Royal Bank of Canada Has Lowered Expectations for CVS Health (NYSE:CVS) Stock Price

CVS Health (NYSE:CVS) had its target price reduced by stock analysts at Royal Bank of Canada from $68.00 to $58.00 in a report issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the pharmacy operator’s stock. Royal Bank of Canada’s price target suggests a potential upside of 9.04% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Evercore ISI increased their target price on shares of CVS Health from $62.00 to $75.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Wells Fargo & Company cut their target price on CVS Health from $61.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Monday, November 4th. Truist Financial increased their price target on CVS Health from $66.00 to $76.00 and gave the company a “buy” rating in a research report on Friday, October 11th. TD Cowen raised CVS Health from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $59.00 to $85.00 in a research report on Friday, October 4th. Finally, UBS Group raised their target price on CVS Health from $60.00 to $62.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $72.44.

CVS Health Stock Down 3.4 %

Shares of NYSE CVS opened at $53.19 on Friday. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.80 and a quick ratio of 0.59. CVS Health has a 1 year low of $52.71 and a 1 year high of $83.25. The stock has a market capitalization of $66.93 billion, a P/E ratio of 13.50, a P/E/G ratio of 0.93 and a beta of 0.55. The company has a 50-day moving average price of $59.23 and a 200-day moving average price of $58.72.

CVS Health (NYSE:CVS) last issued its quarterly earnings data on Wednesday, November 6th. The pharmacy operator reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.01. The firm had revenue of $95.43 billion during the quarter, compared to analyst estimates of $92.72 billion. CVS Health had a return on equity of 10.72% and a net margin of 1.36%. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same period in the previous year, the company posted $2.21 EPS. On average, equities research analysts forecast that CVS Health will post 5.48 EPS for the current fiscal year.

Hedge Funds Weigh In On CVS Health

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Spirepoint Private Client LLC purchased a new position in CVS Health in the first quarter worth $225,000. TIAA Trust National Association lifted its position in CVS Health by 0.9% in the 1st quarter. TIAA Trust National Association now owns 40,844 shares of the pharmacy operator’s stock worth $3,258,000 after buying an additional 369 shares during the last quarter. Catalytic Wealth RIA LLC grew its position in CVS Health by 13.0% during the first quarter. Catalytic Wealth RIA LLC now owns 17,534 shares of the pharmacy operator’s stock valued at $1,399,000 after acquiring an additional 2,022 shares during the last quarter. Resurgent Financial Advisors LLC lifted its holdings in shares of CVS Health by 45.3% in the 1st quarter. Resurgent Financial Advisors LLC now owns 4,339 shares of the pharmacy operator’s stock worth $346,000 after acquiring an additional 1,352 shares during the last quarter. Finally, Davis R M Inc. boosted its position in CVS Health by 8.7% during the first quarter. Davis R M Inc. now owns 3,010 shares of the pharmacy operator’s stock valued at $240,000 after buying an additional 242 shares during the period. 80.66% of the stock is currently owned by hedge funds and other institutional investors.

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.