CVS Health (NYSE:CVS) Announces Quarterly Earnings Results

CVS Health (NYSE:CVSGet Rating) released its earnings results on Wednesday. The pharmacy operator reported $2.40 earnings per share for the quarter, beating the consensus estimate of $2.16 by $0.24, Briefing.com reports. The company had revenue of $80.64 billion during the quarter, compared to the consensus estimate of $76.38 billion. CVS Health had a return on equity of 15.19% and a net margin of 2.65%. CVS Health’s revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the company posted $2.42 EPS. CVS Health updated its FY 2022 guidance to $8.40-$8.60 EPS.

CVS Health Trading Up 0.4 %

CVS opened at $102.26 on Friday. The firm has a market cap of $134.25 billion, a price-to-earnings ratio of 16.63, a price-to-earnings-growth ratio of 1.55 and a beta of 0.75. The company has a quick ratio of 0.62, a current ratio of 0.91 and a debt-to-equity ratio of 0.67. The business’s 50 day moving average is $94.36 and its two-hundred day moving average is $99.93. CVS Health has a 52 week low of $80.15 and a 52 week high of $111.25.

CVS Health Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 1st. Shareholders of record on Friday, July 22nd were given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend was Thursday, July 21st. CVS Health’s dividend payout ratio (DPR) is 35.77%.

Insider Activity

In other news, EVP Alan Lotvin sold 22,541 shares of the business’s stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $104.00, for a total value of $2,344,264.00. Following the transaction, the executive vice president now owns 109,183 shares of the company’s stock, valued at $11,355,032. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Alan Lotvin sold 22,541 shares of the business’s stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $104.00, for a total value of $2,344,264.00. Following the transaction, the executive vice president now owns 109,183 shares of the company’s stock, valued at $11,355,032. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Thomas M. Moriarty sold 138,654 shares of the business’s stock in a transaction that occurred on Tuesday, June 28th. The shares were sold at an average price of $95.00, for a total value of $13,172,130.00. Following the completion of the transaction, the executive vice president now directly owns 626,273 shares in the company, valued at approximately $59,495,935. The disclosure for this sale can be found here. Corporate insiders own 0.69% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of CVS. Capital Research Global Investors acquired a new position in CVS Health during the first quarter worth $262,167,000. Arrowstreet Capital Limited Partnership grew its holdings in CVS Health by 3,551.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 716,037 shares of the pharmacy operator’s stock worth $72,470,000 after acquiring an additional 696,429 shares during the period. Renaissance Technologies LLC boosted its position in CVS Health by 312.4% during the first quarter. Renaissance Technologies LLC now owns 774,819 shares of the pharmacy operator’s stock worth $78,419,000 after purchasing an additional 586,919 shares in the last quarter. ING Groep NV boosted its position in CVS Health by 130.5% during the first quarter. ING Groep NV now owns 461,438 shares of the pharmacy operator’s stock worth $46,702,000 after purchasing an additional 261,246 shares in the last quarter. Finally, Cantor Fitzgerald Investment Advisor L.P boosted its position in CVS Health by 92.9% during the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 377,875 shares of the pharmacy operator’s stock worth $38,245,000 after purchasing an additional 181,966 shares in the last quarter. Institutional investors and hedge funds own 78.00% of the company’s stock.

Wall Street Analysts Forecast Growth

CVS has been the subject of several research reports. Loop Capital initiated coverage on CVS Health in a research report on Thursday, June 16th. They issued a “buy” rating and a $120.00 target price for the company. UBS Group lifted their price objective on CVS Health from $118.00 to $127.00 and gave the company a “buy” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft lifted their price objective on CVS Health from $113.00 to $120.00 in a research note on Thursday. Finally, Sanford C. Bernstein cut CVS Health from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $122.00 to $112.00 in a research note on Thursday, May 26th. Four equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $116.90.

CVS Health Company Profile

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CVS Health Corporation provides health services in the United States. The company's Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services. It serves employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups, and expatriates.

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Earnings History for CVS Health (NYSE:CVS)

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