CVS Health (NYSE:CVS) Downgraded by Sanford C. Bernstein

Sanford C. Bernstein lowered shares of CVS Health (NYSE:CVSGet Rating) from an outperform rating to a market perform rating in a research report sent to investors on Thursday morning, Marketbeat Ratings reports. They currently have $112.00 price target on the pharmacy operator’s stock, down from their prior price target of $122.00.

CVS has been the subject of several other reports. StockNews.com initiated coverage on shares of CVS Health in a research report on Thursday, March 31st. They set a strong-buy rating for the company. BMO Capital Markets increased their price objective on shares of CVS Health from $108.00 to $120.00 in a research report on Thursday, February 10th. Tigress Financial increased their price objective on shares of CVS Health from $122.00 to $125.00 in a research report on Thursday, April 7th. Deutsche Bank Aktiengesellschaft raised their price target on shares of CVS Health from $110.00 to $113.00 in a report on Thursday, May 5th. Finally, Raymond James cut shares of CVS Health from a strong-buy rating to an outperform rating and raised their price target for the stock from $115.00 to $120.00 in a report on Friday, February 11th. Four investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Buy and a consensus price target of $115.84.

CVS stock opened at $98.05 on Thursday. The company has a 50 day simple moving average of $101.16 and a 200 day simple moving average of $101.38. The stock has a market cap of $128.57 billion, a price-to-earnings ratio of 16.29, a P/E/G ratio of 1.55 and a beta of 0.78. CVS Health has a 1 year low of $79.33 and a 1 year high of $111.25. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.88 and a quick ratio of 0.62.

CVS Health (NYSE:CVSGet Rating) last released its quarterly earnings data on Wednesday, May 4th. The pharmacy operator reported $2.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.08. CVS Health had a net margin of 2.67% and a return on equity of 15.33%. The business had revenue of $76.83 billion during the quarter, compared to analysts’ expectations of $75.30 billion. During the same period in the prior year, the company earned $2.04 EPS. The firm’s quarterly revenue was up 11.2% compared to the same quarter last year. On average, equities research analysts anticipate that CVS Health will post 8.33 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, May 2nd. Investors of record on Friday, April 22nd were given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date of this dividend was Thursday, April 21st. CVS Health’s payout ratio is currently 36.54%.

In related news, EVP Daniel P. Finke sold 55,359 shares of the firm’s stock in a transaction dated Monday, April 4th. The shares were sold at an average price of $100.13, for a total transaction of $5,543,096.67. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Prem S. Shah sold 16,954 shares of the firm’s stock in a transaction dated Friday, April 8th. The stock was sold at an average price of $105.00, for a total transaction of $1,780,170.00. Following the sale, the executive vice president now owns 43,453 shares of the company’s stock, valued at approximately $4,562,565. The disclosure for this sale can be found here. Insiders have sold 82,283 shares of company stock worth $8,376,142 over the last three months. 0.69% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Kestra Private Wealth Services LLC increased its holdings in CVS Health by 0.3% during the first quarter. Kestra Private Wealth Services LLC now owns 72,456 shares of the pharmacy operator’s stock worth $7,333,000 after buying an additional 246 shares during the last quarter. Fortitude Advisory Group L.L.C. increased its holdings in CVS Health by 6.7% during the first quarter. Fortitude Advisory Group L.L.C. now owns 4,252 shares of the pharmacy operator’s stock worth $430,000 after buying an additional 268 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in CVS Health by 13.8% during the first quarter. EverSource Wealth Advisors LLC now owns 2,065 shares of the pharmacy operator’s stock worth $209,000 after buying an additional 251 shares during the last quarter. L.M. Kohn & Company purchased a new stake in CVS Health during the first quarter worth about $1,637,000. Finally, M Holdings Securities Inc. purchased a new position in shares of CVS Health in the first quarter worth about $3,979,000. Institutional investors and hedge funds 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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