Raymond James Cuts CVS Health (CVS) Price Target to $75.00

CVS Health (NYSE:CVS) had its price objective reduced by Raymond James from $90.00 to $75.00 in a report issued on Thursday morning, BenzingaRatingsTable reports. They currently have a strong-buy rating on the pharmacy operator’s stock.

Several other research firms have also recently commented on CVS. Wells Fargo & Co cut shares of CVS Health from an outperform rating to a market perform rating and dropped their target price for the stock from $104.00 to $68.00 in a research report on Wednesday, February 20th. ValuEngine raised shares of CVS Health from a strong sell rating to a sell rating in a research report on Thursday, January 24th. Cantor Fitzgerald reissued a buy rating and set a $96.00 target price on shares of CVS Health in a research report on Thursday, January 3rd. Bank of America reissued a buy rating and set a $92.00 target price on shares of CVS Health in a research report on Thursday, January 3rd. Finally, JPMorgan Chase & Co. reissued an overweight rating and set a $91.00 target price on shares of CVS Health in a research report on Thursday, February 21st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $79.15.

CVS stock opened at $52.63 on Thursday. The stock has a market cap of $68.34 billion, a price-to-earnings ratio of 7.43, a P/E/G ratio of 1.03 and a beta of 0.94. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.03 and a quick ratio of 0.65. CVS Health has a 52-week low of $51.77 and a 52-week high of $82.15.

CVS Health (NYSE:CVS) last released its quarterly earnings results on Wednesday, February 20th. The pharmacy operator reported $2.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.07 by $0.07. The business had revenue of $54.42 billion during the quarter, compared to the consensus estimate of $53.78 billion. CVS Health had a positive return on equity of 17.49% and a negative net margin of 0.31%. The company’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.92 EPS. On average, analysts forecast that CVS Health will post 6.79 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, May 3rd. Investors of record on Tuesday, April 23rd will be issued a $0.50 dividend. The ex-dividend date of this dividend is Monday, April 22nd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.80%. CVS Health’s dividend payout ratio (DPR) is presently 28.25%.

In related news, Director David W. Dorman purchased 9,600 shares of the stock in a transaction that occurred on Friday, March 8th. The shares were bought at an average price of $52.71 per share, with a total value of $506,016.00. Following the acquisition, the director now owns 122,302 shares of the company’s stock, valued at approximately $6,446,538.42. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Larry J. Merlo sold 166,368 shares of CVS Health stock in a transaction that occurred on Friday, February 1st. The stock was sold at an average price of $64.51, for a total transaction of $10,732,399.68. The disclosure for this sale can be found here. In the last ninety days, insiders purchased 23,600 shares of company stock worth $1,270,896 and sold 245,671 shares worth $15,839,966. Insiders own 0.53% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Oregon Public Employees Retirement Fund raised its holdings in CVS Health by 6,858.5% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 25,089,377 shares of the pharmacy operator’s stock valued at $383,000 after acquiring an additional 24,728,818 shares during the period. BlackRock Inc. raised its holdings in CVS Health by 22.0% during the 4th quarter. BlackRock Inc. now owns 92,954,958 shares of the pharmacy operator’s stock valued at $6,090,409,000 after acquiring an additional 16,757,941 shares during the period. Dodge & Cox bought a new stake in CVS Health during the 3rd quarter valued at $1,190,694,000. Norges Bank bought a new stake in CVS Health during the 4th quarter valued at $840,254,000. Finally, FMR LLC raised its holdings in CVS Health by 30.6% during the 4th quarter. FMR LLC now owns 39,263,265 shares of the pharmacy operator’s stock valued at $2,572,528,000 after acquiring an additional 9,194,005 shares during the period. 81.55% of the stock is currently owned by institutional investors.

About CVS Health

CVS Health Corporation provides health services and plans in the United States. Its Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, retail pharmacy network management, mail order pharmacy, specialty pharmacy and infusion, Medicare Part D, clinical, disease management, and medical spend management services.

Read More: Why is the ex-dividend date different from the record date?

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