CVS Health Co. (NYSE:CVS) to Issue Quarterly Dividend of $0.67

CVS Health Co. (NYSE:CVS) declared a quarterly dividend on Thursday, September 19th, Wall Street Journal reports. Stockholders of record on Monday, October 21st will be given a dividend of 0.665 per share by the pharmacy operator on Friday, November 1st. This represents a $2.66 dividend on an annualized basis and a dividend yield of 4.41%. The ex-dividend date of this dividend is Monday, October 21st.

CVS Health has raised its dividend by an average of 6.6% annually over the last three years. CVS Health has a payout ratio of 36.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect CVS Health to earn $7.27 per share next year, which means the company should continue to be able to cover its $2.66 annual dividend with an expected future payout ratio of 36.6%.

CVS Health Stock Performance

CVS opened at $60.34 on Friday. The business’s 50-day simple moving average is $59.80 and its 200 day simple moving average is $60.53. CVS Health has a 52-week low of $52.77 and a 52-week high of $83.25. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.66 and a current ratio of 0.86. The firm has a market capitalization of $75.75 billion, a PE ratio of 10.60, a PEG ratio of 0.93 and a beta of 0.54.

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

Analysts Set New Price Targets

CVS has been the subject of several research reports. 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. Barclays raised shares of 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 report on Thursday, October 10th. Truist Financial raised their price objective on shares of CVS Health from $66.00 to $76.00 and gave the stock a “buy” rating in a research report on Friday, October 11th. Wells Fargo & Company upped their target price on CVS Health from $60.00 to $61.00 and gave the company an “equal weight” rating in a research report on Monday, August 12th. Finally, TD Cowen raised CVS Health from a “hold” rating to a “buy” rating and lifted their price target for the stock from $59.00 to $85.00 in a report on Friday, October 4th. Nine equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, CVS Health presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.26.

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.