CVS Health (NYSE:CVS) Issues Quarterly Earnings Results

CVS Health (NYSE:CVS) announced its quarterly earnings results on Wednesday. The pharmacy operator reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.10, Briefing.com reports. CVS Health had a net margin of 2.03% and a return on equity of 13.53%. 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 prior year, the company posted $2.21 EPS. The company’s revenue was up 2.6% on a year-over-year basis. CVS Health updated its FY24 guidance to $6.40-6.65 EPS and its FY 2024 guidance to 6.400-6.650 EPS.

CVS Health Stock Performance

NYSE CVS traded down $0.74 during trading hours on Friday, reaching $57.11. 8,345,205 shares of the company were exchanged, compared to its average volume of 11,546,901. CVS Health has a 1 year low of $52.77 and a 1 year high of $83.25. The business’s 50 day simple moving average is $59.45 and its 200-day simple moving average is $66.25. 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 stock has a market capitalization of $71.69 billion, a P/E ratio of 10.04, a P/E/G ratio of 0.57 and a beta of 0.52.

CVS Health Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 22nd were given a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.66%. The ex-dividend date of this dividend was Monday, July 22nd. CVS Health’s payout ratio is currently 46.75%.

Wall Street Analyst Weigh In

CVS has been the subject of several recent analyst reports. The Goldman Sachs Group decreased their price objective on shares of CVS Health from $85.00 to $74.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Cantor Fitzgerald increased their price objective on shares of CVS Health from $58.00 to $62.00 and gave the stock a “neutral” rating in a research report on Thursday. Wells Fargo & Company decreased their price objective on shares of CVS Health from $76.00 to $60.00 and set an “equal weight” rating for the company in a research report on Tuesday, May 7th. Baird R W upgraded shares of CVS Health to a “hold” rating in a research report on Thursday, May 30th. Finally, JPMorgan Chase & Co. cut their target price on shares of CVS Health from $101.00 to $86.00 and set an “overweight” rating on the stock in a research note on Thursday, May 30th. Twelve equities research 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 currently has a consensus rating of “Moderate Buy” and a consensus price target of $73.19.

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.