CVS Health (NYSE:CVS) Shares Gap Down to $63.18

CVS Health Co. (NYSE:CVS) shares gapped down before the market opened on Wednesday . The stock had previously closed at $63.18, but opened at $60.84. CVS Health shares last traded at $61.74, with a volume of 753,132 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CVS shares. Barclays dropped their price objective on shares of CVS Health from $78.00 to $63.00 and set an “equal weight” rating on the stock in a report on Thursday, May 2nd. Cantor Fitzgerald reissued a “neutral” rating and set a $58.00 price objective on shares of CVS Health in a report on Tuesday, July 23rd. Mizuho dropped their price objective on shares of CVS Health from $86.00 to $72.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Argus dropped their price objective on shares of CVS Health from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Wednesday, May 8th. Finally, TD Cowen lowered shares of CVS Health from a “buy” rating to a “hold” rating and dropped their price objective for the company from $99.00 to $59.00 in a report on Tuesday, May 7th. Eleven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, CVS Health has an average rating of “Moderate Buy” and an average target price of $75.05.

CVS Health Stock Performance

The stock has a market cap of $75.74 billion, a price-to-earnings ratio of 10.60, a P/E/G ratio of 0.59 and a beta of 0.52. The firm’s 50-day moving average is $59.05 and its two-hundred day moving average is $67.08. The company has a current ratio of 0.81, a quick ratio of 0.61 and a debt-to-equity ratio of 0.78.

CVS Health (NYSE:CVS) last announced its quarterly earnings results on Wednesday, May 1st. The pharmacy operator reported $1.31 earnings per share for the quarter, missing analysts’ consensus estimates of $1.69 by ($0.38). CVS Health had a net margin of 2.03% and a return on equity of 13.53%. The company had revenue of $88.44 billion during the quarter, compared to analysts’ expectations of $89.33 billion. During the same period last year, the firm earned $2.20 earnings per share. CVS Health’s revenue was up 3.7% on a year-over-year basis. As a group, sell-side analysts expect that CVS Health Co. will post 7 earnings per share for the current year.

CVS Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Monday, July 22nd will be given a $0.665 dividend. The ex-dividend date of this dividend is Monday, July 22nd. This represents a $2.66 dividend on an annualized basis and a yield of 4.41%. CVS Health’s dividend payout ratio (DPR) is presently 46.75%.

Insider Activity at CVS Health

In related news, Director Edward J. Ludwig purchased 1,000 shares of CVS Health stock in a transaction that occurred on Thursday, May 2nd. The stock was purchased at an average cost of $53.88 per share, with a total value of $53,880.00. Following the completion of the transaction, the director now directly owns 21,630 shares in the company, valued at $1,165,424.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.24% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of CVS. USA Financial Formulas increased its stake in shares of CVS Health by 573.2% during the fourth quarter. USA Financial Formulas now owns 377 shares of the pharmacy operator’s stock worth $30,000 after acquiring an additional 321 shares during the period. Ables Iannone Moore & Associates Inc. acquired a new position in shares of CVS Health during the fourth quarter worth about $32,000. First Community Trust NA increased its stake in shares of CVS Health by 116.2% during the second quarter. First Community Trust NA now owns 562 shares of the pharmacy operator’s stock worth $33,000 after acquiring an additional 302 shares during the period. Creekmur Asset Management LLC acquired a new position in shares of CVS Health during the fourth quarter worth about $34,000. Finally, Steph & Co. increased its stake in shares of CVS Health by 192.0% during the first quarter. Steph & Co. now owns 438 shares of the pharmacy operator’s stock worth $35,000 after acquiring an additional 288 shares during the period. 80.66% of the stock is currently owned by institutional investors and hedge funds.

CVS Health Company Profile

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.