CVS Health (NYSE:CVS) Issues Quarterly Earnings Results

CVS Health (NYSE:CVS) posted its quarterly earnings results on Wednesday. The pharmacy operator reported $1.83 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 business had revenue of $91.23 billion for the quarter, compared to analysts’ expectations of $91.41 billion. During the same period in the previous year, the company posted $2.21 EPS. CVS Health’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 Trading Down 1.3 %

Shares of CVS traded down $0.74 during trading hours on Friday, reaching $57.11. The stock had a trading volume of 8,345,205 shares, compared to its average volume of 11,546,901. The company has a quick ratio of 0.61, a current ratio of 0.81 and a debt-to-equity ratio of 0.78. CVS Health has a 52 week low of $52.77 and a 52 week high of $83.25. The firm has a 50-day moving average of $59.45 and a 200 day moving average of $66.25. The company has a market cap 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 Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CVS shares. 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 report on Wednesday, May 1st. Truist Financial reaffirmed 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, May 2nd. TD Cowen lowered shares of CVS Health from a “buy” rating to a “hold” rating and cut their price objective for the company from $99.00 to $59.00 in a research report on Tuesday, May 7th. Bank of America cut their price objective 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. Finally, Evercore ISI cut their price objective on shares of CVS Health from $65.00 to $62.00 and set an “outperform” rating for the company in a research report on Thursday. Twelve equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.