$45.36 Billion in Sales Expected for CVS Health Corporation (NYSE:CVS) This Quarter
Wall Street analysts forecast that CVS Health Corporation (NYSE:CVS) will post sales of $45.36 billion for the current fiscal quarter, according to Zacks. Nineteen analysts have issued estimates for CVS Health Corporation’s earnings. The lowest sales estimate is $44.94 billion and the highest is $45.77 billion. CVS Health Corporation posted sales of $43.73 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 3.7%. The company is scheduled to report its next quarterly earnings report before the market opens on Tuesday, August 8th.
On average, analysts expect that CVS Health Corporation will report full-year sales of $45.36 billion for the current financial year, with estimates ranging from $182.07 billion to $186.12 billion. For the next fiscal year, analysts anticipate that the business will report sales of $193.66 billion per share, with estimates ranging from $186.20 billion to $199.68 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover CVS Health Corporation.
Several research firms have weighed in on CVS. Vetr cut CVS Health Corporation from a “buy” rating to a “hold” rating and set a $85.78 target price on the stock. in a research note on Thursday, April 27th. Cowen and Company reaffirmed an “outperform” rating and set a $86.00 target price on shares of CVS Health Corporation in a research note on Tuesday, June 13th. BidaskClub raised CVS Health Corporation from a “sell” rating to a “hold” rating in a research note on Wednesday, August 2nd. Leerink Swann set a $90.00 target price on CVS Health Corporation and gave the company a “buy” rating in a research note on Tuesday, June 27th. Finally, Needham & Company LLC began coverage on CVS Health Corporation in a research note on Tuesday, June 27th. They set a “hold” rating on the stock. Nine investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $92.20.
In other news, CFO David M. Denton sold 230,510 shares of the business’s stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $80.00, for a total transaction of $18,440,800.00. Following the sale, the chief financial officer now directly owns 176,983 shares in the company, valued at $14,158,640. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Helena Foulkes sold 20,333 shares of the business’s stock in a transaction that occurred on Monday, June 26th. The shares were sold at an average price of $80.00, for a total value of $1,626,640.00. Following the sale, the executive vice president now owns 59,301 shares in the company, valued at $4,744,080. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 271,175 shares of company stock worth $21,632,597. 0.61% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Mercer Capital Advisers Inc. purchased a new stake in CVS Health Corporation during the first quarter worth about $118,000. Gemmer Asset Management LLC boosted its stake in CVS Health Corporation by 15.3% in the second quarter. Gemmer Asset Management LLC now owns 1,509 shares of the pharmacy operator’s stock worth $121,000 after buying an additional 200 shares in the last quarter. TB Alternative Assets Ltd. purchased a new stake in CVS Health Corporation during the second quarter worth about $121,000. Orrstown Financial Services Inc. boosted its stake in CVS Health Corporation by 2,000.0% in the first quarter. Orrstown Financial Services Inc. now owns 2,100 shares of the pharmacy operator’s stock worth $165,000 after buying an additional 2,000 shares in the last quarter. Finally, SRS Capital Advisors Inc. boosted its stake in CVS Health Corporation by 48.2% in the first quarter. SRS Capital Advisors Inc. now owns 2,256 shares of the pharmacy operator’s stock worth $177,000 after buying an additional 734 shares in the last quarter. Institutional investors and hedge funds own 82.05% of the company’s stock.
CVS Health Corporation (NYSE:CVS) opened at 77.97 on Monday. The stock’s 50 day moving average is $78.75 and its 200 day moving average is $79.09. The stock has a market capitalization of $79.44 billion, a price-to-earnings ratio of 16.26 and a beta of 0.91. CVS Health Corporation has a one year low of $69.30 and a one year high of $98.44.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 3rd. Shareholders of record on Monday, July 24th were given a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.57%. The ex-dividend date was Thursday, July 20th. CVS Health Corporation’s dividend payout ratio is currently 41.67%.
About CVS Health Corporation
CVS Health Corporation, together with its subsidiaries, is an integrated pharmacy healthcare company. The Company provides pharmacy care for the senior community through Omnicare, Inc (Omnicare) and Omnicare’s long-term care (LTC) operations, which include distribution of pharmaceuticals, related pharmacy consulting and other ancillary services to chronic care facilities and other care settings.
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