CVS Health Co. (NYSE:CVS) Expected to Earn $9.90 Per Share for Fiscal 2024

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CVS Health Co. (NYSE:CVS – Get Rating) – Oppenheimer raised its fiscal 2024 earnings per share estimate for CVS Health shares in a note to investors on Wednesday, May 4. Oppenheimer analyst Mr. Wiederhorn now expects the drugstore operator to earn $9.90 per share for the year, up from its previous estimate of $9.80.

A number of other stock analysts have also weighed in on the company recently. BMO Capital Markets raised its price target on CVS Health from $108.00 to $120.00 in a Thursday, February 10 research report. Tigress Financial raised its price target on CVS Health from $122.00 to $125.00 in a Thursday, April 7 research report. Raymond James downgraded CVS Health from a “strong buy” rating to an “outperform” rating and raised its price target for the stock from $115.00 to $120.00 in a Friday, Feb. 11 research report . Deutsche Bank Aktiengesellschaft raised its price target on CVS Health from $110.00 to $113.00 in a research report on Thursday. Finally, Sanford C. Bernstein raised its price target on CVS Health from $111.00 to $116.00 in a Tuesday, January 11 research report. Four investment analysts gave the stock a hold rating, seventeen gave the stock a buy rating and one gave the stock a strong buy rating. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $114.90.

Shares of NYSE:CVS traded at $0.92 in Friday’s midday session, hitting $98.65. The company had a trading volume of 54,784 shares, compared to its average volume of 5,080,579. The company has a quick ratio of 0.62, a current ratio of 0.88 and a leverage ratio of 0. .69. The company’s 50-day moving average price is $103.63 and its 200-day moving average price is $100.51. The stock has a market capitalization of $129.55 billion, a PE ratio of 16.23, a P/E/G ratio of 1.53 and a beta of 0.78. CVS Health has a 1-year minimum of $79.33 and a 1-year maximum of $111.25. CVS Health (NYSE:CVS – Get Rating) last released its results on Wednesday, May 4. The drugstore operator reported earnings per share (EPS) of $2.22 for the quarter, beating analyst consensus estimates of $2.14 by $0.08. The company posted revenue of $76.83 billion for the quarter, versus a consensus estimate of $75.30 billion. CVS Health had a return on equity of 15.15% and a net margin of 2.71%. CVS Health quarterly revenue increased 11.2% year over year. In the same quarter a year earlier, the company had earned earnings per share of $2.04.

Hedge funds and other institutional investors have recently been buying and selling stocks. USA Financial Portformulas Corp increased its stake in CVS Health by 24.1% during the third quarter. USA Financial Portformulas Corp now owns 850 shares of the pharmacy operator worth $72,000 after acquiring an additional 165 shares during the period. Bank of Hawaii increased its position in CVS Health shares by 9.7% during the third quarter. Bank of Hawaii now owns 12,217 shares of the drugstore operator worth $1,037,000 after buying an additional 1,081 shares last quarter. Mackenzie Financial Corp increased its position in CVS Health shares by 9.7% during the third quarter. Mackenzie Financial Corp now owns 1,077,322 shares of the drugstore operator worth $91,422,000 after buying an additional 95,696 shares last quarter. The Toronto Dominion Bank increased its position in CVS Health shares by 38.3% during the third quarter. The Toronto-Dominion Bank now owns 921,705 shares of the drugstore operator worth $78,215,000 after buying an additional 255,445 shares last quarter. Finally, Summit Global Investments purchased a new position in CVS Health stock during Q3 for a value of approximately $1,117,000. Institutional investors and hedge funds hold 78.00% of the company’s shares.

Separately, Executive Vice President Daniel P. Finke sold 55,359 shares in a trade on Monday, April 4. 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, valued at $310,202.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, available on the SEC’s website. Additionally, director Edward J. Ludwig acquired 1,000 shares of the company in a transaction that took place on Thursday, February 10. The stock was purchased at an average price of $105.90 per share, with a total value of $105,900.00. Disclosure of this purchase can be found here. Insiders sold 82,283 shares of the company valued at $8,376,142 during the last quarter. Insiders of the company own 0.69% of the shares of the company.

The company also recently announced a quarterly dividend, which was paid on Monday, May 2. Shareholders of record on Friday, April 22 received a dividend of $0.55 per share. This represents an annualized dividend of $2.20 and a yield of 2.23%. The ex-dividend date was Thursday, April 21. CVS Health’s payout ratio is currently 36.54%.

CVS Health Company Profile (Get an assessment)

CVS Health Corporation provides healthcare services in the United States. The Company’s Healthcare Benefits segment offers traditional, voluntary and consumer health insurance products and related services. It serves groups of employers, individuals, students, part-time and hourly workers, health plans, health care providers, government units, government-sponsored plans, labor groups and expatriates.

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Revenue history and estimates for CVS Health (NYSE:CVS)

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