CVS Health (NYSE:CVS) Updates FY24 Earnings Guidance

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

CVS Health Stock Performance

Shares of NYSE CVS traded up $0.75 during trading on Friday, reaching $55.90. 23,946,075 shares of the stock traded hands, compared to its average volume of 12,498,538. The stock has a market capitalization of $70.18 billion, a P/E ratio of 9.82, a price-to-earnings-growth ratio of 0.86 and a beta of 0.56. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.81 and a quick ratio of 0.63. The company has a 50-day moving average of $72.77 and a 200-day moving average of $73.26. CVS Health has a 52-week low of $53.70 and a 52-week high of $83.25.

CVS Health (NYSE:CVS) last issued its quarterly earnings data on Wednesday, May 1st. The pharmacy operator reported $1.31 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $89.33 billion. During the same quarter last year, the business posted $2.20 EPS. The company’s quarterly revenue was up 3.7% on a year-over-year basis. Analysts forecast that CVS Health will post 7.03 EPS for the current fiscal year.

CVS Health Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Investors 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 dividend on an annualized basis and a yield of 4.76%. CVS Health’s dividend payout ratio is currently 46.75%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CVS. StockNews.com cut CVS Health from a buy rating to a hold rating in a research report on Thursday, February 15th. Bank of America dropped their target price on shares of CVS Health from $95.00 to $77.00 and set a buy rating on the stock in a research note on Thursday. Leerink Partnrs downgraded shares of CVS Health from an outperform rating to a market perform rating in a report on Wednesday. SVB Leerink reissued a market perform rating and issued a $60.00 target price (down previously from $87.00) on shares of CVS Health in a report on Wednesday. Finally, Cantor Fitzgerald cut 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 analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, CVS Health presently has an average rating of Moderate Buy and a consensus target price of $80.35.

Insider Activity at CVS Health

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