CVS Health (NYSE:CVS) Given New $58.00 Price Target at Royal Bank of Canada

CVS Health (NYSE:CVS) had its price objective lowered by Royal Bank of Canada from $68.00 to $58.00 in a research note issued to investors on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the pharmacy operator’s stock.

Other analysts have also issued reports about the stock. Truist Financial increased their price target on shares of CVS Health from $66.00 to $76.00 and gave the stock a “buy” rating in a research report on Friday, October 11th. StockNews.com cut CVS Health from a “hold” rating to a “sell” rating in a research report on Thursday. Wells Fargo & Company lowered their price objective on CVS Health from $61.00 to $60.00 and set an “equal weight” rating on the stock in a report on Monday, November 4th. TD Cowen raised CVS Health from a “hold” rating to a “buy” rating and upped their target price for the stock from $59.00 to $85.00 in a research report on Friday, October 4th. Finally, Mizuho reduced their price objective on shares of CVS Health from $73.00 to $66.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, CVS Health has an average rating of “Moderate Buy” and a consensus price target of $72.44.

CVS Health Trading Down 3.4 %

CVS traded down $1.90 during trading on Friday, reaching $53.19. The company had a trading volume of 16,695,415 shares, compared to its average volume of 11,341,820. The firm’s 50-day simple moving average is $59.23 and its 200 day simple moving average is $58.72. The company has a market cap of $66.93 billion, a price-to-earnings ratio of 13.50, a PEG ratio of 0.93 and a beta of 0.55. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.59 and a current ratio of 0.80. CVS Health has a 12-month low of $52.71 and a 12-month high of $83.25.

CVS Health (NYSE:CVS) last posted its quarterly earnings data on Wednesday, November 6th. The pharmacy operator reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.01. The firm had revenue of $95.43 billion during the quarter, compared to analyst estimates of $92.72 billion. CVS Health had a net margin of 1.36% and a return on equity of 10.72%. The company’s revenue was up 6.3% on a year-over-year basis. During the same quarter last year, the business posted $2.21 EPS. Equities research analysts anticipate that CVS Health will post 5.48 earnings per share for the current year.

CVS Health Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were paid a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a dividend yield of 5.00%. The ex-dividend date was Monday, October 21st. CVS Health’s dividend payout ratio (DPR) is currently 67.51%.

Institutional Investors Weigh In On CVS Health

Hedge funds and other institutional investors have recently bought and sold shares of the business. Pzena Investment Management LLC lifted its holdings in CVS Health by 132.9% during the 2nd quarter. Pzena Investment Management LLC now owns 12,936,388 shares of the pharmacy operator’s stock worth $764,023,000 after buying an additional 7,382,931 shares in the last quarter. Capital International Investors increased its position in CVS Health by 12.5% in the first quarter. Capital International Investors now owns 37,917,923 shares of the pharmacy operator’s stock worth $3,024,334,000 after purchasing an additional 4,226,225 shares during the period. Capital World Investors raised its holdings in CVS Health by 8.0% during the 1st quarter. Capital World Investors now owns 43,776,874 shares of the pharmacy operator’s stock worth $3,491,643,000 after purchasing an additional 3,232,172 shares during the last quarter. Hotchkis & Wiley Capital Management LLC grew its position in shares of CVS Health by 34.8% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 11,897,034 shares of the pharmacy operator’s stock worth $748,085,000 after buying an additional 3,071,613 shares during the period. Finally, State Street Corp raised its stake in shares of CVS Health by 3.6% during the third quarter. State Street Corp now owns 56,527,909 shares of the pharmacy operator’s stock worth $3,554,475,000 after buying an additional 1,989,066 shares during the last quarter. 80.66% of the stock is owned by institutional investors and hedge funds.

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.