CVS Health (NYSE:CVS) Issues Earnings Results, Misses Estimates By $0.38 EPS

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

CVS Health Stock Down 3.4 %

CVS traded down $1.93 during midday trading on Thursday, hitting $54.38. The company had a trading volume of 23,485,135 shares, compared to its average volume of 11,432,966. CVS Health has a 52 week low of $53.70 and a 52 week high of $83.25. The company has a quick ratio of 0.63, a current ratio of 0.86 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $68.54 billion, a price-to-earnings ratio of 8.41, a PEG ratio of 0.90 and a beta of 0.56. The stock’s 50 day moving average price is $73.63 and its 200 day moving average price is $73.50.

CVS Health Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 22nd were paid a $0.665 dividend. This represents a $2.66 annualized dividend and a yield of 4.89%. The ex-dividend date of this dividend was Friday, April 19th. CVS Health’s dividend payout ratio (DPR) is currently 41.18%.

Insider Buying and Selling at CVS Health

In other CVS Health news, EVP Prem S. Shah sold 29,473 shares of CVS Health stock in a transaction on Friday, February 16th. The shares were sold at an average price of $76.95, for a total value 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 $3,059,916.75. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CVS. Wells Fargo & Company cut their target price on shares of CVS Health from $83.00 to $76.00 and set an “equal weight” rating on the stock in a research report on Monday, April 8th. Leerink Partnrs restated an “outperform” rating on shares of CVS Health in a research report on Monday, February 26th. UBS Group lowered shares of CVS Health from a “buy” rating to a “neutral” rating and cut their price target for the stock from $85.00 to $60.00 in a report on Thursday. SVB Leerink reiterated a “market perform” rating and set a $60.00 price target (down previously from $87.00) on shares of CVS Health in a report on Wednesday. Finally, Piper Sandler lifted their price target on shares of CVS Health from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Friday, March 15th. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $80.35.

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.