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

CVS Health (NYSE:CVS) had its price objective cut by Wells Fargo & Company from $61.00 to $60.00 in a research report released on Monday morning, Benzinga reports. They currently have an equal weight rating on the pharmacy operator’s stock.

Several other equities research analysts have also weighed in on CVS. Deutsche Bank Aktiengesellschaft cut their target price 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. Barclays cut their price objective on shares of CVS Health from $82.00 to $75.00 and set an “overweight” rating on the stock in a report on Wednesday, October 23rd. Cantor Fitzgerald restated a “neutral” rating and issued a $62.00 target price on shares of CVS Health in a report on Tuesday, October 1st. Mizuho cut their price target on shares of CVS Health from $73.00 to $66.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Finally, Evercore ISI upped their price objective on shares of CVS Health from $62.00 to $75.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Nine investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $73.11.

CVS Health Stock Up 11.3 %

Shares of CVS Health stock opened at $61.61 on Monday. CVS Health has a 52-week low of $52.77 and a 52-week high of $83.25. The company has a 50 day moving average of $59.59 and a 200 day moving average of $59.23. The company has a quick ratio of 0.66, a current ratio of 0.86 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $77.50 billion, a P/E ratio of 10.96, a P/E/G ratio of 0.82 and a beta of 0.55.

CVS Health (NYSE:CVS) last issued its earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 EPS for the quarter, topping analysts’ consensus estimates of $1.73 by $0.10. The firm had revenue of $91.23 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.21 earnings per share. As a group, research analysts forecast that CVS Health will post 6.27 EPS for the current fiscal year.

CVS Health Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were paid a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a yield of 4.32%. The ex-dividend date was Monday, October 21st. CVS Health’s payout ratio is currently 47.33%.

Institutional Investors Weigh In On CVS Health

Several hedge funds have recently modified their holdings of the company. Livelsberger Financial Advisory purchased a new position in CVS Health during the third quarter worth about $31,000. Reston Wealth Management LLC acquired a new position in shares of CVS Health in the 3rd quarter valued at $32,000. First Community Trust NA increased its holdings in shares of CVS Health by 116.2% during the 2nd quarter. First Community Trust NA now owns 562 shares of the pharmacy operator’s stock worth $33,000 after buying an additional 302 shares during the last quarter. Kathleen S. Wright Associates Inc. acquired a new position in CVS Health in the third quarter valued at $33,000. Finally, ORG Partners LLC grew its position in CVS Health by 11,840.0% during the second quarter. ORG Partners LLC now owns 597 shares of the pharmacy operator’s stock valued at $35,000 after acquiring an additional 592 shares during the period. 80.66% of the stock is owned by institutional investors and hedge funds.

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.