Royal Bank of Canada Cuts CVS Health (NYSE:CVS) Price Target to $58.00

CVS Health (NYSE:CVS) had its price target decreased by Royal Bank of Canada from $68.00 to $58.00 in a research note released on Friday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the pharmacy operator’s stock.

Several other equities research analysts have also weighed in on the company. Truist Financial boosted their target price on CVS Health from $66.00 to $76.00 and gave the stock a “buy” rating in a report on Friday, October 11th. Evercore ISI raised their target price on shares of CVS Health from $62.00 to $75.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Cantor Fitzgerald restated a “neutral” rating and set a $62.00 price target on shares of CVS Health in a report on Tuesday, October 1st. Wells Fargo & Company cut their price objective on CVS Health from $61.00 to $60.00 and set an “equal weight” rating for the company in a research report on Monday, November 4th. Finally, UBS Group increased their target price on CVS Health from $60.00 to $62.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $72.44.

CVS Health Price Performance

Shares of CVS opened at $53.19 on Friday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.59 and a current ratio of 0.80. The firm has a market cap of $66.93 billion, a PE ratio of 13.50, a PEG ratio of 0.92 and a beta of 0.55. CVS Health has a twelve month low of $52.71 and a twelve month high of $83.25. The firm’s 50 day moving average price is $59.23 and its 200 day moving average price is $58.60.

CVS Health (NYSE:CVS) last released its quarterly earnings data on Wednesday, November 6th. The pharmacy operator reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.01. CVS Health had a net margin of 1.36% and a return on equity of 10.72%. The business had revenue of $95.43 billion during the quarter, compared to analyst estimates of $92.72 billion. During the same quarter in the previous year, the business earned $2.21 EPS. CVS Health’s quarterly revenue was up 6.3% compared to the same quarter last year. As a group, research analysts expect that CVS Health will post 5.48 EPS for the current fiscal year.

CVS Health Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were given a $0.665 dividend. This represents a $2.66 annualized dividend and a yield of 5.00%. The ex-dividend date was Monday, October 21st. CVS Health’s dividend payout ratio (DPR) is presently 67.51%.

Institutional Investors Weigh In On CVS Health

A number of institutional investors have recently added to or reduced their stakes in the stock. MidAtlantic Capital Management Inc. bought a new stake in CVS Health in the third quarter valued at $25,000. Livelsberger Financial Advisory bought a new position in CVS Health during the 3rd quarter valued at about $31,000. Crewe Advisors LLC acquired a new position in CVS Health in the first quarter valued at about $40,000. Legacy Investment Solutions LLC bought a new stake in CVS Health during the third quarter worth about $31,000. Finally, Reston Wealth Management LLC bought a new position in shares of CVS Health in the third quarter valued at approximately $32,000. 80.66% of the stock is owned by institutional investors and hedge funds.

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.