CVS Health (NYSE:CVS) Shares Gap Up – Here’s What Happened

Shares of CVS Health Co. (NYSE:CVS) gapped up prior to trading on Thursday . The stock had previously closed at $52.33, but opened at $53.52. CVS Health shares last traded at $53.21, with a volume of 1,563,112 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. StockNews.com downgraded shares of CVS Health from a “hold” rating to a “sell” rating in a research note on Thursday, November 14th. Evercore ISI lifted their price objective on shares of CVS Health from $62.00 to $75.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. TD Cowen raised their price target on CVS Health from $73.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Deutsche Bank Aktiengesellschaft upgraded CVS Health from a “hold” rating to a “buy” rating and set a $66.00 price objective for the company in a report on Tuesday, December 3rd. Finally, Barclays dropped their target price on CVS Health from $75.00 to $71.00 and set an “overweight” rating for the company in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, CVS Health has an average rating of “Moderate Buy” and an average price target of $68.71.

CVS Health Trading Up 1.6 %

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 stock has a market capitalization of $68.84 billion, a P/E ratio of 13.88, a P/E/G ratio of 0.80 and a beta of 0.59. The firm’s 50 day moving average price is $51.24 and its 200 day moving average price is $56.21.

CVS Health (NYSE:CVS) last released its quarterly earnings data on Wednesday, November 6th. The pharmacy operator reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.01. CVS Health had a return on equity of 10.72% and a net margin of 1.36%. The business had revenue of $95.43 billion during the quarter, compared to analysts’ expectations of $92.72 billion. During the same quarter last year, the business posted $2.21 EPS. The business’s revenue was up 6.3% on a year-over-year basis. As a group, equities research analysts expect that CVS Health Co. will post 5.22 earnings per share for the current fiscal year.

CVS Health Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Thursday, January 23rd will be given a $0.665 dividend. The ex-dividend date of this dividend is Thursday, January 23rd. This represents a $2.66 annualized dividend and a dividend yield of 4.86%. CVS Health’s dividend payout ratio is 67.51%.

Hedge Funds Weigh In On CVS Health

Hedge funds and other institutional investors have recently modified their holdings of the stock. Sound Income Strategies LLC boosted its position in CVS Health by 7.2% during the 3rd quarter. Sound Income Strategies LLC now owns 2,397 shares of the pharmacy operator’s stock valued at $151,000 after acquiring an additional 162 shares in the last quarter. Hexagon Capital Partners LLC boosted its position in shares of CVS Health by 3.5% during the third quarter. Hexagon Capital Partners LLC now owns 5,268 shares of the pharmacy operator’s stock valued at $331,000 after purchasing an additional 178 shares in the last quarter. Bruce G. Allen Investments LLC grew its stake in CVS Health by 13.1% in the third quarter. Bruce G. Allen Investments LLC now owns 1,681 shares of the pharmacy operator’s stock worth $106,000 after purchasing an additional 195 shares during the period. Integrated Advisors Network LLC raised its holdings in CVS Health by 0.7% in the third quarter. Integrated Advisors Network LLC now owns 27,625 shares of the pharmacy operator’s stock worth $1,737,000 after purchasing an additional 200 shares in the last quarter. Finally, Widmann Financial Services Inc. boosted its holdings in shares of CVS Health by 1.8% during the 3rd quarter. Widmann Financial Services Inc. now owns 11,506 shares of the pharmacy operator’s stock valued at $724,000 after buying an additional 200 shares in the last quarter. Hedge funds and other institutional investors 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.