CVS Health (NYSE:CVS) Stock Price Down 1.2% – Here’s What Happened

CVS Health Co. (NYSE:CVS) dropped 1.2% during trading on Thursday . The stock traded as low as $55.32 and last traded at $56.23. Approximately 3,744,610 shares changed hands during trading, a decline of 71% from the average daily volume of 13,112,369 shares. The stock had previously closed at $56.90.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CVS shares. Wells Fargo & Company raised shares of CVS Health from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $60.00 to $66.00 in a research report on Monday, November 18th. Royal Bank of Canada dropped their price objective on shares of CVS Health from $68.00 to $58.00 and set an “outperform” rating for the company in a research note on Friday, November 15th. TD Cowen raised their target price on shares of CVS Health from $73.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, November 25th. UBS Group increased their price target on CVS Health from $60.00 to $62.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, Edward Jones raised shares of CVS Health from a “hold” rating to a “buy” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $68.12.

CVS Health Stock Performance

The stock has a market cap of $71.53 billion, a P/E ratio of 14.43, a PEG ratio of 0.80 and a beta of 0.59. The company has a current ratio of 0.80, a quick ratio of 0.59 and a debt-to-equity ratio of 0.80. The company’s 50-day simple moving average is $51.28 and its 200 day simple moving average is $56.17.

CVS Health (NYSE:CVS) last released its earnings results on Wednesday, November 6th. The pharmacy operator reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.01. CVS Health had a return on equity of 10.72% and a net margin of 1.36%. The company had revenue of $95.43 billion for the quarter, compared to analysts’ expectations of $92.72 billion. During the same period in the previous year, the business posted $2.21 EPS. The business’s revenue for the quarter was up 6.3% compared to the same quarter last year. As a group, sell-side analysts expect that CVS Health Co. will post 5.22 EPS for the current fiscal year.

CVS Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Thursday, January 23rd will be paid a $0.665 dividend. The ex-dividend date of this dividend is Thursday, January 23rd. This represents a $2.66 annualized dividend and a dividend yield of 4.68%. CVS Health’s payout ratio is presently 67.51%.

Hedge Funds Weigh In On CVS Health

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sound Income Strategies LLC grew its position in CVS Health by 7.2% in the 3rd quarter. Sound Income Strategies LLC now owns 2,397 shares of the pharmacy operator’s stock worth $151,000 after purchasing an additional 162 shares during the period. Hexagon Capital Partners LLC grew its holdings in shares of CVS Health by 3.5% in the third quarter. Hexagon Capital Partners LLC now owns 5,268 shares of the pharmacy operator’s stock worth $331,000 after acquiring an additional 178 shares during the period. Bruce G. Allen Investments LLC increased its position in CVS Health by 13.1% during the third quarter. Bruce G. Allen Investments LLC now owns 1,681 shares of the pharmacy operator’s stock valued at $106,000 after acquiring an additional 195 shares during the last quarter. Integrated Advisors Network LLC lifted its holdings in CVS Health by 0.7% in the third quarter. Integrated Advisors Network LLC now owns 27,625 shares of the pharmacy operator’s stock valued at $1,737,000 after acquiring an additional 200 shares during the period. Finally, Widmann Financial Services Inc. grew its stake in shares of CVS Health by 1.8% during the 3rd quarter. Widmann Financial Services Inc. now owns 11,506 shares of the pharmacy operator’s stock valued at $724,000 after purchasing an additional 200 shares during the period. 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.