CVS Health (NYSE:CVS) Shares Gap Down to $60.63

CVS Health Co. (NYSE:CVS)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $60.63, but opened at $58.37. CVS Health shares last traded at $57.64, with a volume of 1,407,574 shares.

Analysts Set New Price Targets

A number of research firms have weighed in on CVS. The Goldman Sachs Group reduced their price target on CVS Health from $85.00 to $74.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Argus reduced their price target on CVS Health from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, May 8th. JPMorgan Chase & Co. cut their price objective on CVS Health from $101.00 to $86.00 and set an “overweight” rating for the company in a report on Thursday, May 30th. UBS Group downgraded CVS Health from a “buy” rating to a “neutral” rating and cut their price objective for the company from $85.00 to $60.00 in a report on Thursday, May 2nd. Finally, Mizuho cut their price objective on CVS Health from $86.00 to $72.00 and set a “buy” rating for the company in a report on Thursday, May 2nd. Eleven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $75.05.

CVS Health Stock Up 1.3 %

The company has a current ratio of 0.81, a quick ratio of 0.61 and a debt-to-equity ratio of 0.78. The stock has a market cap of $74.18 billion, a P/E ratio of 10.38, a PEG ratio of 0.56 and a beta of 0.53. The firm has a 50-day simple moving average of $59.56 and a two-hundred day simple moving average of $70.19.

CVS Health (NYSE:CVS) last posted its quarterly earnings data on Wednesday, May 1st. The pharmacy operator reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.69 by ($0.38). The firm had revenue of $88.44 billion for the quarter, compared to the consensus estimate of $89.33 billion. CVS Health had a return on equity of 13.53% and a net margin of 2.03%. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.20 EPS. Equities research analysts expect that CVS Health Co. will post 7.02 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Edward J. Ludwig purchased 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were bought at an average price of $53.88 per share, for a total transaction of $53,880.00. Following the completion of the transaction, the director now owns 21,630 shares of the company’s stock, valued at $1,165,424.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.24% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Riverpoint Wealth Management Holdings LLC acquired a new stake in CVS Health in the fourth quarter valued at about $218,000. Canoe Financial LP boosted its stake in CVS Health by 95.1% in the fourth quarter. Canoe Financial LP now owns 1,762,629 shares of the pharmacy operator’s stock valued at $139,177,000 after buying an additional 859,134 shares in the last quarter. Meritage Portfolio Management boosted its stake in CVS Health by 30.6% in the fourth quarter. Meritage Portfolio Management now owns 66,322 shares of the pharmacy operator’s stock valued at $5,237,000 after buying an additional 15,548 shares in the last quarter. Steph & Co. boosted its stake in CVS Health by 192.0% in the first quarter. Steph & Co. now owns 438 shares of the pharmacy operator’s stock valued at $35,000 after buying an additional 288 shares in the last quarter. Finally, Forum Financial Management LP boosted its stake in CVS Health by 19.4% in the fourth quarter. Forum Financial Management LP now owns 17,856 shares of the pharmacy operator’s stock valued at $1,410,000 after buying an additional 2,901 shares in the last quarter. 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.