CVS Health (NYSE:CVS) Shares Gap Down to $63.18

CVS Health Co. (NYSE:CVS) shares gapped down before the market opened on Wednesday . The stock had previously closed at $63.18, but opened at $60.84. CVS Health shares last traded at $61.74, with a volume of 753,132 shares.

Analyst Ratings Changes

A number of brokerages have commented on CVS. Bank of America decreased their price objective on CVS Health from $95.00 to $77.00 and set a “buy” rating for the company in a report on Thursday, May 2nd. UBS Group downgraded CVS Health from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $85.00 to $60.00 in a research report on Thursday, May 2nd. Mizuho lowered their price objective on CVS Health from $86.00 to $72.00 and set a “buy” rating on the stock in a research report on Thursday, May 2nd. TD Cowen downgraded CVS Health from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $99.00 to $59.00 in a research report on Tuesday, May 7th. Finally, Barclays reduced their target price on CVS Health from $78.00 to $63.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 2nd. Eleven equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, CVS Health currently has a consensus rating of “Moderate Buy” and an average price target of $75.05.

CVS Health Stock Down 1.2 %

The company has a quick ratio of 0.61, a current ratio of 0.81 and a debt-to-equity ratio of 0.78. The company’s fifty day simple moving average is $59.20 and its 200 day simple moving average is $66.98. The firm has a market capitalization of $74.46 billion, a PE ratio of 10.32, a price-to-earnings-growth ratio of 0.58 and a beta of 0.52.

CVS Health (NYSE:CVS) last issued its quarterly earnings data on Wednesday, May 1st. The pharmacy operator reported $1.31 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.38). CVS Health had a return on equity of 13.53% and a net margin of 2.03%. The company 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 earned $2.20 earnings per share. The business’s quarterly revenue was up 3.7% on a year-over-year basis. Analysts anticipate that CVS Health Co. will post 7 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 22nd were issued a dividend of $0.665 per share. The ex-dividend date was Monday, July 22nd. This represents a $2.66 annualized dividend and a dividend yield of 4.48%. CVS Health’s payout ratio is 46.75%.

Hedge Funds Weigh In On CVS Health

Several large investors have recently made changes to their positions in the business. Venturi Wealth Management LLC raised its holdings in CVS Health by 42.6% in the 4th quarter. Venturi Wealth Management LLC now owns 756 shares of the pharmacy operator’s stock worth $60,000 after acquiring an additional 226 shares during the last quarter. StrategIQ Financial Group LLC bought a new stake in shares of CVS Health during the 4th quarter valued at $208,000. Heartland Bank & Trust Co bought a new stake in shares of CVS Health during the 4th quarter valued at $288,000. Trust Point Inc. bought a new stake in shares of CVS Health during the 4th quarter valued at $623,000. Finally, WealthShield Partners LLC grew its position in shares of CVS Health by 3.2% during the 4th quarter. WealthShield Partners LLC now owns 4,498 shares of the pharmacy operator’s stock valued at $355,000 after acquiring an additional 141 shares during the period. 80.66% of the stock is currently owned by hedge funds and other institutional investors.

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.