CVS Health Co. (NYSE:CVS) Forecasted to Earn Q2 2024 Earnings of $1.65 Per Share

CVS Health Co. (NYSE:CVS - Free Report) - Equities researchers at Leerink Partnrs decreased their Q2 2024 earnings per share (EPS) estimates for CVS Health in a report released on Thursday, July 18th. Leerink Partnrs analyst M. Cherny now anticipates that the pharmacy operator will earn $1.65 per share for the quarter, down from their previous estimate of $1.76. Leerink Partnrs currently has a "Market Perform" rating on the stock. The consensus estimate for CVS Health's current full-year earnings is $7.02 per share. Leerink Partnrs also issued estimates for CVS Health's Q4 2024 earnings at $1.93 EPS, FY2025 earnings at $7.60 EPS, FY2026 earnings at $8.68 EPS and FY2027 earnings at $9.47 EPS.

Several other equities research analysts also recently weighed in on the company. Bank of America decreased their price target on CVS Health from $95.00 to $77.00 and set a "buy" rating for the company in a report on Thursday, May 2nd. Wells Fargo & Company cut their price objective on CVS Health from $76.00 to $60.00 and set an "equal weight" rating for the company in a research report on Tuesday, May 7th. JPMorgan Chase & Co. cut their price objective on CVS Health from $101.00 to $86.00 and set an "overweight" rating for the company in a research report on Thursday, May 30th. SVB Leerink reiterated a "market perform" rating and issued a $60.00 price objective (down previously from $87.00) on shares of CVS Health in a research report on Wednesday, May 1st. Finally, Cantor Fitzgerald reiterated a "neutral" rating and issued a $58.00 price objective on shares of CVS Health in a research report on Wednesday, June 12th. Eleven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, CVS Health has an average rating of "Moderate Buy" and an average price target of $75.05.

CVS Health Stock Performance

Shares of NYSE CVS traded down $1.24 during mid-day trading on Monday, hitting $58.33. 7,911,271 shares of the company were exchanged, compared to its average volume of 11,653,606. The company has a quick ratio of 0.61, a current ratio of 0.81 and a debt-to-equity ratio of 0.78. The stock has a 50 day simple moving average of $58.68 and a 200-day simple moving average of $67.90. CVS Health has a 1-year low of $52.77 and a 1-year high of $83.25. The firm has a market cap of $73.22 billion, a price-to-earnings ratio of 10.25, a price-to-earnings-growth ratio of 0.57 and a beta of 0.52.

CVS Health (NYSE:CVS - Get Free Report) last issued its quarterly earnings results on Wednesday, May 1st. The pharmacy operator reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.69 by ($0.38). CVS Health had a return on equity of 13.53% and a net margin of 2.03%. The company had revenue of $88.44 billion for the quarter, compared to analyst estimates of $89.33 billion. During the same period in the prior year, the business earned $2.20 earnings per share. CVS Health's revenue for the quarter was up 3.7% compared to the same quarter last year.

Institutional Investors Weigh In On CVS Health

Hedge funds and other institutional investors have recently bought and sold shares of the business. BKM Wealth Management LLC bought a new stake in shares of CVS Health in the 4th quarter valued at approximately $77,000. CX Institutional increased its holdings in shares of CVS Health by 48.5% in the 4th quarter. CX Institutional now owns 6,332 shares of the pharmacy operator's stock valued at $500,000 after acquiring an additional 2,068 shares during the last quarter. CoreCap Advisors LLC increased its holdings in shares of CVS Health by 6.5% in the 4th quarter. CoreCap Advisors LLC now owns 3,057 shares of the pharmacy operator's stock valued at $241,000 after acquiring an additional 186 shares during the last quarter. CVA Family Office LLC increased its holdings in shares of CVS Health by 8.4% in the 4th quarter. CVA Family Office LLC now owns 5,651 shares of the pharmacy operator's stock valued at $446,000 after acquiring an additional 439 shares during the last quarter. Finally, D.B. Root & Company LLC increased its holdings in shares of CVS Health by 3.7% in the 4th quarter. D.B. Root & Company LLC now owns 16,997 shares of the pharmacy operator's stock valued at $1,342,000 after acquiring an additional 614 shares during the last quarter. 80.66% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Edward J. Ludwig purchased 1,000 shares of CVS Health stock in a transaction that occurred on Thursday, May 2nd. The shares were purchased at an average cost of $53.88 per share, with a total value of $53,880.00. Following the transaction, the director now owns 21,630 shares of the company's stock, valued at approximately $1,165,424.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.24% of the stock is currently owned by corporate insiders.

CVS Health Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Monday, July 22nd will be given a dividend of $0.665 per share. This represents a $2.66 annualized dividend and a yield of 4.56%. The ex-dividend date of this dividend is Monday, July 22nd. CVS Health's dividend payout ratio (DPR) is presently 46.75%.

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.