CVS Health (NYSE:CVS) Issues Q3 Earnings Guidance

CVS Health (NYSE:CVS) issued an update on its third quarter earnings guidance on Friday morning. The company provided EPS guidance of $1.05-1.10 for the period, compared to the consensus EPS estimate of $1.69. CVS Health also updated its Q3 2024 guidance to 1.050-1.100 EPS.

CVS Health Price Performance

Shares of NYSE CVS opened at $63.67 on Friday. CVS Health has a fifty-two week low of $52.77 and a fifty-two week high of $83.25. The stock has a market capitalization of $79.93 billion, a price-to-earnings ratio of 11.19, a PEG ratio of 0.93 and a beta of 0.54. The business has a 50-day moving average of $59.73 and a 200-day moving average of $60.75. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.86 and a quick ratio of 0.66.

CVS Health (NYSE:CVS) last issued its earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $91.41 billion. During the same period last year, the business posted $2.21 EPS. CVS Health’s revenue was up 2.6% on a year-over-year basis. As a group, sell-side analysts predict that CVS Health will post 6.51 earnings per share for the current fiscal year.

CVS Health Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Monday, October 21st will be paid a $0.665 dividend. The ex-dividend date is Monday, October 21st. This represents a $2.66 annualized dividend and a yield of 4.18%. CVS Health’s dividend payout ratio (DPR) is currently 46.75%.

Wall Street Analyst Weigh In

CVS has been the subject of several recent analyst reports. Wells Fargo & Company raised their target price on shares of CVS Health from $60.00 to $61.00 and gave the company an “equal weight” rating in a research note on Monday, August 12th. TD Cowen upgraded shares of CVS Health from a “hold” rating to a “buy” rating and raised their price objective for the stock from $59.00 to $85.00 in a research report on Friday, October 4th. Barclays upgraded shares of CVS Health from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $63.00 to $82.00 in a research report on Thursday, October 10th. Royal Bank of Canada restated an “outperform” rating and set a $68.00 price objective on shares of CVS Health in a research report on Wednesday, September 4th. Finally, Truist Financial raised their price objective on shares of CVS Health from $66.00 to $76.00 and gave the stock a “buy” rating in a research report on Friday, October 11th. Nine investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, CVS Health currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.26.

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.