Royal Bank of Canada Reiterates “Outperform” Rating for CVS Health (NYSE:CVS)

Royal Bank of Canada reissued their outperform rating on shares of CVS Health (NYSE:CVS) in a report published on Wednesday, Benzinga reports. The firm currently has a $68.00 price target on the pharmacy operator’s stock.

Several other research analysts have also issued reports on the company. Robert W. Baird initiated coverage on CVS Health in a research report on Thursday, May 30th. They set a neutral rating and a $61.00 target price for the company. Evercore ISI reduced their target price on CVS Health from $65.00 to $62.00 and set an outperform rating on the stock in a report on Thursday, August 8th. TD Cowen lowered shares of CVS Health from a buy rating to a hold rating and lowered their price target for the stock from $99.00 to $59.00 in a report on Tuesday, May 7th. Argus reduced their price objective on shares of CVS Health from $100.00 to $80.00 and set a buy rating on the stock in a research note on Wednesday, May 8th. Finally, JPMorgan Chase & Co. lowered their target price on shares of CVS Health from $101.00 to $86.00 and set an overweight rating for the company in a research note on Thursday, May 30th. Eleven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $72.48.

CVS Health Price Performance

Shares of CVS opened at $59.30 on Wednesday. The company has a quick ratio of 0.66, a current ratio of 0.86 and a debt-to-equity ratio of 0.83. The stock has a market cap of $74.44 billion, a PE ratio of 10.42, a PEG ratio of 0.80 and a beta of 0.52. CVS Health has a 12-month low of $52.77 and a 12-month high of $83.25. The business has a 50-day simple moving average of $58.33 and a two-hundred day simple moving average of $64.04.

CVS Health (NYSE:CVS) last posted its earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 EPS for the quarter, topping the consensus estimate of $1.73 by $0.10. CVS Health had a net margin of 1.98% and a return on equity of 12.72%. The business had revenue of $91.23 billion for the quarter, compared to the consensus estimate of $91.41 billion. During the same period last year, the company earned $2.21 EPS. The firm’s revenue was up 2.6% compared to the same quarter last year. Analysts anticipate that CVS Health will post 6.52 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 22nd were given a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.49%. The ex-dividend date was Monday, July 22nd. CVS Health’s payout ratio is 46.75%.

Institutional Trading of CVS Health

Several hedge funds have recently bought and sold shares of CVS. USA Financial Formulas lifted its stake in shares of CVS Health by 573.2% in the fourth quarter. USA Financial Formulas now owns 377 shares of the pharmacy operator’s stock valued at $30,000 after buying an additional 321 shares in the last quarter. Ables Iannone Moore & Associates Inc. bought a new position in CVS Health in the 4th quarter valued at about $32,000. First Community Trust NA boosted its stake in CVS Health by 116.2% during the 2nd quarter. First Community Trust NA now owns 562 shares of the pharmacy operator’s stock valued at $33,000 after purchasing an additional 302 shares during the last quarter. Creekmur Asset Management LLC bought a new stake in CVS Health during the 4th quarter worth approximately $34,000. Finally, Steph & Co. lifted its holdings in shares of CVS Health by 192.0% in the first quarter. Steph & Co. now owns 438 shares of the pharmacy operator’s stock valued at $35,000 after purchasing an additional 288 shares in the last quarter. Institutional investors and hedge funds 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.