CVS Health Corp (NYSE:CVS) – Equities researchers at Oppenheimer reduced their FY2018 earnings per share estimates for shares of CVS Health in a research note issued on Tuesday, November 6th. Oppenheimer analyst M. Naidu now forecasts that the pharmacy operator will post earnings of $7.05 per share for the year, down from their previous forecast of $7.06. Oppenheimer also issued estimates for CVS Health’s Q4 2018 earnings at $2.15 EPS.
CVS Health (NYSE:CVS) last announced its earnings results on Tuesday, November 6th. The pharmacy operator reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.71 by $0.02. The firm had revenue of $47.27 billion for the quarter, compared to analysts’ expectations of $47.22 billion. CVS Health had a net margin of 1.65% and a return on equity of 18.69%. The business’s revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.50 EPS.
A number of other equities analysts also recently issued reports on CVS. ValuEngine upgraded shares of CVS Health from a “sell” rating to a “hold” rating in a research note on Tuesday. Bank of America increased their target price on shares of CVS Health from $86.00 to $90.00 and gave the company a “buy” rating in a research report on Monday, September 17th. Royal Bank of Canada reissued a “buy” rating and set a $90.00 target price on shares of CVS Health in a research report on Wednesday, August 8th. Finally, Tigress Financial reissued a “buy” rating on shares of CVS Health in a research report on Friday, October 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $88.58.
Shares of NYSE CVS opened at $80.05 on Friday. The stock has a market cap of $79.31 billion, a PE ratio of 13.57, a price-to-earnings-growth ratio of 1.04 and a beta of 0.98. CVS Health has a 12-month low of $60.14 and a 12-month high of $83.88. The company has a debt-to-equity ratio of 1.66, a quick ratio of 1.87 and a current ratio of 2.44.
Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its holdings in shares of CVS Health by 5.9% during the second quarter. BlackRock Inc. now owns 74,135,102 shares of the pharmacy operator’s stock worth $4,770,597,000 after purchasing an additional 4,121,620 shares during the last quarter. Parnassus Investments CA raised its holdings in shares of CVS Health by 2.2% during the second quarter. Parnassus Investments CA now owns 16,659,501 shares of the pharmacy operator’s stock worth $1,072,039,000 after purchasing an additional 350,872 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of CVS Health by 15.9% during the second quarter. Bank of New York Mellon Corp now owns 12,573,338 shares of the pharmacy operator’s stock worth $809,095,000 after purchasing an additional 1,721,683 shares during the last quarter. Veritas Asset Management LLP raised its holdings in shares of CVS Health by 4.5% during the second quarter. Veritas Asset Management LLP now owns 11,890,424 shares of the pharmacy operator’s stock worth $765,149,000 after purchasing an additional 508,500 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of CVS Health by 0.6% during the second quarter. Dimensional Fund Advisors LP now owns 10,840,057 shares of the pharmacy operator’s stock worth $697,653,000 after purchasing an additional 64,223 shares during the last quarter. 82.42% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Kevin Hourican sold 8,564 shares of the firm’s stock in a transaction on Monday, August 27th. The shares were sold at an average price of $75.00, for a total transaction of $642,300.00. Following the completion of the transaction, the executive vice president now owns 12,135 shares of the company’s stock, valued at $910,125. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Lisa Bisaccia sold 21,534 shares of the firm’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $80.00, for a total transaction of $1,722,720.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,409 shares of company stock valued at $3,392,097. Corporate insiders own 0.53% of the company’s stock.
The business also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Shareholders of record on Wednesday, October 24th were issued a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, October 23rd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.50%. CVS Health’s dividend payout ratio is currently 33.90%.
About CVS Health
CVS Health Corporation, together with its subsidiaries, provides integrated pharmacy health care services. It operates through Pharmacy Services and Retail/LTC segments. The Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, Medicare Part D services, mail order, specialty pharmacy and infusion services, retail pharmacy network management services, prescription management systems, clinical services, disease management programs, and medical pharmacy management services.
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