CVS Health (CVS) Shares Down 2.2% After Analyst Downgrade

CVS Health Corp (NYSE:CVS) fell 2.2% during mid-day trading on Friday after Royal Bank of Canada lowered their price target on the stock to $84.00. Royal Bank of Canada currently has an outperform rating on the stock. CVS Health traded as low as $63.04 and last traded at $64.35. 10,731,515 shares traded hands during trading, an increase of 21% from the average session volume of 8,887,489 shares. The stock had previously closed at $65.78.

CVS has been the subject of a number of other research reports. Loop Capital set a $68.00 target price on shares of CVS Health and gave the company a “hold” rating in a research note on Monday, May 7th. ValuEngine lowered shares of CVS Health from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. Leerink Swann set a $85.00 target price on shares of CVS Health and gave the company a “buy” rating in a research note on Tuesday, April 10th. Bank of America reduced their price objective on shares of CVS Health from $91.00 to $88.00 and set a “buy” rating for the company in a research note on Wednesday, April 11th. Finally, Mizuho set a $95.00 price objective on shares of CVS Health and gave the company a “buy” rating in a research note on Wednesday, June 13th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. CVS Health currently has an average rating of “Buy” and an average price target of $85.98.

In other CVS Health news, Director C David Brown II acquired 10,000 shares of CVS Health stock in a transaction that occurred on Friday, May 4th. The stock was acquired at an average price of $61.99 per share, with a total value of $619,900.00. Following the purchase, the director now owns 101,252 shares in the company, valued at $6,276,611.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.53% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Brown Advisory Inc. raised its holdings in CVS Health by 23.3% in the 1st quarter. Brown Advisory Inc. now owns 271,629 shares of the pharmacy operator’s stock worth $16,898,000 after acquiring an additional 51,292 shares during the period. Mount Yale Investment Advisors LLC bought a new position in CVS Health in the 1st quarter worth $7,989,000. Dynamic Technology Lab Private Ltd raised its holdings in CVS Health by 83.8% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 14,150 shares of the pharmacy operator’s stock worth $880,000 after acquiring an additional 6,450 shares during the period. Rikoon Group LLC raised its holdings in CVS Health by 17.2% in the 1st quarter. Rikoon Group LLC now owns 6,382 shares of the pharmacy operator’s stock worth $389,000 after acquiring an additional 938 shares during the period. Finally, Personal Resources Investment & Strategic Management Inc. bought a new position in CVS Health in the 1st quarter worth $1,481,000. Hedge funds and other institutional investors own 83.18% of the company’s stock.

The firm has a market capitalization of $66.88 billion, a P/E ratio of 10.91, a price-to-earnings-growth ratio of 0.92 and a beta of 1.00. The company has a current ratio of 2.37, a quick ratio of 1.88 and a debt-to-equity ratio of 1.59.

CVS Health (NYSE:CVS) last posted its quarterly earnings data on Wednesday, May 2nd. The pharmacy operator reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.09. CVS Health had a net margin of 3.59% and a return on equity of 17.45%. The company had revenue of $45.69 billion for the quarter, compared to the consensus estimate of $45.77 billion. During the same quarter in the previous year, the firm posted $1.17 EPS. The business’s revenue was up 2.6% compared to the same quarter last year. equities analysts expect that CVS Health Corp will post 6.98 earnings per share for the current year.

CVS Health Company Profile

CVS Health Corporation, together with its subsidiaries, provides integrated pharmacy health care services. It operates through Pharmacy Services and Retail/LTC segments. The Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, Medicare Part D services, mail order, specialty pharmacy and infusion services, retail pharmacy network management services, prescription management systems, clinical services, disease management programs, and medical pharmacy management services.

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.

Leave a Reply