Bank of America Lowers CVS Health (NYSE:CVS) Price Target to $77.00

CVS Health (NYSE:CVS) had its price objective reduced by equities researchers at Bank of America from $95.00 to $77.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the pharmacy operator’s stock. Bank of America‘s target price points to a potential upside of 37.75% from the company’s previous close.

Several other equities analysts also recently weighed in on CVS. Wells Fargo & Company reduced their price target on CVS Health from $83.00 to $76.00 and set an “equal weight” rating for the company in a report on Monday, April 8th. Barclays reduced their price target on CVS Health from $78.00 to $63.00 and set an “equal weight” rating for the company in a report on Thursday. The Goldman Sachs Group reduced their price target on CVS Health from $85.00 to $74.00 and set a “buy” rating for the company in a report on Thursday. UBS Group downgraded CVS Health from a “buy” rating to a “neutral” rating and reduced their price target for the company from $85.00 to $60.00 in a report on Thursday. Finally, Truist Financial restated a “buy” rating and set a $66.00 price target (down from $90.00) on shares of CVS Health in a report on Thursday. Eight 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, the company has a consensus rating of “Moderate Buy” and a consensus target price of $80.35.

CVS Health Stock Up 1.4 %

CVS Health stock traded up $0.75 on Thursday, hitting $55.90. 23,946,075 shares of the stock traded hands, compared to its average volume of 12,498,538. The company has a current ratio of 0.81, a quick ratio of 0.63 and a debt-to-equity ratio of 0.78. The firm has a market cap 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 business’s fifty day simple moving average is $72.77 and its 200 day simple moving average is $73.26. CVS Health has a 1 year low of $53.70 and a 1 year high of $83.25.

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

Insider Activity

In other news, EVP Prem S. Shah sold 29,473 shares of CVS Health stock in a transaction dated Friday, February 16th. The stock was 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 directly owns 39,765 shares of the company’s stock, valued at approximately $3,059,916.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other CVS Health news, Director Edward J. Ludwig purchased 1,000 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were bought at an average cost of $53.88 per share, with a total value of $53,880.00. Following the acquisition, the director now owns 21,630 shares in the company, valued at $1,165,424.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Prem S. Shah sold 29,473 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was 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 directly owns 39,765 shares in the company, valued at $3,059,916.75. The disclosure for this sale can be found here. Insiders own 0.24% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CVS. Atticus Wealth Management LLC lifted its holdings in CVS Health by 149.0% in the 4th quarter. Atticus Wealth Management LLC now owns 366 shares of the pharmacy operator’s stock worth $29,000 after purchasing an additional 219 shares in the last quarter. USA Financial Formulas lifted its holdings in CVS Health by 573.2% in the 4th quarter. USA Financial Formulas now owns 377 shares of the pharmacy operator’s stock worth $30,000 after purchasing an additional 321 shares in the last quarter. Cornerstone Planning Group LLC increased its stake in CVS Health by 111.5% in the 3rd quarter. Cornerstone Planning Group LLC now owns 461 shares of the pharmacy operator’s stock worth $32,000 after acquiring an additional 243 shares during the last quarter. Ables Iannone Moore & Associates Inc. bought a new stake in CVS Health in the 4th quarter worth approximately $32,000. Finally, Creekmur Asset Management LLC bought a new stake in CVS Health in the 4th quarter worth approximately $34,000. 80.66% of the stock is 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.