Wells Fargo & Company Trims CVS Health (NYSE:CVS) Target Price to $60.00

CVS Health (NYSE:CVS) had its price objective decreased by Wells Fargo & Company from $76.00 to $60.00 in a research report report published on Tuesday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the pharmacy operator’s stock.

Several other equities research analysts have also recently commented 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. The Goldman Sachs Group dropped their price target on shares of CVS Health from $85.00 to $74.00 and set a buy rating on the stock in a research note on Thursday, May 2nd. Cantor Fitzgerald downgraded shares of CVS Health from an overweight rating to a neutral rating and reduced their price objective for the company from $87.00 to $58.00 in a research report on Wednesday, May 1st. StockNews.com cut CVS Health from a buy rating to a hold rating in a research report on Thursday, February 15th. Finally, Truist Financial reissued a buy rating and issued a $66.00 price target (down from $90.00) on shares of CVS Health in a report on Thursday, May 2nd. Nine equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, CVS Health presently has an average rating of Moderate Buy and an average price target of $77.55.

CVS Health Stock Down 0.4 %

Shares of NYSE:CVS opened at $55.74 on Tuesday. CVS Health has a 1-year low of $53.70 and a 1-year high of $83.25. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.81 and a quick ratio of 0.61. The stock has a market cap of $69.97 billion, a P/E ratio of 9.80, a P/E/G ratio of 0.88 and a beta of 0.56. The firm has a fifty day moving average price of $71.95 and a 200 day moving average price of $73.09.

CVS Health (NYSE:CVS) last announced its 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). The business had revenue of $88.44 billion for the quarter, compared to analyst estimates of $89.33 billion. CVS Health had a return on equity of 13.53% and a net margin of 2.03%. CVS Health’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter last year, the company posted $2.20 EPS. Sell-side analysts predict that CVS Health will post 7.03 EPS for the current year.

CVS Health Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 22nd were given a $0.665 dividend. The ex-dividend date of this dividend was Friday, April 19th. This represents a $2.66 annualized dividend and a dividend yield of 4.77%. CVS Health’s dividend payout ratio is presently 46.75%.

Insider Buying and Selling

In related news, Director Edward J. Ludwig bought 1,000 shares of the stock in a transaction on Thursday, May 2nd. The shares were purchased at an average price of $53.88 per share, for a total transaction of $53,880.00. Following the acquisition, the director now owns 21,630 shares in the company, valued at $1,165,424.40. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Prem S. Shah sold 29,473 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $76.95, for a total transaction of $2,267,947.35. Following the transaction, the executive vice president now owns 39,765 shares of the company’s stock, valued at $3,059,916.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Edward J. Ludwig bought 1,000 shares of the stock in a transaction on Thursday, May 2nd. The stock was purchased at an average cost of $53.88 per share, with a total value of $53,880.00. Following the completion of the purchase, the director now directly owns 21,630 shares in the company, valued at approximately $1,165,424.40. The disclosure for this purchase can be found here. Insiders own 0.24% of the company’s stock.

Institutional Investors Weigh In On CVS Health

Several hedge funds have recently made changes to their positions in CVS. SOA Wealth Advisors LLC. boosted its stake in CVS Health by 4.9% in the 4th quarter. SOA Wealth Advisors LLC. now owns 2,859 shares of the pharmacy operator’s stock worth $226,000 after buying an additional 133 shares during the last quarter. Apella Capital LLC grew its holdings in CVS Health by 4.2% in the fourth quarter. Apella Capital LLC now owns 3,378 shares of the pharmacy operator’s stock valued at $272,000 after purchasing an additional 136 shares during the period. Prairie Sky Financial Group LLC increased its position in CVS Health by 4.1% during the fourth quarter. Prairie Sky Financial Group LLC now owns 3,612 shares of the pharmacy operator’s stock worth $285,000 after purchasing an additional 141 shares during the last quarter. WealthShield Partners LLC boosted its holdings in shares of CVS Health by 3.2% in the 4th quarter. WealthShield Partners LLC now owns 4,498 shares of the pharmacy operator’s stock valued at $355,000 after purchasing an additional 141 shares during the last quarter. Finally, Sugarloaf Wealth Management LLC grew its stake in shares of CVS Health by 9.5% during the 4th quarter. Sugarloaf Wealth Management LLC now owns 1,639 shares of the pharmacy operator’s stock valued at $129,000 after buying an additional 142 shares during the period. Institutional investors and hedge funds own 80.66% of the company’s stock.

CVS Health Company Profile

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.