Q2 2024 EPS Estimates for CVS Health Co. Cut by Analyst (NYSE:CVS)

CVS Health Co. (NYSE:CVS) – Analysts at Leerink Partnrs reduced their Q2 2024 earnings per share estimates for CVS Health in a report released on Wednesday, May 1st. Leerink Partnrs analyst M. Cherny now expects that the pharmacy operator will earn $1.83 per share for the quarter, down from their prior forecast of $2.13. Leerink Partnrs has a “Market Perform” rating on the stock. The consensus estimate for CVS Health’s current full-year earnings is $7.03 per share. Leerink Partnrs also issued estimates for CVS Health’s Q3 2024 earnings at $1.88 EPS, FY2024 earnings at $6.98 EPS, FY2025 earnings at $7.68 EPS and FY2026 earnings at $8.86 EPS.

Several other brokerages have also recently weighed in on CVS. Barclays dropped their price target on shares of CVS Health from $78.00 to $63.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 2nd. UBS Group lowered shares of CVS Health from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $85.00 to $60.00 in a research note on Thursday, May 2nd. Cantor Fitzgerald lowered shares of CVS Health from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $87.00 to $58.00 in a research note on Wednesday, May 1st. Mizuho reduced their price objective on shares of CVS Health from $86.00 to $72.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Finally, StockNews.com lowered shares of CVS Health from a “buy” rating to a “hold” rating in a research note on Thursday, February 15th. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, CVS Health currently has an average rating of “Moderate Buy” and a consensus target price of $77.55.

CVS Health Price Performance

CVS stock opened at $55.74 on Monday. The stock has a market capitalization of $69.97 billion, a PE ratio of 9.80, a price-to-earnings-growth ratio of 0.88 and a beta of 0.56. The company’s 50-day moving average is $71.95 and its 200-day moving average is $73.09. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.81 and a quick ratio of 0.61. CVS Health has a 1 year low of $53.70 and a 1 year high of $83.25.

CVS Health (NYSE:CVS) last issued its quarterly earnings results on Wednesday, May 1st. The pharmacy operator reported $1.31 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.38). CVS Health had a return on equity of 13.53% and a net margin of 2.03%. The business had revenue of $88.44 billion for the quarter, compared to analyst estimates of $89.33 billion. During the same quarter in the previous year, the business posted $2.20 earnings per share. The business’s revenue was up 3.7% on a year-over-year basis.

Hedge Funds Weigh In On CVS Health

A number of hedge funds have recently modified their holdings of the company. Delta Financial Advisors LLC increased its position in shares of CVS Health by 2.6% in the first quarter. Delta Financial Advisors LLC now owns 32,574 shares of the pharmacy operator’s stock valued at $2,598,000 after acquiring an additional 826 shares during the period. Meeder Advisory Services Inc. increased its position in shares of CVS Health by 6.8% in the first quarter. Meeder Advisory Services Inc. now owns 14,557 shares of the pharmacy operator’s stock valued at $1,161,000 after acquiring an additional 926 shares during the period. Fiduciary Family Office LLC increased its position in shares of CVS Health by 20.6% in the first quarter. Fiduciary Family Office LLC now owns 12,855 shares of the pharmacy operator’s stock valued at $1,025,000 after acquiring an additional 2,198 shares during the period. Sei Investments Co. increased its position in shares of CVS Health by 12.0% in the first quarter. Sei Investments Co. now owns 1,042,716 shares of the pharmacy operator’s stock valued at $83,171,000 after acquiring an additional 112,091 shares during the period. Finally, Atomi Financial Group Inc. increased its position in shares of CVS Health by 24.4% in the first quarter. Atomi Financial Group Inc. now owns 18,556 shares of the pharmacy operator’s stock valued at $1,480,000 after acquiring an additional 3,645 shares during the period. Hedge funds and other institutional investors own 80.66% of the company’s stock.

Insider Transactions at CVS Health

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

CVS Health Dividend Announcement

The business 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. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.77%. The ex-dividend date was Friday, April 19th. CVS Health’s dividend payout ratio is currently 46.75%.

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.