CVS Health (NYSE:CVS) Upgraded by Needham & Company LLC to Buy

Needham & Company LLC upgraded shares of CVS Health (NYSE:CVS) from a hold rating to a buy rating in a research note issued to investors on Friday, November 10th, Marketbeat.com reports. They currently have $79.00 target price on the pharmacy operator’s stock, up from their prior target price of $69.02.

Several other equities analysts have also recently commented on CVS. Jefferies Group reiterated a hold rating and set a $82.00 target price on shares of CVS Health in a research note on Friday, July 14th. BidaskClub cut shares of CVS Health from a hold rating to a sell rating in a research note on Monday, July 24th. Wolfe Research lowered shares of CVS Health from an outperform rating to a market perform rating and lowered their price target for the company from $89.00 to $82.00 in a report on Monday, August 14th. Robert W. Baird reissued an outperform rating and issued a $90.00 price target on shares of CVS Health in a report on Monday, August 14th. Finally, Citigroup lowered their price target on shares of CVS Health from $88.00 to $87.00 and set a neutral rating on the stock in a report on Thursday, August 17th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $85.82.

CVS Health (NYSE CVS) traded up $0.70 during midday trading on Friday, reaching $73.40. 7,329,800 shares of the company’s stock were exchanged, compared to its average volume of 6,623,161. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.05 and a quick ratio of 0.55. The firm has a market capitalization of $73,640.00, a PE ratio of 12.36, a PEG ratio of 1.21 and a beta of 0.86. CVS Health has a 1 year low of $66.45 and a 1 year high of $84.72.

CVS Health (NYSE:CVS) last posted its earnings results on Monday, November 6th. The pharmacy operator reported $1.50 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.49 by $0.01. CVS Health had a net margin of 2.77% and a return on equity of 16.96%. The firm had revenue of $46.18 billion during the quarter, compared to analysts’ expectations of $46.17 billion. During the same period in the previous year, the company earned $1.64 earnings per share. The company’s revenue was up 3.5% compared to the same quarter last year. analysts expect that CVS Health will post 5.9 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, November 3rd. Stockholders of record on Tuesday, October 24th were issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend was Monday, October 23rd. CVS Health’s payout ratio is 41.32%.

In other news, EVP Thomas M. Moriarty sold 20,547 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $81.17, for a total value of $1,667,799.99. Following the sale, the executive vice president now owns 43,178 shares of the company’s stock, valued at approximately $3,504,758.26. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Helena Foulkes sold 39,340 shares of the company’s stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $81.88, for a total transaction of $3,221,159.20. Following the completion of the sale, the executive vice president now directly owns 84,337 shares in the company, valued at approximately $6,905,513.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 714,125 shares of company stock worth $58,119,381. 0.61% of the stock is owned by insiders.

A number of large investors have recently modified their holdings of the business. FMR LLC raised its position in shares of CVS Health by 22.0% in the 2nd quarter. FMR LLC now owns 30,150,634 shares of the pharmacy operator’s stock valued at $2,425,920,000 after acquiring an additional 5,446,930 shares during the period. Truepoint Inc. raised its position in shares of CVS Health by 8,578.9% in the 3rd quarter. Truepoint Inc. now owns 3,757,530 shares of the pharmacy operator’s stock valued at $3,758,000 after acquiring an additional 3,714,235 shares during the period. Boston Partners raised its position in shares of CVS Health by 69.1% in the 2nd quarter. Boston Partners now owns 6,459,237 shares of the pharmacy operator’s stock valued at $519,711,000 after acquiring an additional 2,638,888 shares during the period. Ameriprise Financial Inc. raised its position in shares of CVS Health by 30.2% in the 3rd quarter. Ameriprise Financial Inc. now owns 7,977,370 shares of the pharmacy operator’s stock valued at $648,683,000 after acquiring an additional 1,849,593 shares during the period. Finally, Parametric Portfolio Associates LLC raised its position in shares of CVS Health by 71.5% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 3,949,854 shares of the pharmacy operator’s stock valued at $317,805,000 after acquiring an additional 1,647,168 shares during the period. 82.60% of the stock is currently owned by hedge funds and other institutional investors.

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About CVS Health

CVS Health Corporation, together with its subsidiaries, is an integrated pharmacy healthcare company. The Company provides pharmacy care for the senior community through Omnicare, Inc (Omnicare) and Omnicare’s long-term care (LTC) operations, which include distribution of pharmaceuticals, related pharmacy consulting and other ancillary services to chronic care facilities and other care settings.

Analyst Recommendations for CVS Health (NYSE:CVS)

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