CVS Health Corporation (NYSE:CVS) Issues Quarterly Earnings Results, Beats Expectations By $0.02 EPS
CVS Health Corporation (NYSE:CVS) released its quarterly earnings results on Tuesday. The pharmacy operator reported $1.33 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.31 by $0.02, Bloomberg Earnings reports. The business had revenue of $45.69 billion during the quarter, compared to the consensus estimate of $45.36 billion. CVS Health Corporation had a return on equity of 17.56% and a net margin of 2.86%. The firm’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.32 EPS. CVS Health Corporation updated its Q3 guidance to $1.47-1.50 EPS and its FY17 guidance to $5.83-5.93 EPS.
Shares of CVS Health Corporation (NYSE CVS) opened at 79.12 on Tuesday. The company’s 50-day moving average price is $78.75 and its 200 day moving average price is $79.09. CVS Health Corporation has a 1-year low of $69.30 and a 1-year high of $98.44. The company has a market cap of $80.61 billion, a price-to-earnings ratio of 16.50 and a beta of 0.91. CVS Health Corporation also was the target of some unusual options trading activity on Monday. Stock traders bought 12,222 put options on the stock. This is an increase of approximately 254% compared to the average daily volume of 3,454 put options.
The business also recently declared a quarterly dividend, which was paid on Thursday, August 3rd. Stockholders of record on Monday, July 24th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date was Thursday, July 20th. CVS Health Corporation’s payout ratio is currently 41.67%.
In other CVS Health Corporation news, EVP Helena Foulkes sold 20,332 shares of the stock in a transaction dated Monday, June 19th. The shares were sold at an average price of $76.98, for a total transaction of $1,565,157.36. Following the completion of the transaction, the executive vice president now owns 59,300 shares of the company’s stock, valued at approximately $4,564,914. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO David M. Denton sold 230,510 shares of the stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $80.00, for a total transaction of $18,440,800.00. Following the transaction, the chief financial officer now directly owns 176,983 shares of the company’s stock, valued at approximately $14,158,640. The disclosure for this sale can be found here. Insiders have sold a total of 271,175 shares of company stock valued at $21,632,597 in the last three months. Insiders own 0.61% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Perigon Wealth Management LLC increased its position in CVS Health Corporation by 8.1% in the fourth quarter. Perigon Wealth Management LLC now owns 59,199 shares of the pharmacy operator’s stock valued at $4,796,000 after buying an additional 4,423 shares during the period. HighPoint Advisor Group LLC increased its position in CVS Health Corporation by 18.5% in the fourth quarter. HighPoint Advisor Group LLC now owns 10,340 shares of the pharmacy operator’s stock valued at $834,000 after buying an additional 1,616 shares during the period. M Holdings Securities Inc. increased its position in CVS Health Corporation by 67.5% in the fourth quarter. M Holdings Securities Inc. now owns 9,887 shares of the pharmacy operator’s stock valued at $780,000 after buying an additional 3,986 shares during the period. Becker Capital Management Inc. bought a new position in CVS Health Corporation during the fourth quarter valued at approximately $800,000. Finally, Auxier Asset Management increased its position in CVS Health Corporation by 18.9% in the fourth quarter. Auxier Asset Management now owns 62,049 shares of the pharmacy operator’s stock valued at $4,896,000 after buying an additional 9,850 shares during the period. 81.92% of the stock is owned by institutional investors and hedge funds.
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Several analysts recently issued reports on CVS shares. Tigress Financial started coverage on CVS Health Corporation in a research note on Thursday, April 27th. They issued a “buy” rating for the company. Vetr downgraded CVS Health Corporation from a “buy” rating to a “hold” rating and set a $85.78 target price for the company. in a research report on Thursday, April 27th. Evercore ISI reiterated an “outperform” rating and set a $88.00 target price (up from $87.00) on shares of CVS Health Corporation in a research report on Wednesday, May 3rd. ValuEngine downgraded CVS Health Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $82.00 target price on shares of CVS Health Corporation in a research report on Friday, June 9th. Nine investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. CVS Health Corporation currently has an average rating of “Buy” and a consensus price target of $92.20.
About CVS Health Corporation
CVS Health Corporation, together with its subsidiaries, is an integrated pharmacy healthcare company. The Company provides pharmacy care for the senior community through Omnicare, Inc (Omnicare) and Omnicare’s long-term care (LTC) operations, which include distribution of pharmaceuticals, related pharmacy consulting and other ancillary services to chronic care facilities and other care settings.
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