Wells Fargo & Company Has Lowered Expectations for CVS Health (NYSE:CVS) Stock Price

CVS Health (NYSE:CVS) had its price objective reduced by investment analysts at Wells Fargo & Company from $61.00 to $60.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the pharmacy operator’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 8.44% from the stock’s current price.

Several other research firms have also commented on CVS. Evercore ISI increased their target price on CVS Health from $62.00 to $75.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $68.00 price objective on shares of CVS Health in a report on Wednesday, September 4th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $62.00 price objective on shares of CVS Health in a report on Tuesday, October 1st. Truist Financial raised their price objective on CVS Health from $66.00 to $76.00 and gave the stock a “buy” rating in a report on Friday, October 11th. Finally, TD Cowen raised CVS Health from a “hold” rating to a “buy” rating and raised their price objective for the stock from $59.00 to $85.00 in a report on Friday, October 4th. Nine analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $73.11.

CVS Health Stock Performance

NYSE:CVS opened at $55.33 on Monday. The firm has a market capitalization of $69.60 billion, a PE ratio of 9.85, a price-to-earnings-growth ratio of 0.82 and a beta of 0.55. The business’s fifty day moving average price is $59.51 and its 200 day moving average price is $59.29. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.86 and a quick ratio of 0.66. CVS Health has a 12 month low of $52.77 and a 12 month high of $83.25.

CVS Health (NYSE:CVS) last posted its earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 EPS for the quarter, beating the consensus estimate of $1.73 by $0.10. The firm had revenue of $91.23 billion for the quarter, compared to analyst estimates of $91.41 billion. CVS Health had a return on equity of 12.72% and a net margin of 1.98%. CVS Health’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.21 earnings per share. On average, sell-side analysts anticipate that CVS Health will post 6.41 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CVS Health

A number of hedge funds have recently added to or reduced their stakes in CVS. Norden Group LLC lifted its position in CVS Health by 10.7% in the first quarter. Norden Group LLC now owns 6,830 shares of the pharmacy operator’s stock valued at $545,000 after purchasing an additional 660 shares during the period. GSA Capital Partners LLP purchased a new position in CVS Health in the first quarter valued at about $536,000. Commerce Bank increased its holdings in CVS Health by 2.1% in the first quarter. Commerce Bank now owns 73,854 shares of the pharmacy operator’s stock valued at $5,891,000 after buying an additional 1,512 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in CVS Health in the first quarter valued at about $227,000. Finally, Callan Capital LLC purchased a new position in CVS Health in the first quarter valued at about $214,000. Institutional investors and hedge funds own 80.66% of the company’s stock.

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.