CVS Health (NYSE:CVS) Updates FY24 Earnings Guidance

CVS Health (NYSE:CVS) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of at least $7.00 for the period, compared to the consensus EPS estimate of $8.27.

CVS Health Price Performance

Shares of NYSE:CVS traded up $0.75 during trading hours on Friday, hitting $55.90. 23,946,075 shares of the company’s stock traded hands, compared to its average volume of 12,498,538. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.63 and a current ratio of 0.81. The company’s fifty day simple moving average is $72.77 and its two-hundred day simple moving average is $73.26. CVS Health has a 52 week low of $53.70 and a 52 week high of $83.25. The company has a market cap of $70.18 billion, a price-to-earnings ratio of 9.82, a price-to-earnings-growth ratio of 0.86 and a beta of 0.56.

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. As a group, equities analysts anticipate that CVS Health will post 7.03 EPS for the current fiscal year.

CVS Health Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages recently commented on CVS. Wells Fargo & Company reduced their price target on shares of CVS Health from $83.00 to $76.00 and set an equal weight rating for the company in a research report on Monday, April 8th. UBS Group cut CVS Health from a buy rating to a neutral rating and decreased their target price for the stock from $85.00 to $60.00 in a research report on Thursday. Mizuho dropped their price target on CVS Health from $86.00 to $72.00 and set a buy rating on the stock in a research report on Thursday. Royal Bank of Canada decreased their target price on shares of CVS Health from $86.00 to $84.00 and set an outperform rating for the company in a research note on Thursday, February 8th. Finally, Cantor Fitzgerald downgraded shares of CVS Health from an overweight rating to a neutral rating and dropped their price target for the stock from $87.00 to $58.00 in a research note on Wednesday. Eight research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $80.35.

Insider Activity

In other news, Director Edward J. Ludwig purchased 1,000 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was purchased at an average price of $53.88 per share, with a total value of $53,880.00. Following the acquisition, the director now directly owns 21,630 shares in the company, valued at approximately $1,165,424.40. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. In other CVS Health news, Director Edward J. Ludwig bought 1,000 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were acquired at an average price of $53.88 per share, with a total value of $53,880.00. Following the completion of the purchase, the director now directly owns 21,630 shares in the company, valued at approximately $1,165,424.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Prem S. Shah sold 29,473 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was 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 owns 39,765 shares of the company’s stock, valued at approximately $3,059,916.75. The disclosure for this sale can be found here. 0.24% of the stock is owned by company insiders.

CVS Health Company Profile

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.