CVS Health (NYSE:CVS) Issues Q3 2024 Earnings Guidance

CVS Health (NYSE:CVS) issued an update on its third quarter 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 1.050-1.100 for the period, compared to the consensus earnings per share estimate of 1.700. The company issued revenue guidance of -. CVS Health also updated its Q3 guidance to $1.05-1.10 EPS.

CVS Health Stock Down 5.2 %

NYSE:CVS opened at $60.35 on Friday. The firm has a market capitalization of $75.76 billion, a P/E ratio of 10.61, a P/E/G ratio of 0.93 and a beta of 0.54. CVS Health has a 12-month low of $52.77 and a 12-month high of $83.25. The stock’s fifty day simple moving average is $59.80 and its 200-day simple moving average is $60.62. The company has a quick ratio of 0.66, a current ratio of 0.86 and a debt-to-equity ratio of 0.83.

CVS Health (NYSE:CVS) last announced its earnings results on Wednesday, August 7th. The pharmacy operator reported $1.83 EPS for the quarter, topping the consensus estimate of $1.73 by $0.10. CVS Health had a net margin of 1.98% and a return on equity of 12.72%. The firm had revenue of $91.23 billion for the quarter, compared to the consensus estimate of $91.41 billion. During the same period last year, the company posted $2.21 EPS. The business’s quarterly revenue was up 2.6% on a year-over-year basis. Equities research analysts expect that CVS Health will post 6.51 earnings per share for the current year.

CVS Health Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Monday, October 21st will be given a dividend of $0.665 per share. The ex-dividend date is Monday, October 21st. This represents a $2.66 annualized dividend and a dividend yield of 4.41%. CVS Health’s dividend payout ratio is currently 46.75%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CVS. Royal Bank of Canada restated an “outperform” rating and set a $68.00 target price on shares of CVS Health in a report on Wednesday, September 4th. TD Cowen upgraded shares of CVS Health from a “hold” rating to a “buy” rating and raised their target price for the company from $59.00 to $85.00 in a research note on Friday, October 4th. Evercore ISI boosted their price target on CVS Health from $62.00 to $75.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Barclays upgraded CVS Health from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $63.00 to $82.00 in a research note on Thursday, October 10th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on CVS Health from $64.00 to $63.00 and set a “hold” rating for the company in a report on Friday, August 9th. Nine equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $75.26.

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.