CVS Health (NYSE:CVS) Price Target Raised to $76.00

CVS Health (NYSE:CVS) had its target price hoisted by Truist Financial from $66.00 to $76.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has a buy rating on the pharmacy operator’s stock.

A number of other analysts have also recently commented on CVS. Evercore ISI boosted their price target on CVS Health from $62.00 to $75.00 and gave the stock an outperform rating in a research report on Tuesday, October 8th. Barclays raised CVS Health from an equal weight rating to an overweight rating and boosted their price target for the stock from $63.00 to $82.00 in a research report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft dropped their price target on CVS Health from $64.00 to $63.00 and set a hold rating on the stock in a research report on Friday, August 9th. Wells Fargo & Company upped their price objective on CVS Health from $60.00 to $61.00 and gave the company an equal weight rating in a research report on Monday, August 12th. Finally, Royal Bank of Canada reaffirmed an outperform rating and issued a $68.00 price objective on shares of CVS Health in a research report on Wednesday, September 4th. Nine equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $75.26.

CVS Health Stock Up 1.2 %

CVS stock opened at $67.46 on Friday. CVS Health has a fifty-two week low of $52.77 and a fifty-two week high of $83.25. The business’s 50 day moving average price is $59.31 and its two-hundred day moving average price is $60.81. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.66 and a current ratio of 0.86. The company has a market capitalization of $84.69 billion, a price-to-earnings ratio of 11.86, a price-to-earnings-growth ratio of 0.93 and a beta of 0.54.

CVS Health (NYSE:CVS) last posted its earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 earnings per share for the quarter, topping analysts’ consensus estimates of $1.73 by $0.10. CVS Health had a return on equity of 12.72% and a net margin of 1.98%. The firm had revenue of $91.23 billion for the quarter, compared to the consensus estimate of $91.41 billion. During the same quarter in the prior year, the business earned $2.21 EPS. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, analysts forecast that CVS Health will post 6.51 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Monday, October 21st will be issued a dividend of $0.665 per share. The ex-dividend date is Monday, October 21st. This represents a $2.66 annualized dividend and a dividend yield of 3.94%. CVS Health’s payout ratio is 46.75%.

Institutional Investors Weigh In On CVS Health

Several hedge funds and other institutional investors have recently modified their holdings of CVS. Pzena Investment Management LLC increased its stake in shares of CVS Health by 132.9% in the 2nd quarter. Pzena Investment Management LLC now owns 12,936,388 shares of the pharmacy operator’s stock worth $764,023,000 after purchasing an additional 7,382,931 shares in the last quarter. Capital International Investors increased its stake in shares of CVS Health by 12.5% in the 1st quarter. Capital International Investors now owns 37,917,923 shares of the pharmacy operator’s stock worth $3,024,334,000 after purchasing an additional 4,226,225 shares in the last quarter. Capital World Investors increased its stake in shares of CVS Health by 8.0% in the 1st quarter. Capital World Investors now owns 43,776,874 shares of the pharmacy operator’s stock worth $3,491,643,000 after purchasing an additional 3,232,172 shares in the last quarter. State of Michigan Retirement System increased its stake in CVS Health by 402.5% in the 2nd quarter. State of Michigan Retirement System now owns 2,005,677 shares of the pharmacy operator’s stock worth $118,455,000 after buying an additional 1,606,500 shares in the last quarter. Finally, Swedbank AB purchased a new stake in CVS Health in the 1st quarter worth $110,816,000. 80.66% of the stock is currently owned by hedge funds and other 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.