Brokers Issue Forecasts for CVS Health Co.’s Q3 2024 Earnings (NYSE:CVS)

CVS Health Co. (NYSE:CVSFree Report) – Leerink Partnrs raised their Q3 2024 earnings estimates for CVS Health in a research note issued on Tuesday, June 4th. Leerink Partnrs analyst M. Cherny now anticipates that the pharmacy operator will post earnings per share of $1.97 for the quarter, up from their prior forecast of $1.88. Leerink Partnrs has a “Market Perform” rating on the stock. The consensus estimate for CVS Health’s current full-year earnings is $7.02 per share. Leerink Partnrs also issued estimates for CVS Health’s FY2024 earnings at $6.99 EPS.

A number of other equities research analysts also recently issued reports on the stock. Barclays reduced their price target on shares of CVS Health from $78.00 to $63.00 and set an “equal weight” rating for the company in a research report on Thursday, May 2nd. UBS Group cut shares of CVS Health from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $85.00 to $60.00 in a research note on Thursday, May 2nd. Royal Bank of Canada dropped their price objective on shares of CVS Health from $86.00 to $84.00 and set an “outperform” rating for the company in a research note on Thursday, February 8th. TD Cowen cut shares of CVS Health from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $99.00 to $59.00 in a research note on Tuesday, May 7th. Finally, Baird R W raised shares of CVS Health to a “hold” rating in a research note on Thursday, May 30th. Eleven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $75.05.

Read Our Latest Stock Report on CVS

CVS Health Price Performance

CVS stock opened at $60.70 on Thursday. The firm has a 50 day moving average of $63.74 and a 200-day moving average of $71.32. CVS Health has a 12-month low of $52.77 and a 12-month high of $83.25. The company has a current ratio of 0.81, a quick ratio of 0.61 and a debt-to-equity ratio of 0.78. The company has a market cap of $76.20 billion, a price-to-earnings ratio of 10.67, a PEG ratio of 0.57 and a beta of 0.53.

CVS Health (NYSE:CVSGet Free Report) last announced its quarterly earnings data on Wednesday, May 1st. The pharmacy operator reported $1.31 EPS for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.38). CVS Health had a net margin of 2.03% and a return on equity of 13.53%. The firm had revenue of $88.44 billion during the quarter, compared to analyst estimates of $89.33 billion. During the same quarter in the previous year, the business earned $2.20 EPS. CVS Health’s revenue for the quarter was up 3.7% on a year-over-year basis.

CVS Health Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 22nd were paid a dividend of $0.665 per share. The ex-dividend date of this dividend was Friday, April 19th. This represents a $2.66 annualized dividend and a dividend yield of 4.38%. CVS Health’s dividend payout ratio is presently 46.75%.

Insider Activity at CVS Health

In other CVS Health news, Director Edward J. Ludwig bought 1,000 shares of CVS Health stock in a transaction that occurred on Thursday, May 2nd. The shares were acquired at an average price of $53.88 per share, for a total transaction of $53,880.00. Following the acquisition, the director now owns 21,630 shares of the company’s stock, valued at approximately $1,165,424.40. The acquisition was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.24% of the company’s stock.

Hedge Funds Weigh In On CVS Health

Hedge funds and other institutional investors have recently made changes to their positions in the business. Atticus Wealth Management LLC lifted its holdings in CVS Health by 149.0% in the 4th quarter. Atticus Wealth Management LLC now owns 366 shares of the pharmacy operator’s stock worth $29,000 after buying an additional 219 shares in the last quarter. USA Financial Formulas lifted its holdings in CVS Health by 573.2% in the 4th quarter. USA Financial Formulas now owns 377 shares of the pharmacy operator’s stock worth $30,000 after buying an additional 321 shares in the last quarter. Ables Iannone Moore & Associates Inc. acquired a new position in CVS Health in the 4th quarter worth $32,000. Creekmur Asset Management LLC acquired a new position in CVS Health in the 4th quarter worth $34,000. Finally, Steph & Co. lifted its holdings in CVS Health by 192.0% in the 1st quarter. Steph & Co. now owns 438 shares of the pharmacy operator’s stock worth $35,000 after buying an additional 288 shares in the last quarter. Institutional investors and hedge funds own 80.66% of the company’s stock.

About CVS Health

(Get Free Report)

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.

See Also

Earnings History and Estimates for CVS Health (NYSE:CVS)

Receive News & Ratings for CVS Health Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CVS Health and related companies with MarketBeat.com's FREE daily email newsletter.