CVS Health (NYSE:CVS) Announces Earnings Results, Misses Expectations By $0.38 EPS

CVS Health (NYSE:CVS - Get Free Report) issued its earnings results on Wednesday. The pharmacy operator reported $1.31 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.69 by ($0.38), Briefing.com reports. The firm had revenue of $88.44 billion during the quarter, compared to the consensus estimate of $89.33 billion. CVS Health had a net margin of 2.33% and a return on equity of 15.25%. The firm's revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period in the previous year, the company posted $2.20 earnings per share. CVS Health updated its FY24 guidance to at least $7.00 EPS.

CVS Health Price Performance

NYSE:CVS traded down $1.16 on Thursday, hitting $55.15. The company had a trading volume of 37,808,624 shares, compared to its average volume of 11,608,837. The stock has a market capitalization of $69.52 billion, a price-to-earnings ratio of 8.54, a PEG ratio of 0.90 and a beta of 0.56. The company has a current ratio of 0.86, a quick ratio of 0.63 and a debt-to-equity ratio of 0.77. The firm has a 50 day moving average of $73.19 and a two-hundred day moving average of $73.37. CVS Health has a 52 week low of $53.70 and a 52 week high of $83.25.

CVS Health Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 22nd were paid a $0.665 dividend. This represents a $2.66 annualized dividend and a yield of 4.82%. The ex-dividend date was Friday, April 19th. CVS Health's payout ratio is 41.18%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Mizuho dropped their target price on shares of CVS Health from $86.00 to $72.00 and set a "buy" rating on the stock in a report on Thursday. Piper Sandler upped their price target on shares of CVS Health from $93.00 to $94.00 and gave the company an "overweight" rating in a research note on Friday, March 15th. Leerink Partnrs reiterated an "outperform" rating on shares of CVS Health in a research note on Monday, February 26th. Royal Bank of Canada decreased their price target on shares of CVS Health from $86.00 to $84.00 and set an "outperform" rating on the stock in a research note on Thursday, February 8th. Finally, UBS Group lowered shares of CVS Health from a "buy" rating to a "neutral" rating and decreased their price target for the company from $85.00 to $60.00 in a research note on Thursday. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, CVS Health currently has a consensus rating of "Moderate Buy" and a consensus price target of $80.35.

Insider Activity at CVS Health

In other CVS Health news, Director Edward J. Ludwig purchased 1,000 shares of the company's stock in a transaction dated Thursday, May 2nd. The stock was purchased at an average price of $53.88 per share, with a total value of $53,880.00. Following the completion of the purchase, the director now owns 21,630 shares of the company's stock, valued at $1,165,424.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other CVS Health news, Director Edward J. Ludwig purchased 1,000 shares of the company's stock in a transaction dated Thursday, May 2nd. The stock was purchased at an average price of $53.88 per share, with a total value of $53,880.00. Following the completion of the purchase, the director now owns 21,630 shares of the company's stock, valued at $1,165,424.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Prem S. Shah sold 29,473 shares of the firm's stock in a transaction on Friday, February 16th. The shares were sold at an average price of $76.95, for a total transaction of $2,267,947.35. Following the transaction, the executive vice president now directly owns 39,765 shares of the company's stock, valued at approximately $3,059,916.75. The disclosure for this sale can be found here. 0.24% of the stock is owned by insiders.

About CVS Health

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.