Leerink Partnrs Comments on CVS Health Co.’s Q2 2024 Earnings (NYSE:CVS)

CVS Health Co. (NYSE:CVS) – Research analysts at Leerink Partnrs increased their Q2 2024 earnings estimates for CVS Health in a research note issued 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 previous forecast of $2.09. Leerink Partnrs currently has a “Outperform” rating on the stock. The consensus estimate for CVS Health’s current full-year earnings is $8.32 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 posted 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. The business had revenue of $93.81 billion for the quarter, compared to analyst estimates of $90.58 billion. CVS Health had a return on equity of 15.25% and a net margin of 2.33%. The business’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.99 earnings per share.

A number of other brokerages have also issued reports on CVS. Cantor Fitzgerald reissued an “overweight” rating and issued a $87.00 price target on shares of CVS Health in a research note on Wednesday, April 10th. Wells Fargo & Company decreased their price target on CVS Health from $83.00 to $76.00 and set an “equal weight” rating for the company in a report on Monday, April 8th. SVB Leerink began coverage on shares of CVS Health in a research report on Monday, February 26th. They set an “outperform” rating and a $88.00 target price on the stock. Royal Bank of Canada lowered their price target on shares of CVS Health from $86.00 to $84.00 and set an “outperform” rating for the company in a report on Thursday, February 8th. Finally, Piper Sandler boosted their price objective on shares of CVS Health from $93.00 to $94.00 and gave the stock an “overweight” rating in a report on Friday, March 15th. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.44.

CVS Health Trading Down 1.6 %

Shares of CVS Health stock opened at $68.50 on Tuesday. CVS Health has a fifty-two week low of $64.41 and a fifty-two week high of $83.25. The business’s fifty day moving average is $74.97 and its two-hundred day moving average is $73.76. 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 firm has a market cap of $86.34 billion, a PE ratio of 10.60, a P/E/G ratio of 0.92 and a beta of 0.52.

CVS Health Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 22nd will be issued a $0.665 dividend. The ex-dividend date of this dividend is Friday, April 19th. This represents a $2.66 annualized dividend and a dividend yield of 3.88%. CVS Health’s dividend payout ratio is currently 41.18%.

Insider Transactions at CVS Health

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Iowa State Bank increased its holdings in shares of CVS Health by 5.7% in the 1st quarter. Iowa State Bank now owns 60,998 shares of the pharmacy operator’s stock valued at $4,865,000 after purchasing an additional 3,301 shares during the period. Global Retirement Partners LLC increased its stake in CVS Health by 2.3% in the 1st quarter. Global Retirement Partners LLC now owns 32,567 shares of the pharmacy operator’s stock valued at $2,598,000 after buying an additional 721 shares during the period. Cornell Pochily Investment Advisors Inc. lifted its position in CVS Health by 15.0% in the 1st quarter. Cornell Pochily Investment Advisors Inc. now owns 3,242 shares of the pharmacy operator’s stock worth $259,000 after buying an additional 423 shares in the last quarter. Sweet Financial Partners LLC grew its holdings in shares of CVS Health by 6.8% during the 1st quarter. Sweet Financial Partners LLC now owns 22,402 shares of the pharmacy operator’s stock valued at $1,787,000 after acquiring an additional 1,428 shares in the last quarter. Finally, Sage Mountain Advisors LLC raised its holdings in shares of CVS Health by 1.6% during the first quarter. Sage Mountain Advisors LLC now owns 26,953 shares of the pharmacy operator’s stock worth $2,150,000 after acquiring an additional 414 shares in the last quarter. Hedge funds and other institutional investors own 80.66% of the company’s stock.

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.