CVS Health Co. Expected to Earn Q2 2024 Earnings of $2.13 Per Share (NYSE:CVS)

CVS Health Co. (NYSE:CVS) – Leerink Partnrs boosted their Q2 2024 earnings estimates for shares of CVS Health in a research report issued on Monday, April 22nd. Leerink Partnrs analyst M. Cherny now expects that the pharmacy operator will post earnings per share of $2.13 for the quarter, up from their previous forecast of $2.09. Leerink Partnrs currently has a “Outperform” rating on the stock. The consensus estimate for CVS Health’s current full-year earnings is $8.32 per share. Leerink Partnrs also issued estimates for CVS Health’s Q3 2024 earnings at $2.19 EPS, Q4 2024 earnings at $2.15 EPS, FY2024 earnings at $8.24 EPS, FY2025 earnings at $9.05 EPS, FY2026 earnings at $9.80 EPS and FY2027 earnings at $10.40 EPS.

CVS Health (NYSE:CVS) last issued its quarterly earnings results on Wednesday, February 7th. The pharmacy operator reported $2.12 EPS for the quarter, topping analysts’ consensus estimates of $2.01 by $0.11. CVS Health had a return on equity of 15.25% and a net margin of 2.33%. The firm had revenue of $93.81 billion for the quarter, compared to analysts’ expectations of $90.58 billion. During the same period in the previous year, the firm posted $1.99 EPS. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year.

Several other research analysts also recently issued reports on the stock. Barclays assumed coverage on shares of CVS Health in a research note on Wednesday, March 6th. They issued an “equal weight” rating and a $78.00 target price on the stock. Piper Sandler lifted their target price on CVS Health from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Friday, March 15th. StockNews.com cut CVS Health from a “buy” rating to a “hold” rating in a research report on Thursday, February 15th. Royal Bank of Canada decreased their target price on CVS Health from $86.00 to $84.00 and set an “outperform” rating for the company in a research report on Thursday, February 8th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $87.00 price target on shares of CVS Health in a research note on Wednesday, April 10th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.44.

CVS Health Price Performance

CVS opened at $68.50 on Tuesday. The firm has a market cap of $86.34 billion, a PE ratio of 10.60, a P/E/G ratio of 0.92 and a beta of 0.52. The stock has a 50-day moving average price of $74.97 and a 200-day moving average price of $73.76. CVS Health has a 1 year low of $64.41 and a 1 year high of $83.25. 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 22nd will be issued a $0.665 dividend. The ex-dividend date is Friday, April 19th. This represents a $2.66 dividend on an annualized basis and a dividend yield of 3.88%. CVS Health’s dividend payout ratio (DPR) is presently 41.18%.

Insider Activity 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 transaction of $2,267,947.35. Following the completion of the transaction, 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 Securities & Exchange Commission, which can be accessed through this link. 0.24% of the stock is owned by insiders.

Hedge Funds Weigh In On CVS Health

Several hedge funds have recently added to or reduced their stakes in CVS. Atticus Wealth Management LLC boosted its holdings in CVS Health by 149.0% during the 4th quarter. Atticus Wealth Management LLC now owns 366 shares of the pharmacy operator’s stock valued at $29,000 after acquiring an additional 219 shares during the period. USA Financial Formulas boosted its position in CVS Health by 573.2% in the 4th quarter. USA Financial Formulas now owns 377 shares of the pharmacy operator’s stock valued at $30,000 after buying an additional 321 shares during the period. Cornerstone Planning Group LLC increased its position in shares of CVS Health by 111.5% during the third quarter. Cornerstone Planning Group LLC now owns 461 shares of the pharmacy operator’s stock worth $32,000 after acquiring an additional 243 shares during the period. Ables Iannone Moore & Associates Inc. purchased a new stake in shares of CVS Health in the fourth quarter valued at approximately $32,000. Finally, Creekmur Asset Management LLC purchased a new position in CVS Health during the 4th quarter worth $34,000. 80.66% of the stock is currently owned by institutional investors.

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.