CVS Caremark Rating Reiterated by Zacks (CVS)
CVS Caremark (NYSE:CVS)‘s stock had its “neutral” rating reiterated by Zacks in a report issued on Tuesday. They currently have a $82.00 price objective on the stock. Zacks‘s target price indicates a potential upside of 4.65% from the stock’s previous close.
Zacks’ analyst wrote, “CVS posted a decent second-quarter 2014 with 16.5% year over year rise in adjusted EPS to $1.13 which also surpassed the Zacks Consensus Estimate by $0.03 as well as the company-provided guidance range of $1.08 to $1.11. Net revenue on the other hand, increased 10.7% to $34.6 billion, edging past the Zacks Consensus Estimate of $33.41 billion. The generic wave in the pharmaceutical industry continues to work in CVS’ favor, as seen in the consistent margin expansion of the company. We are also impressed with CVS’ strong guidance for 2014 where increased adjusted EPS reflects strong year-over-year growth and the company’s optimism about the future. On the contrary, the decline in front-end sales was disappointing. Moreover, the competitive landscape remains tough. We also keep an eye on the tussle for market share gain in the PBM as well as retail pharmacy segment. Thus, we reiterate our Neutral recommendation on the stock.”
Shares of CVS Caremark (NYSE:CVS) traded up 0.27% during mid-day trading on Tuesday, hitting $78.57. 1,688,861 shares of the company’s stock traded hands. CVS Caremark has a 1-year low of $56.32 and a 1-year high of $79.43. The stock’s 50-day moving average is $76.96 and its 200-day moving average is $74.40. The company has a market cap of $91.141 billion and a P/E ratio of 19.21.
CVS Caremark (NYSE:CVS) last announced its earnings results on Tuesday, August 5th. The company reported $1.13 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.10 by $0.03. The company had revenue of $34.60 billion for the quarter, compared to the consensus estimate of $33.47 billion. During the same quarter in the prior year, the company posted $0.97 earnings per share. The company’s quarterly revenue was up 10.7% on a year-over-year basis. On average, analysts predict that CVS Caremark will post $4.49 earnings per share for the current fiscal year.
A number of other firms have also recently commented on CVS. Analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of CVS Caremark in a research note on Wednesday, August 6th. They now have a $91.00 price target on the stock, up previously from $82.00. Separately, analysts at Cantor Fitzgerald raised their price target on shares of CVS Caremark from $66.00 to $71.00 in a research note on Wednesday, August 6th. Finally, analysts at Morgan Stanley raised their price target on shares of CVS Caremark from $81.00 to $85.00 in a research note on Wednesday, August 6th. Two analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $78.90.
In other CVS Caremark news, EVP J. David Joyner sold 123,516 shares of the company’s stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $76.10, for a total value of $9,399,567.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
CVS Caremark Corporation (NYSE:CVS), together with its subsidiaries, is a pharmacy health care provider in the United States.
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