CVS Health (NYSE:CVS) Upgraded to Overweight at Wells Fargo & Company

Wells Fargo & Company upgraded shares of CVS Health (NYSE:CVS) from an equal weight rating to an overweight rating in a report issued on Monday morning, Marketbeat Ratings reports. They currently have $66.00 target price on the pharmacy operator’s stock, up from their previous target price of $60.00.

A number of other equities analysts have also recently weighed in on the stock. StockNews.com cut shares of CVS Health from a “hold” rating to a “sell” rating in a research report on Thursday, November 14th. Deutsche Bank Aktiengesellschaft dropped their price objective on CVS Health from $64.00 to $63.00 and set a “hold” rating for the company in a research note on Friday, August 9th. Truist Financial raised their target price on CVS Health from $66.00 to $76.00 and gave the company a “buy” rating in a report on Friday, October 11th. Barclays cut their price target on shares of CVS Health from $75.00 to $71.00 and set an “overweight” rating on the stock in a research note on Thursday, November 7th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $62.00 price objective on shares of CVS Health in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, CVS Health presently has an average rating of “Moderate Buy” and a consensus price target of $72.28.

CVS Health Price Performance

CVS stock opened at $57.07 on Monday. CVS Health has a 52-week low of $52.71 and a 52-week high of $83.25. The company has a quick ratio of 0.59, a current ratio of 0.80 and a debt-to-equity ratio of 0.80. The stock has a market cap of $71.81 billion, a price-to-earnings ratio of 14.48, a price-to-earnings-growth ratio of 0.94 and a beta of 0.55. The business has a fifty day moving average of $59.20 and a two-hundred day moving average of $58.60.

CVS Health (NYSE:CVS) last issued its quarterly earnings data on Wednesday, November 6th. The pharmacy operator reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.01. CVS Health had a return on equity of 10.72% and a net margin of 1.36%. The firm had revenue of $95.43 billion during the quarter, compared to the consensus estimate of $92.72 billion. During the same period last year, the company earned $2.21 EPS. The company’s quarterly revenue was up 6.3% on a year-over-year basis. As a group, research analysts anticipate that CVS Health will post 5.43 earnings per share for the current year.

CVS Health Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were issued a $0.665 dividend. This represents a $2.66 dividend on an annualized basis and a yield of 4.66%. The ex-dividend date was Monday, October 21st. CVS Health’s dividend payout ratio (DPR) is 67.51%.

Institutional Trading of CVS Health

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Assetmark Inc. raised its stake in CVS Health by 9.7% during the 3rd quarter. Assetmark Inc. now owns 410,001 shares of the pharmacy operator’s stock worth $25,781,000 after acquiring an additional 36,132 shares in the last quarter. Cullinan Associates Inc. grew its holdings in shares of CVS Health by 43.8% during the third quarter. Cullinan Associates Inc. now owns 122,682 shares of the pharmacy operator’s stock worth $7,125,000 after purchasing an additional 37,395 shares during the last quarter. Deerfield Management Company L.P. Series C acquired a new stake in shares of CVS Health during the second quarter worth about $57,584,000. Oppenheimer Asset Management Inc. boosted its position in shares of CVS Health by 5.7% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 448,323 shares of the pharmacy operator’s stock valued at $28,191,000 after purchasing an additional 24,285 shares during the period. Finally, CX Institutional grew its stake in CVS Health by 698.0% during the 3rd quarter. CX Institutional now owns 74,609 shares of the pharmacy operator’s stock worth $4,691,000 after buying an additional 65,259 shares during the last quarter. 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.