Bank of America Raises CVS Health (NYSE:CVS) Price Target to $90.00

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CVS Health (NYSE:CVS) had its price target boosted by Bank of America from $86.00 to $90.00 in a research report report published on Monday, September 17th. They currently have a buy rating on the pharmacy operator’s stock.

A number of other equities analysts have also recently weighed in on the company. ValuEngine cut CVS Health from a sell rating to a strong sell rating in a report on Tuesday, September 4th. Citigroup reissued a buy rating and issued a $81.00 price target on shares of CVS Health in a report on Monday, July 9th. Leerink Swann set a $80.00 price target on CVS Health and gave the stock an outperform rating in a report on Thursday, August 9th. Royal Bank of Canada reiterated a buy rating and issued a $90.00 target price on shares of CVS Health in a research note on Wednesday, August 8th. Finally, Morgan Stanley dropped their target price on CVS Health from $88.00 to $80.00 and set an overweight rating for the company in a research note on Tuesday, July 3rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. CVS Health presently has an average rating of Buy and a consensus price target of $86.31.

CVS traded up $1.39 during trading on Monday, reaching $74.58. 9,475,196 shares of the stock were exchanged, compared to its average volume of 8,231,727. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.87 and a current ratio of 2.34. The company has a market cap of $80.14 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 1.05 and a beta of 1.02. CVS Health has a 1 year low of $60.14 and a 1 year high of $83.88.

CVS Health (NYSE:CVS) last posted its earnings results on Wednesday, August 8th. The pharmacy operator reported $1.69 EPS for the quarter, topping the Zacks’ consensus estimate of $1.61 by $0.08. CVS Health had a return on equity of 18.25% and a net margin of 1.61%. The company had revenue of $46.71 billion for the quarter, compared to the consensus estimate of $46.34 billion. During the same period in the previous year, the business earned $1.33 earnings per share. CVS Health’s quarterly revenue was up 2.2% compared to the same quarter last year. On average, analysts predict that CVS Health will post 7.05 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Shareholders of record on Wednesday, October 24th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, October 23rd. This represents a $2.00 annualized dividend and a yield of 2.68%. CVS Health’s dividend payout ratio is presently 33.90%.

In other news, EVP Eva C. Boratto sold 13,311 shares of the company’s stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $77.16, for a total value of $1,027,076.76. Following the completion of the sale, the executive vice president now owns 55,162 shares of the company’s stock, valued at $4,256,299.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Kevin Hourican sold 8,564 shares of the company’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $75.00, for a total value of $642,300.00. Following the completion of the sale, the executive vice president now directly owns 12,135 shares of the company’s stock, valued at approximately $910,125. The disclosure for this sale can be found here. Insiders have sold 43,409 shares of company stock valued at $3,392,097 over the last 90 days. 0.53% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Adviser Investments LLC raised its stake in CVS Health by 43.3% during the second quarter. Adviser Investments LLC now owns 2,993 shares of the pharmacy operator’s stock valued at $193,000 after buying an additional 905 shares in the last quarter. Keystone Financial Planning Inc. raised its stake in CVS Health by 44.5% during the second quarter. Keystone Financial Planning Inc. now owns 59,038 shares of the pharmacy operator’s stock valued at $3,799,000 after buying an additional 18,176 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in CVS Health by 4.3% during the second quarter. Schwab Charles Investment Management Inc. now owns 7,332,665 shares of the pharmacy operator’s stock valued at $471,857,000 after buying an additional 300,887 shares in the last quarter. Waddell & Reed Financial Inc. raised its stake in CVS Health by 21.5% during the second quarter. Waddell & Reed Financial Inc. now owns 993,394 shares of the pharmacy operator’s stock valued at $63,925,000 after buying an additional 175,725 shares in the last quarter. Finally, ICM Asset Management Inc. WA acquired a new stake in CVS Health during the second quarter valued at approximately $1,152,000. 82.75% of the stock is owned by hedge funds and other institutional investors.

About CVS Health

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.

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Analyst Recommendations for CVS Health (NYSE:CVS)

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