CVS Health (NYSE:CVS) Price Target Cut to $75.00 by Analysts at Barclays

CVS Health (NYSE:CVS) had its price target cut by Barclays from $82.00 to $75.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have an overweight rating on the pharmacy operator’s stock.

Several other brokerages also recently commented on CVS. TD Cowen upgraded shares of CVS Health from a “hold” rating to a “buy” rating and raised their target price for the stock from $59.00 to $85.00 in a report on Friday, October 4th. Evercore ISI boosted their price objective on shares of CVS Health from $62.00 to $75.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Wells Fargo & Company increased their target price on CVS Health from $60.00 to $61.00 and gave the stock an “equal weight” rating in a report on Monday, August 12th. Royal Bank of Canada restated an “outperform” rating and issued a $68.00 price target on shares of CVS Health in a report on Wednesday, September 4th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on CVS Health from $64.00 to $63.00 and set a “hold” rating for the company in a report on Friday, August 9th. Nine investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, CVS Health has a consensus rating of “Moderate Buy” and an average target price of $74.89.

CVS Health Stock Down 0.1 %

Shares of NYSE:CVS opened at $56.78 on Wednesday. The company has a 50 day moving average price of $59.88 and a two-hundred day moving average price of $60.17. The company has a market capitalization of $71.28 billion, a PE ratio of 9.98, a PEG ratio of 0.93 and a beta of 0.54. CVS Health has a 52 week low of $52.77 and a 52 week high of $83.25. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.66 and a current ratio of 0.86.

CVS Health (NYSE:CVS) last posted its earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.10. CVS Health had a return on equity of 12.72% and a net margin of 1.98%. The firm had revenue of $91.23 billion for the quarter, compared to analyst estimates of $91.41 billion. During the same period in the previous year, the company posted $2.21 earnings per share. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. Analysts forecast that CVS Health will post 6.51 earnings per share for the current year.

CVS Health Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Monday, October 21st will be issued a dividend of $0.665 per share. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.68%. The ex-dividend date is Monday, October 21st. CVS Health’s payout ratio is presently 46.75%.

Hedge Funds Weigh In On CVS Health

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CVS. Pzena Investment Management LLC boosted its holdings in shares of CVS Health by 132.9% during the 2nd quarter. Pzena Investment Management LLC now owns 12,936,388 shares of the pharmacy operator’s stock worth $764,023,000 after buying an additional 7,382,931 shares during the period. Capital International Investors lifted its position in CVS Health by 12.5% during the first quarter. Capital International Investors now owns 37,917,923 shares of the pharmacy operator’s stock worth $3,024,334,000 after acquiring an additional 4,226,225 shares during the last quarter. Capital World Investors grew its position in shares of CVS Health by 8.0% in the first quarter. Capital World Investors now owns 43,776,874 shares of the pharmacy operator’s stock valued at $3,491,643,000 after purchasing an additional 3,232,172 shares during the last quarter. State of Michigan Retirement System increased its stake in shares of CVS Health by 402.5% during the second quarter. State of Michigan Retirement System now owns 2,005,677 shares of the pharmacy operator’s stock worth $118,455,000 after purchasing an additional 1,606,500 shares during the period. Finally, Swedbank AB acquired a new stake in CVS Health during the 1st quarter worth approximately $110,816,000. 80.66% of the stock is owned by institutional investors.

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.