CVS Health Co. Expected to Earn Q2 2024 Earnings of $2.13 Per Share (NYSE:CVS)

CVS Health Co. (NYSE:CVS) – Equities researchers at Leerink Partnrs lifted their Q2 2024 earnings per share (EPS) estimates for CVS Health in a note issued to investors on Monday, April 22nd. Leerink Partnrs analyst M. Cherny now forecasts that the pharmacy operator will earn $2.13 per share for the quarter, up from their prior estimate of $2.09. Leerink Partnrs has a “Outperform” rating on the stock. The consensus estimate for CVS Health’s current full-year earnings is $8.31 per share. Leerink Partnrs also issued estimates for CVS Health’s Q3 2024 earnings at $2.19 EPS, Q4 2024 earnings at $2.15 EPS, FY2024 earnings at $8.24 EPS, FY2025 earnings at $9.05 EPS, FY2026 earnings at $9.80 EPS and FY2027 earnings at $10.40 EPS.

CVS Health (NYSE:CVS) last released its quarterly earnings data on Wednesday, February 7th. The pharmacy operator reported $2.12 EPS for the quarter, beating analysts’ consensus estimates of $2.01 by $0.11. CVS Health had a return on equity of 15.25% and a net margin of 2.33%. The firm had revenue of $93.81 billion for the quarter, compared to analysts’ expectations of $90.58 billion. During the same period in the prior year, the firm posted $1.99 earnings per share. The firm’s quarterly revenue was up 11.9% on a year-over-year basis.

Other research analysts have also recently issued reports about the company. SVB Leerink assumed coverage on CVS Health in a research note on Monday, February 26th. They set an “outperform” rating and a $88.00 price target on the stock. StockNews.com lowered CVS Health from a “buy” rating to a “hold” rating in a research report on Thursday, February 15th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $87.00 price objective on shares of CVS Health in a research report on Wednesday, April 10th. Piper Sandler upped their price objective on CVS Health from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Friday, March 15th. Finally, Barclays initiated coverage on CVS Health in a research report on Wednesday, March 6th. They set an “equal weight” rating and a $78.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $89.44.

CVS Health Stock Down 1.1 %

NYSE:CVS opened at $67.76 on Tuesday. 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 stock’s fifty day moving average is $74.80 and its two-hundred day moving average is $73.72. CVS Health has a 52 week low of $64.41 and a 52 week high of $83.25. The stock has a market capitalization of $85.41 billion, a price-to-earnings ratio of 10.49, a price-to-earnings-growth ratio of 0.92 and a beta of 0.52.

Hedge Funds Weigh In On CVS Health

Large investors have recently modified their holdings of the stock. Bryn Mawr Capital Management LLC lifted its position in shares of CVS Health by 74.0% during the third quarter. Bryn Mawr Capital Management LLC now owns 43,213 shares of the pharmacy operator’s stock worth $3,017,000 after purchasing an additional 18,385 shares during the last quarter. Value Partners Investments Inc. raised its stake in CVS Health by 26.5% during the third quarter. Value Partners Investments Inc. now owns 991,601 shares of the pharmacy operator’s stock worth $69,261,000 after acquiring an additional 207,702 shares during the period. Sonora Investment Management Group LLC raised its stake in CVS Health by 1.6% during the third quarter. Sonora Investment Management Group LLC now owns 50,488 shares of the pharmacy operator’s stock worth $3,525,000 after acquiring an additional 774 shares during the period. Checchi Capital Advisers LLC raised its stake in CVS Health by 2.3% during the third quarter. Checchi Capital Advisers LLC now owns 10,405 shares of the pharmacy operator’s stock worth $726,000 after acquiring an additional 233 shares during the period. Finally, Personal CFO Solutions LLC raised its stake in CVS Health by 2.6% during the third quarter. Personal CFO Solutions LLC now owns 19,355 shares of the pharmacy operator’s stock worth $1,351,000 after acquiring an additional 491 shares during the period. Institutional investors own 80.66% of the company’s stock.

Insider Buying and Selling at CVS Health

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

CVS Health Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 22nd will be given a $0.665 dividend. The ex-dividend date is Friday, April 19th. This represents a $2.66 dividend on an annualized basis and a yield of 3.93%. CVS Health’s payout ratio is currently 41.18%.

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.