Wells Fargo & Company Cuts CVS Health (NYSE:CVS) Price Target to $60.00

CVS Health (NYSE:CVS) had its price objective lowered by equities research analysts at Wells Fargo & Company from $76.00 to $60.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the pharmacy operator’s stock. Wells Fargo & Company‘s target price points to a potential upside of 9.23% from the company’s current price.

A number of other analysts also recently issued reports on CVS. Leerink Partnrs downgraded CVS Health from an “outperform” rating to a “market perform” rating in a report on Wednesday, May 1st. The Goldman Sachs Group decreased their target price on CVS Health from $85.00 to $74.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Piper Sandler increased their price target on shares of CVS Health from $93.00 to $94.00 and gave the company an “overweight” rating in a research note on Friday, March 15th. SVB Leerink restated a “market perform” rating and issued a $60.00 target price (down previously from $87.00) on shares of CVS Health in a report on Wednesday, May 1st. Finally, Royal Bank of Canada cut their price target on shares of CVS Health from $86.00 to $84.00 and set an “outperform” rating on the stock in a research note on Thursday, February 8th. Nine analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, CVS Health currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.75.

CVS Health Trading Down 1.5 %

CVS opened at $54.93 on Tuesday. The business has a fifty day moving average price of $71.95 and a 200 day moving average price of $73.09. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.81 and a quick ratio of 0.61. The stock has a market capitalization of $68.96 billion, a price-to-earnings ratio of 9.65, a PEG ratio of 0.88 and a beta of 0.56. CVS Health has a 12 month low of $53.70 and a 12 month high of $83.25.

CVS Health (NYSE:CVS) last issued its quarterly earnings results on Wednesday, May 1st. The pharmacy operator reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.38). CVS Health had a return on equity of 13.53% and a net margin of 2.03%. The firm had revenue of $88.44 billion during the quarter, compared to analysts’ expectations of $89.33 billion. During the same quarter in the prior year, the firm earned $2.20 EPS. The firm’s revenue was up 3.7% compared to the same quarter last year. Sell-side analysts expect that CVS Health will post 7.03 earnings per share for the current fiscal year.

Insider Buying and Selling at CVS Health

In other news, Director Edward J. Ludwig bought 1,000 shares of CVS Health stock in a transaction dated Thursday, May 2nd. The stock was bought at an average price of $53.88 per share, for a total transaction of $53,880.00. Following the purchase, the director now owns 21,630 shares of the company’s stock, valued at $1,165,424.40. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In other CVS Health news, Director Edward J. Ludwig purchased 1,000 shares of CVS Health stock in a transaction dated Thursday, May 2nd. The stock was acquired at an average cost of $53.88 per share, with a total value of $53,880.00. Following the acquisition, the director now directly owns 21,630 shares of the company’s stock, valued at $1,165,424.40. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 value of $2,267,947.35. Following the completion of the sale, the executive vice president now owns 39,765 shares in the company, valued at $3,059,916.75. The disclosure for this sale can be found here. 0.24% of the stock is currently owned by corporate insiders.

Institutional Trading of CVS Health

A number of institutional investors have recently added to or reduced their stakes in the stock. Bryn Mawr Capital Management LLC raised its holdings in CVS Health by 74.0% during the third quarter. Bryn Mawr Capital Management LLC now owns 43,213 shares of the pharmacy operator’s stock worth $3,017,000 after purchasing an additional 18,385 shares during the last quarter. Sonora Investment Management Group LLC boosted its position in shares of 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 buying an additional 774 shares in the last quarter. Checchi Capital Advisers LLC grew its stake in CVS Health by 2.3% in the 3rd quarter. Checchi Capital Advisers LLC now owns 10,405 shares of the pharmacy operator’s stock valued at $726,000 after acquiring an additional 233 shares during the last quarter. Personal CFO Solutions LLC increased its holdings in 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 acquiring an additional 491 shares in the last quarter. Finally, Riverpoint Wealth Management Holdings LLC purchased a new stake in shares of CVS Health in the fourth quarter valued at about $218,000. Hedge funds and other institutional investors own 80.66% of the company’s stock.

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.