Piper Sandler Has Lowered Expectations for CVS Health (NYSE:CVS) Stock Price

CVS Health (NYSE:CVS) had its price target cut by stock analysts at Piper Sandler from $72.00 to $64.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “overweight” rating on the pharmacy operator’s stock. Piper Sandler’s price target points to a potential upside of 8.44% from the stock’s current price.

A number of other equities analysts have also issued reports on CVS. Mizuho reduced their target price on shares of CVS Health from $73.00 to $66.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Royal Bank of Canada reduced their target price on shares of CVS Health from $68.00 to $58.00 and set an “outperform” rating on the stock in a research report on Friday, November 15th. Barclays reduced their target price on shares of CVS Health from $75.00 to $71.00 and set an “overweight” rating on the stock in a research report on Thursday, November 7th. Evercore ISI upped their target price on shares of CVS Health from $62.00 to $75.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $62.00 target price on shares of CVS Health in a research report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $70.33.

CVS Health Trading Down 1.8 %

Shares of CVS stock opened at $59.02 on Monday. CVS Health has a 12-month low of $52.71 and a 12-month high of $83.25. The company has a market capitalization of $74.27 billion, a P/E ratio of 14.98, a P/E/G ratio of 0.98 and a beta of 0.55. The firm has a 50-day moving average price of $59.26 and a 200 day moving average price of $58.69. The company has a quick ratio of 0.59, a current ratio of 0.80 and a debt-to-equity ratio of 0.80.

CVS Health (NYSE:CVS) last announced its quarterly earnings results on Wednesday, November 6th. The pharmacy operator reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.01. CVS Health had a net margin of 1.36% and a return on equity of 10.72%. The firm had revenue of $95.43 billion during the quarter, compared to the consensus estimate of $92.72 billion. During the same period last year, the firm posted $2.21 EPS. The firm’s quarterly revenue was up 6.3% on a year-over-year basis. Research analysts forecast that CVS Health will post 5.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Assetmark Inc. boosted its holdings in shares of CVS Health by 9.7% in the third quarter. Assetmark Inc. now owns 410,001 shares of the pharmacy operator’s stock valued at $25,781,000 after buying an additional 36,132 shares during the period. Cullinan Associates Inc. boosted its holdings in shares of CVS Health by 43.8% in the third quarter. Cullinan Associates Inc. now owns 122,682 shares of the pharmacy operator’s stock valued at $7,125,000 after buying an additional 37,395 shares during the period. Sompo Asset Management Co. Ltd. boosted its holdings in CVS Health by 8.4% during the third quarter. Sompo Asset Management Co. Ltd. now owns 134,523 shares of the pharmacy operator’s stock worth $8,459,000 after purchasing an additional 10,453 shares during the last quarter. Deerfield Management Company L.P. Series C acquired a new position in CVS Health during the second quarter worth $57,584,000. Finally, Oppenheimer Asset Management Inc. boosted its holdings in CVS Health by 5.7% during the third quarter. Oppenheimer Asset Management Inc. now owns 448,323 shares of the pharmacy operator’s stock worth $28,191,000 after purchasing an additional 24,285 shares during the last quarter. Institutional investors and hedge funds 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.