CVS Health (NYSE:CVS) Releases Quarterly Earnings Results, Misses Expectations By $0.38 EPS

CVS Health (NYSE:CVS) released its earnings results on Wednesday. The pharmacy operator reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.69 by ($0.38), Briefing.com reports. CVS Health had a net margin of 2.33% and a return on equity of 15.25%. The firm had revenue of $88.44 billion during the quarter, compared to analyst estimates of $89.33 billion. During the same quarter in the previous year, the firm earned $2.20 EPS. CVS Health’s quarterly revenue was up 3.7% on a year-over-year basis. CVS Health updated its FY24 guidance to at least $7.00 EPS.

CVS Health Stock Down 2.1 %

NYSE:CVS traded down $1.16 on Thursday, hitting $55.15. The stock had a trading volume of 37,432,461 shares, compared to its average volume of 11,547,311. CVS Health has a 1 year low of $53.70 and a 1 year high of $83.25. The firm’s fifty day simple moving average is $73.63 and its two-hundred day simple moving average is $73.50. The stock has a market cap of $69.52 billion, a P/E ratio of 8.41, a price-to-earnings-growth ratio of 0.90 and a beta of 0.56. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.63 and a current ratio of 0.86.

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. This represents a $2.66 annualized dividend and a yield of 4.82%. The ex-dividend date was Friday, April 19th. CVS Health’s dividend payout ratio (DPR) is presently 41.18%.

Insider Activity

In other news, EVP Prem S. Shah sold 29,473 shares of the firm’s stock in a transaction on 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 completion of the sale, the executive vice president now directly owns 39,765 shares of the company’s stock, valued at approximately $3,059,916.75. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.24% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently commented on CVS. Leerink Partnrs reaffirmed an “outperform” rating on shares of CVS Health in a research note on Monday, February 26th. UBS Group downgraded shares of CVS Health from a “buy” rating to a “neutral” rating and dropped their target price for the company from $85.00 to $60.00 in a research report on Thursday. Bank of America decreased their price target on shares of CVS Health from $95.00 to $77.00 and set a “buy” rating for the company in a research note on Thursday. Truist Financial reissued a “buy” rating and set a $66.00 price objective (down previously from $90.00) on shares of CVS Health in a research report on Thursday. Finally, Barclays decreased their target price on CVS Health from $78.00 to $63.00 and set an “equal weight” rating for the company in a research report on Thursday. Seven 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 data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.35.

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.