CVS Health Co. Expected to Earn Q2 2024 Earnings of $2.13 Per Share (NYSE:CVS)

CVS Health Co. (NYSE:CVS) – Leerink Partnrs upped their Q2 2024 earnings per share (EPS) estimates for shares of CVS Health in a report released on Monday, April 22nd. Leerink Partnrs analyst M. Cherny now anticipates that the pharmacy operator will post earnings per share of $2.13 for the quarter, up from their previous forecast of $2.09. Leerink Partnrs has a “Outperform” rating on the stock. The consensus estimate for CVS Health’s current full-year earnings is $8.31 per share. Leerink Partnrs also issued estimates for CVS Health’s Q3 2024 earnings at $2.19 EPS, Q4 2024 earnings at $2.15 EPS, FY2024 earnings at $8.24 EPS, FY2025 earnings at $9.05 EPS, FY2026 earnings at $9.80 EPS and FY2027 earnings at $10.40 EPS.

CVS Health (NYSE:CVS) last issued its quarterly earnings results on Wednesday, February 7th. The pharmacy operator reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.01 by $0.11. The firm had revenue of $93.81 billion during the quarter, compared to the consensus estimate of $90.58 billion. CVS Health had a return on equity of 15.25% and a net margin of 2.33%. The company’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same quarter last year, the company posted $1.99 EPS.

A number of other brokerages also recently issued reports on CVS. Cantor Fitzgerald reiterated an “overweight” rating and set a $87.00 price target on shares of CVS Health in a research report on Wednesday, April 10th. SVB Leerink assumed coverage on CVS Health in a research report on Monday, February 26th. They issued an “outperform” rating and a $88.00 target price for the company. Royal Bank of Canada dropped their target price on CVS Health from $86.00 to $84.00 and set an “outperform” rating for the company in a research report on Thursday, February 8th. Piper Sandler boosted their target price on CVS Health from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Friday, March 15th. Finally, StockNews.com downgraded CVS Health from a “buy” rating to a “hold” rating in a research report on Thursday, February 15th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $89.44.

CVS Health Stock Performance

Shares of CVS opened at $67.76 on Tuesday. The company has a market cap of $85.41 billion, a PE ratio of 10.49, a price-to-earnings-growth ratio of 0.92 and a beta of 0.52. The company has a current ratio of 0.86, a quick ratio of 0.63 and a debt-to-equity ratio of 0.77. The stock has a 50-day moving average price of $74.80 and a 200-day moving average price of $73.72. CVS Health has a 12-month low of $64.41 and a 12-month high of $83.25.

CVS Health Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 22nd will be given a dividend of $0.665 per share. The ex-dividend date of this dividend is Friday, April 19th. This represents a $2.66 annualized dividend and a dividend yield of 3.93%. CVS Health’s dividend payout ratio is presently 41.18%.

Insider Activity at CVS Health

In other CVS Health news, EVP Prem S. Shah sold 29,473 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $76.95, for a total value of $2,267,947.35. Following the sale, the executive vice president now directly owns 39,765 shares of the company’s stock, valued at $3,059,916.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.24% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. SOA Wealth Advisors LLC. lifted its holdings in shares of CVS Health by 4.9% during the fourth quarter. SOA Wealth Advisors LLC. now owns 2,859 shares of the pharmacy operator’s stock valued at $226,000 after purchasing an additional 133 shares in the last quarter. Apella Capital LLC lifted its holdings in shares of CVS Health by 4.2% during 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 in the last quarter. Prairie Sky Financial Group LLC lifted its holdings in shares of 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 valued at $285,000 after purchasing an additional 141 shares in the last quarter. WealthShield Partners LLC lifted its holdings in shares of CVS Health by 3.2% during the fourth 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 in the last quarter. Finally, Sugarloaf Wealth Management LLC lifted its holdings in shares of CVS Health by 9.5% during the fourth quarter. Sugarloaf Wealth Management LLC now owns 1,639 shares of the pharmacy operator’s stock valued at $129,000 after purchasing an additional 142 shares in the last quarter. 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.