CVS Health (NYSE:CVS) Posts Earnings Results, Misses Expectations By $0.38 EPS

CVS Health (NYSE:CVS) announced its quarterly earnings data on Wednesday. The pharmacy operator reported $1.31 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.38), Briefing.com reports. The company had revenue of $88.44 billion for the quarter, compared to analysts’ expectations of $89.33 billion. CVS Health had a net margin of 2.33% and a return on equity of 15.25%. CVS Health’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period last year, the firm earned $2.20 earnings per share. CVS Health updated its FY24 guidance to at least $7.00 EPS.

CVS Health Trading Down 2.4 %

CVS Health stock traded down $1.33 during trading hours on Thursday, reaching $54.98. 32,344,513 shares of the company’s stock were exchanged, compared to its average volume of 11,532,171. The company has a quick ratio of 0.63, a current ratio of 0.86 and a debt-to-equity ratio of 0.77. The firm’s 50 day simple moving average is $73.63 and its 200 day simple moving average is $73.50. CVS Health has a twelve month low of $53.70 and a twelve month high of $83.25. The firm has a market capitalization of $69.30 billion, a PE ratio of 8.41, a PEG ratio of 0.90 and a beta of 0.56.

CVS Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 22nd were issued a $0.665 dividend. The ex-dividend date was Friday, April 19th. This represents a $2.66 dividend on an annualized basis and a yield of 4.84%. CVS Health’s payout ratio is 41.18%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CVS. UBS Group cut shares of CVS Health from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $85.00 to $60.00 in a research note on Thursday. Cantor Fitzgerald downgraded shares of CVS Health from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $87.00 to $58.00 in a report on Wednesday. Wells Fargo & Company cut their target price on shares of CVS Health from $83.00 to $76.00 and set an “equal weight” rating for the company in a research report on Monday, April 8th. Barclays decreased their price objective on shares of CVS Health from $78.00 to $63.00 and set an “equal weight” rating for the company in a research note on Thursday. Finally, Piper Sandler upped their price target on shares of CVS Health from $93.00 to $94.00 and gave the company an “overweight” rating in a report on Friday, March 15th. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $80.35.

Insiders Place Their Bets

In other news, EVP Prem S. Shah sold 29,473 shares of the firm’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $76.95, for a total value of $2,267,947.35. Following the completion of the sale, the executive vice president now directly owns 39,765 shares in the company, valued at approximately $3,059,916.75. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.24% of the company’s stock.

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.