of the pharmaceutical operator’s stock valued at $78,419,000 after purchasing an additional 586,919 shares during the period. ING Groep NV increased its holdings in CVS Health by 130.5% during the first quarter. ING Groep NV now holds 461,438 shares of the pharmaceutical operator valued at $46,702,000 after purchasing an additional 261,246 shares during the period. Finally, Cantor Fitzgerald Investment Advisor LP increased its holdings in CVS Health by 92.9% during the first quarter. Cantor Fitzgerald Investment Advisor LP now holds 377,875 shares of the pharmaceutical operator valued at $38,245,000 after purchasing an additional 181,966 shares during the period. 77.29% of the stock is currently owned by hedge funds and other institutional investors.
CVS Healthcare Company Profile
CVS Health Corporation provides health care services in the United States. The company’s Health Care Benefits segment offers traditional, voluntary and direct-to-consumer health insurance products and related services. It serves employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, government units, government-sponsored plans, worker and expatriate groups.
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