Piper Sandler Cuts CVS Health (NYSE:CVS) Price Target to $64.00

CVS Health (NYSE:CVS) had its price objective reduced by Piper Sandler from $72.00 to $64.00 in a report released on Monday morning,Benzinga reports. They currently have an overweight rating on the pharmacy operator’s stock.

Other research analysts have also issued reports about the company. Truist Financial reiterated a “buy” rating and issued a $67.00 target price (down from $76.00) on shares of CVS Health in a report on Wednesday, November 20th. Wells Fargo & Company raised CVS Health from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $60.00 to $66.00 in a research report on Monday, November 18th. UBS Group lifted their price target on shares of CVS Health from $60.00 to $62.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of CVS Health from $64.00 to $63.00 and set a “hold” rating on the stock in a research report on Friday, August 9th. Finally, Mizuho decreased their price objective on shares of CVS Health from $73.00 to $66.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.33.

CVS Health Stock Performance

Shares of CVS Health stock opened at $59.96 on Monday. The stock has a market capitalization of $75.45 billion, a price-to-earnings ratio of 15.22, a price-to-earnings-growth ratio of 1.01 and a beta of 0.55. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.80 and a quick ratio of 0.59. The business has a 50-day moving average of $59.30 and a 200 day moving average of $58.72. CVS Health has a 12 month low of $52.71 and a 12 month high of $83.25.

CVS Health (NYSE:CVS) last announced its quarterly earnings data on Wednesday, November 6th. The pharmacy operator reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.01. CVS Health had a net margin of 1.36% and a return on equity of 10.72%. The firm had revenue of $95.43 billion during the quarter, compared to analysts’ expectations of $92.72 billion. During the same quarter in the previous year, the business posted $2.21 earnings per share. The business’s quarterly revenue was up 6.3% compared to the same quarter last year. As a group, sell-side analysts forecast that CVS Health will post 5.43 earnings per share for the current year.

CVS Health Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were issued a $0.665 dividend. The ex-dividend date of this dividend was Monday, October 21st. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.44%. CVS Health’s payout ratio is 67.51%.

Hedge Funds Weigh In On CVS Health

Institutional investors have recently added to or reduced their stakes in the stock. State Street Corp lifted its stake in shares of CVS Health by 3.6% in the 3rd quarter. State Street Corp now owns 56,527,909 shares of the pharmacy operator’s stock worth $3,554,475,000 after acquiring an additional 1,989,066 shares during the period. Geode Capital Management LLC raised its position in CVS Health by 1.8% during the third quarter. Geode Capital Management LLC now owns 26,361,673 shares of the pharmacy operator’s stock worth $1,651,997,000 after acquiring an additional 461,569 shares during the last quarter. Pzena Investment Management LLC lifted its position in shares of CVS Health by 1.5% in the third quarter. Pzena Investment Management LLC now owns 13,135,308 shares of the pharmacy operator’s stock valued at $825,948,000 after acquiring an additional 198,920 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in CVS Health by 2.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 12,208,668 shares of the pharmacy operator’s stock worth $767,681,000 after acquiring an additional 304,386 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC grew its stake in CVS Health by 34.8% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 11,897,034 shares of the pharmacy operator’s stock worth $748,085,000 after acquiring an additional 3,071,613 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.