CVS Health (NYSE:CVS) Shares Gap Down – What’s Next?

CVS Health Co. (NYSE:CVS)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $67.46, but opened at $64.47. CVS Health shares last traded at $64.94, with a volume of 3,267,745 shares changing hands.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Truist Financial lifted their target price on shares of CVS Health from $66.00 to $76.00 and gave the company a “buy” rating in a report on Friday, October 11th. TD Cowen upgraded shares of CVS Health from a “hold” rating to a “buy” rating and lifted their target price for the company from $59.00 to $85.00 in a report on Friday, October 4th. Barclays upgraded shares of CVS Health from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $63.00 to $82.00 in a report on Thursday, October 10th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $62.00 target price on shares of CVS Health in a report on Tuesday, October 1st. Finally, Wells Fargo & Company boosted their price target on shares of CVS Health from $60.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Monday, August 12th. Nine analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, CVS Health has a consensus rating of “Moderate Buy” and an average price target of $75.26.

CVS Health Trading Up 0.0 %

The firm has a market capitalization of $81.61 billion, a PE ratio of 11.43, a PEG ratio of 0.93 and a beta of 0.54. The company’s 50-day moving average price is $59.62 and its 200-day moving average price is $60.73. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.66 and a current ratio of 0.86.

CVS Health (NYSE:CVS) last announced its quarterly earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.73 by $0.10. CVS Health had a net margin of 1.98% and a return on equity of 12.72%. The firm had revenue of $91.23 billion during the quarter, compared to analysts’ expectations of $91.41 billion. During the same period in the previous year, the company earned $2.21 earnings per share. CVS Health’s quarterly revenue was up 2.6% compared to the same quarter last year. On average, sell-side analysts expect that CVS Health Co. will post 6.51 earnings per share for the current year.

CVS Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Monday, October 21st will be given a $0.665 dividend. The ex-dividend date of this dividend is Monday, October 21st. This represents a $2.66 dividend on an annualized basis and a yield of 4.09%. CVS Health’s dividend payout ratio (DPR) is presently 46.75%.

Institutional Investors Weigh In On CVS Health

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Wedmont Private Capital lifted its position in CVS Health by 0.8% in the first quarter. Wedmont Private Capital now owns 19,225 shares of the pharmacy operator’s stock valued at $1,410,000 after acquiring an additional 146 shares during the last quarter. Garland Capital Management Inc. raised its holdings in shares of CVS Health by 0.3% in the second quarter. Garland Capital Management Inc. now owns 60,810 shares of the pharmacy operator’s stock valued at $3,591,000 after buying an additional 160 shares during the last quarter. Sound Income Strategies LLC raised its holdings in shares of CVS Health by 7.2% in the third quarter. Sound Income Strategies LLC now owns 2,397 shares of the pharmacy operator’s stock valued at $151,000 after buying an additional 162 shares during the last quarter. Silverlake Wealth Management LLC raised its holdings in shares of CVS Health by 1.6% in the first quarter. Silverlake Wealth Management LLC now owns 11,203 shares of the pharmacy operator’s stock valued at $894,000 after buying an additional 173 shares during the last quarter. Finally, Plimoth Trust Co. LLC raised its holdings in shares of CVS Health by 0.4% in the second quarter. Plimoth Trust Co. LLC now owns 46,637 shares of the pharmacy operator’s stock valued at $2,754,000 after buying an additional 174 shares during the last quarter. 80.66% of the stock is owned by hedge funds and other institutional investors.

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.