CVS Health (NYSE:CVS) Price Target Cut to $77.00

CVS Health (NYSE:CVS) had its price target reduced by analysts at Bank of America from $95.00 to $77.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the pharmacy operator’s stock. Bank of America‘s price objective indicates a potential upside of 41.78% from the stock’s previous close.

A number of other research analysts also recently issued reports on the company. The Goldman Sachs Group cut their price target on CVS Health from $85.00 to $74.00 and set a “buy” rating on the stock in a report on Thursday. Cantor Fitzgerald cut CVS Health from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $87.00 to $58.00 in a report on Wednesday. SVB Leerink reaffirmed a “market perform” rating and issued a $60.00 price target (down previously from $87.00) on shares of CVS Health in a report on Wednesday. Leerink Partnrs reaffirmed an “outperform” rating on shares of CVS Health in a report on Monday, February 26th. Finally, Piper Sandler boosted their price objective on CVS Health from $93.00 to $94.00 and gave the stock an “overweight” rating in a research note 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. According to MarketBeat.com, CVS Health has a consensus rating of “Moderate Buy” and a consensus price target of $80.35.

CVS Health Stock Performance

CVS Health stock traded down $2.00 during mid-day trading on Thursday, reaching $54.31. 23,216,764 shares of the stock traded hands, compared to its average volume of 11,421,971. The stock has a market capitalization of $68.46 billion, a PE 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 current ratio of 0.86 and a quick ratio of 0.63. CVS Health has a 12-month low of $53.70 and a 12-month high of $83.25. The business’s 50-day moving average is $73.63 and its 200-day moving average is $73.50.

CVS Health (NYSE:CVS) last released its earnings results on Wednesday, May 1st. The pharmacy operator reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.69 by ($0.38). The business had revenue of $88.44 billion for the quarter, compared to analysts’ expectations of $89.33 billion. CVS Health had a return on equity of 15.25% and a net margin of 2.33%. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.20 EPS. As a group, sell-side analysts predict that CVS Health will post 8.31 EPS for the current fiscal year.

Insider Activity

In other news, EVP Prem S. Shah sold 29,473 shares of CVS Health stock in a transaction that occurred on Friday, February 16th. The shares were 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 in the company, valued at approximately $3,059,916.75. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.24% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Bryn Mawr Capital Management LLC grew its stake in CVS Health by 74.0% in the 3rd quarter. Bryn Mawr Capital Management LLC now owns 43,213 shares of the pharmacy operator’s stock worth $3,017,000 after acquiring an additional 18,385 shares during the period. Value Partners Investments Inc. grew its stake in CVS Health by 26.5% in the 3rd quarter. Value Partners Investments Inc. now owns 991,601 shares of the pharmacy operator’s stock worth $69,261,000 after acquiring an additional 207,702 shares during the period. Sonora Investment Management Group LLC grew its stake in CVS Health by 1.6% in the 3rd quarter. Sonora Investment Management Group LLC now owns 50,488 shares of the pharmacy operator’s stock worth $3,525,000 after acquiring an additional 774 shares during the period. Checchi Capital Advisers LLC grew its stake in shares of CVS Health by 2.3% during the 3rd quarter. Checchi Capital Advisers LLC now owns 10,405 shares of the pharmacy operator’s stock valued at $726,000 after buying an additional 233 shares during the period. Finally, Personal CFO Solutions LLC grew its stake in shares of CVS Health by 2.6% during the 3rd quarter. Personal CFO Solutions LLC now owns 19,355 shares of the pharmacy operator’s stock valued at $1,351,000 after buying an additional 491 shares during the period. 80.66% of the stock is currently owned by institutional investors and hedge funds.

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.