CVS Health (NYSE:CVS) Given New $76.00 Price Target at Truist Financial

CVS Health (NYSE:CVS) had its price target raised by Truist Financial from $66.00 to $76.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a buy rating on the pharmacy operator’s stock.

Several other research firms also recently issued reports on CVS. Barclays upgraded CVS Health from an equal weight rating to an overweight rating and boosted their price target for the company from $63.00 to $82.00 in a research note on Thursday. Wells Fargo & Company raised their target price on shares of CVS Health from $60.00 to $61.00 and gave the stock an equal weight rating in a report on Monday, August 12th. Deutsche Bank Aktiengesellschaft reduced their price target on CVS Health from $64.00 to $63.00 and set a hold rating on the stock in a research report on Friday, August 9th. Cantor Fitzgerald reaffirmed a neutral rating and issued a $62.00 price objective on shares of CVS Health in a report on Tuesday, October 1st. Finally, Royal Bank of Canada reissued an outperform rating and set a $68.00 target price on shares of CVS Health in a report on Wednesday, September 4th. Nine research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, CVS Health currently has a consensus rating of Moderate Buy and a consensus price target of $75.26.

CVS Health Stock Performance

CVS opened at $66.63 on Friday. The company has a quick ratio of 0.66, a current ratio of 0.86 and a debt-to-equity ratio of 0.83. CVS Health has a 12-month low of $52.77 and a 12-month high of $83.25. The business has a 50 day moving average of $59.12 and a 200-day moving average of $61.15. The stock has a market cap of $83.65 billion, a price-to-earnings ratio of 11.71, a PEG ratio of 0.93 and a beta of 0.54.

CVS Health (NYSE:CVS) last issued its quarterly earnings data on Wednesday, August 7th. The pharmacy operator reported $1.83 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.10. The company had revenue of $91.23 billion for the quarter, compared to analyst estimates of $91.41 billion. CVS Health had a net margin of 1.98% and a return on equity of 12.72%. The company’s revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the firm earned $2.21 earnings per share. On average, equities research analysts expect that CVS Health will post 6.51 earnings per share for the current year.

CVS Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Monday, October 21st will be given a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date is Monday, October 21st. CVS Health’s payout ratio is 46.75%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CVS. Oarsman Capital Inc. raised its position in CVS Health by 5.0% in the 4th quarter. Oarsman Capital Inc. now owns 16,025 shares of the pharmacy operator’s stock valued at $1,265,000 after buying an additional 756 shares during the last quarter. Hobbs Group Advisors LLC bought a new position in shares of CVS Health during the 4th quarter valued at approximately $421,000. Taylor Financial Group Inc. bought a new position in CVS Health during the fourth quarter valued at $454,000. Voisard Asset Management Group Inc. purchased a new stake in CVS Health in the fourth quarter worth $46,000. Finally, Sunpointe LLC bought a new stake in shares of CVS Health in the fourth quarter valued at $322,000. 80.66% of the stock is owned by institutional investors.

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.