Wells Fargo & Company Lowers CVS Health (NYSE:CVS) Price Target to $60.00

CVS Health (NYSE:CVS) had its price target reduced by stock analysts at Wells Fargo & Company from $76.00 to $60.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the pharmacy operator’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 6.69% from the stock’s previous close.

Other research analysts have also issued reports about the stock. StockNews.com lowered shares of CVS Health from a “buy” rating to a “hold” rating in a research report on Thursday, February 15th. SVB Leerink restated a “market perform” rating and set a $60.00 price target (down from $87.00) on shares of CVS Health in a research report on Wednesday, May 1st. Piper Sandler boosted their price target 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. UBS Group lowered shares of CVS Health from a “buy” rating to a “neutral” rating and cut their target price for the stock from $85.00 to $60.00 in a research report on Thursday, May 2nd. Finally, Bank of America cut their target price on shares of CVS Health from $95.00 to $77.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Nine investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.55.

CVS Health Stock Performance

CVS Health stock traded up $0.27 during mid-day trading on Tuesday, reaching $56.24. The company’s stock had a trading volume of 8,774,471 shares, compared to its average volume of 11,770,115. CVS Health has a 12-month low of $53.70 and a 12-month high of $83.25. The company has a market capitalization of $70.60 billion, a P/E ratio of 9.87, a PEG ratio of 0.88 and a beta of 0.56. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.61 and a current ratio of 0.81. The firm’s fifty day moving average price is $72.36 and its two-hundred day moving average price is $73.18.

CVS Health (NYSE:CVS) last released its quarterly earnings data 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 net margin of 2.03% and a return on equity of 13.53%. The business had revenue of $88.44 billion during the quarter, compared to analysts’ expectations of $89.33 billion. During the same quarter in the prior year, the firm posted $2.20 earnings per share. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. Sell-side analysts predict that CVS Health will post 7.03 EPS for the current fiscal year.

Insider Activity

In other news, Director Edward J. Ludwig acquired 1,000 shares of the stock in a transaction dated Thursday, May 2nd. The stock was purchased 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 owns 21,630 shares in the company, valued at approximately $1,165,424.40. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Edward J. Ludwig acquired 1,000 shares of the stock in a transaction dated Thursday, May 2nd. The stock was purchased 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 owns 21,630 shares in the company, valued at approximately $1,165,424.40. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Prem S. Shah sold 29,473 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president now owns 39,765 shares in the company, valued at approximately $3,059,916.75. The disclosure for this sale can be found here. Insiders own 0.24% of the company’s stock.

Hedge Funds Weigh In On CVS Health

Several hedge funds and other institutional investors have recently modified their holdings of CVS. Norges Bank purchased a new position in shares of CVS Health during the fourth quarter valued at about $1,092,040,000. Capital International Investors grew its holdings in CVS Health by 47.4% in the fourth quarter. Capital International Investors now owns 33,691,698 shares of the pharmacy operator’s stock worth $2,660,298,000 after purchasing an additional 10,837,801 shares during the period. FMR LLC grew its holdings in CVS Health by 29.1% in the third quarter. FMR LLC now owns 27,487,238 shares of the pharmacy operator’s stock worth $1,919,159,000 after purchasing an additional 6,194,441 shares during the period. Pzena Investment Management LLC grew its holdings in CVS Health by 573.8% in the first quarter. Pzena Investment Management LLC now owns 5,553,457 shares of the pharmacy operator’s stock worth $442,944,000 after purchasing an additional 4,729,207 shares during the period. Finally, Clearbridge Investments LLC grew its holdings in CVS Health by 306.6% in the fourth quarter. Clearbridge Investments LLC now owns 3,046,216 shares of the pharmacy operator’s stock worth $240,529,000 after purchasing an additional 2,297,100 shares during the period. Hedge funds and other institutional investors own 80.66% of the company’s stock.

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.