CVS Health Corporation (NYSE:CVS) Issues Q3 Earnings Guidance
CVS Health Corporation (NYSE:CVS) issued an update on its third quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $1.47-1.50 for the period, compared to the Thomson Reuters consensus estimate of $1.63. CVS Health Corporation also updated its FY17 guidance to $5.83-5.93 EPS.
Shares of CVS Health Corporation (CVS) traded down 1.56% during mid-day trading on Friday, hitting $77.66. 5,005,371 shares of the stock were exchanged. The stock has a market cap of $78.95 billion, a PE ratio of 15.47 and a beta of 0.91. CVS Health Corporation has a one year low of $69.30 and a one year high of $98.44. The company has a 50-day moving average of $78.68 and a 200 day moving average of $78.94.
CVS Health Corporation (NYSE:CVS) last released its quarterly earnings results on Tuesday, August 8th. The pharmacy operator reported $1.33 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.31 by $0.02. The business had revenue of $45.69 billion during the quarter, compared to analyst estimates of $45.36 billion. CVS Health Corporation had a net margin of 2.93% and a return on equity of 17.47%. The business’s revenue was up 4.5% on a year-over-year basis. During the same period last year, the business earned $1.32 EPS. On average, equities analysts predict that CVS Health Corporation will post $5.88 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 3rd. Investors of record on Monday, July 24th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date was Thursday, July 20th. CVS Health Corporation’s payout ratio is 39.92%.
A number of equities research analysts recently weighed in on CVS shares. Tigress Financial started coverage on shares of CVS Health Corporation in a report on Thursday, April 27th. They set a buy rating for the company. Vetr lowered shares of CVS Health Corporation from a buy rating to a hold rating and set a $85.78 price target for the company. in a report on Thursday, April 27th. Evercore ISI reaffirmed an outperform rating and set a $88.00 price target (up from $87.00) on shares of CVS Health Corporation in a report on Wednesday, May 3rd. ValuEngine lowered shares of CVS Health Corporation from a buy rating to a hold rating in a report on Friday, June 2nd. Finally, Jefferies Group LLC reaffirmed a hold rating and set a $82.00 price target on shares of CVS Health Corporation in a report on Friday, June 9th. Nine investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $91.24.
In related news, CFO David M. Denton sold 230,510 shares of CVS Health Corporation stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $80.00, for a total value of $18,440,800.00. Following the sale, the chief financial officer now directly owns 176,983 shares in the company, valued at approximately $14,158,640. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Richard J. Swift sold 2,500 shares of CVS Health Corporation stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $79.62, for a total transaction of $199,050.00. Following the completion of the sale, the director now owns 3,258 shares in the company, valued at $259,401.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 273,675 shares of company stock worth $21,831,647. 0.61% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the stock. Fieldpoint Private Securities LLC increased its stake in shares of CVS Health Corporation by 333.3% in the second quarter. Fieldpoint Private Securities LLC now owns 1,300 shares of the pharmacy operator’s stock valued at $105,000 after buying an additional 1,000 shares in the last quarter. Optimum Investment Advisors increased its stake in shares of CVS Health Corporation by 20.0% in the second quarter. Optimum Investment Advisors now owns 3,444 shares of the pharmacy operator’s stock valued at $277,000 after buying an additional 573 shares in the last quarter. Bluefin Trading LLC purchased a new stake in shares of CVS Health Corporation during the second quarter valued at $298,000. Keel Point LLC increased its stake in shares of CVS Health Corporation by 16.0% in the second quarter. Keel Point LLC now owns 3,824 shares of the pharmacy operator’s stock valued at $308,000 after buying an additional 528 shares in the last quarter. Finally, Wafra Investment Advisory Group Inc. NY purchased a new stake in shares of CVS Health Corporation during the second quarter valued at $507,000. Hedge funds and other institutional investors own 82.31% of the company’s stock.
CVS Health Corporation Company Profile
CVS Health Corporation, together with its subsidiaries, is an integrated pharmacy healthcare company. The Company provides pharmacy care for the senior community through Omnicare, Inc (Omnicare) and Omnicare’s long-term care (LTC) operations, which include distribution of pharmaceuticals, related pharmacy consulting and other ancillary services to chronic care facilities and other care settings.
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