CVS Health (NYSE:CVS) Releases Q3 Earnings Guidance

CVS Health (NYSE:CVS) updated its third quarter earnings guidance on Friday. The company provided earnings per share guidance of $1.05-1.10 for the period, compared to the consensus earnings per share estimate of $1.69. CVS Health also updated its Q3 2024 guidance to 1.050-1.100 EPS.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CVS. Barclays upgraded CVS Health from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $63.00 to $82.00 in a research note on Thursday, October 10th. Truist Financial raised their price target on CVS Health from $66.00 to $76.00 and gave the stock a “buy” rating in a research report on Friday, October 11th. Wells Fargo & Company upped their price objective on shares of CVS Health from $60.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Monday, August 12th. TD Cowen raised shares of CVS Health from a “hold” rating to a “buy” rating and raised their target price for the company from $59.00 to $85.00 in a report on Friday, October 4th. Finally, Evercore ISI upped their price target on shares of CVS Health from $62.00 to $75.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Nine analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.26.

CVS Health Stock Performance

CVS Health stock opened at $60.34 on Monday. The business has a 50 day moving average of $59.80 and a 200-day moving average of $60.43. The company has a market capitalization of $75.75 billion, a P/E ratio of 10.60, a P/E/G ratio of 0.93 and a beta of 0.54. CVS Health has a 1 year low of $52.77 and a 1 year high of $83.25. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.86 and a quick ratio of 0.66.

CVS Health (NYSE:CVS) last announced its quarterly earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.73 by $0.10. The firm had revenue of $91.23 billion during the quarter, compared to analysts’ expectations of $91.41 billion. CVS Health had a net margin of 1.98% and a return on equity of 12.72%. The company’s revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the company posted $2.21 EPS. On average, equities research analysts predict that CVS Health will post 6.51 earnings per share for the current year.

CVS Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Monday, October 21st will be given a $0.665 dividend. The ex-dividend date of this dividend is Monday, October 21st. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.41%. CVS Health’s dividend payout ratio (DPR) is presently 46.75%.

CVS Health Company Profile

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.