CVS Health (NYSE:CVS) Updates FY24 Earnings Guidance

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

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Royal Bank of Canada dropped their price objective on CVS Health from $86.00 to $84.00 and set an outperform rating for the company in a research note on Thursday, February 8th. Piper Sandler boosted their price objective on shares of CVS Health from $93.00 to $94.00 and gave the company an overweight rating in a research report on Friday, March 15th. Mizuho dropped their target price on shares of CVS Health from $86.00 to $72.00 and set a buy rating for the company in a report on Thursday. Barclays reduced their price target on CVS Health from $78.00 to $63.00 and set an equal weight rating on the stock in a report on Thursday. Finally, Wells Fargo & Company cut their price objective on CVS Health from $83.00 to $76.00 and set an equal weight rating on the stock in a research report on Monday, April 8th. Eight research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, CVS Health has a consensus rating of Moderate Buy and a consensus target price of $80.35.

CVS Health Stock Performance

CVS traded up $0.75 during midday trading on Friday, reaching $55.90. The company had a trading volume of 23,946,075 shares, compared to its average volume of 12,498,538. The company has a market cap of $70.18 billion, a P/E ratio of 9.82, a P/E/G ratio of 0.86 and a beta of 0.56. CVS Health has a 1 year low of $53.70 and a 1 year high of $83.25. The business has a 50-day moving average of $72.77 and a two-hundred day moving average of $73.26. The company has a quick ratio of 0.63, a current ratio of 0.81 and a debt-to-equity ratio of 0.78.

CVS Health (NYSE:CVS) last issued its 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). CVS Health had a return on equity of 13.53% and a net margin of 2.03%. The firm had revenue of $88.44 billion during the quarter, compared to the consensus estimate of $89.33 billion. During the same period last year, the firm posted $2.20 earnings per share. The company’s revenue for the quarter was up 3.7% compared to the same quarter last year. As a group, equities research analysts predict that CVS Health will post 7.03 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 22nd were issued a dividend of $0.665 per share. The ex-dividend date of this dividend 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 presently 46.75%.

Insider Activity at CVS Health

In related news, Director Edward J. Ludwig bought 1,000 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was bought at an average cost of $53.88 per share, for a total transaction of $53,880.00. Following the purchase, the director now directly owns 21,630 shares of the company’s stock, valued at $1,165,424.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Edward J. Ludwig bought 1,000 shares of CVS Health stock in a transaction that occurred on Thursday, May 2nd. The stock was bought at an average price of $53.88 per share, for a total transaction of $53,880.00. Following the purchase, the director now directly owns 21,630 shares of the company’s stock, valued at approximately $1,165,424.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Prem S. Shah sold 29,473 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $76.95, for a total value of $2,267,947.35. Following the completion of the transaction, the executive vice president now directly owns 39,765 shares in the company, valued at $3,059,916.75. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by corporate insiders.

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.