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

CVS Health (NYSE:CVS) had its target price dropped by equities researchers at Royal Bank of Canada from $68.00 to $58.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the pharmacy operator’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 8.33% from the stock’s previous close.

Several other research analysts have also weighed in on the company. Barclays cut their target price on 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 increased their target price on CVS Health from $62.00 to $75.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Truist Financial lifted their price objective on shares of CVS Health from $66.00 to $76.00 and gave the company a “buy” rating in a research note on Friday, October 11th. Wells Fargo & Company lowered their price target on shares of CVS Health from $61.00 to $60.00 and set an “equal weight” rating for the company in a report on Monday, November 4th. Finally, StockNews.com lowered CVS Health from a “hold” rating to a “sell” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, eight have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $72.44.

CVS Health Price Performance

Shares of NYSE CVS traded down $1.55 during trading on Friday, hitting $53.54. 5,566,799 shares of the company were exchanged, compared to its average volume of 11,291,782. The company has a market cap of $67.38 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 0.93 and a beta of 0.55. CVS Health has a 1 year low of $52.71 and a 1 year high of $83.25. The firm’s fifty day moving average price is $59.32 and its 200 day moving average price is $58.76. 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 (NYSE:CVS) last issued its quarterly earnings data on Wednesday, November 6th. The pharmacy operator reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.01. The firm had revenue of $95.43 billion during the quarter, compared to the consensus estimate of $92.72 billion. CVS Health had a return on equity of 10.72% and a net margin of 1.36%. The company’s quarterly revenue was up 6.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.21 EPS. On average, sell-side analysts expect that CVS Health will post 5.48 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CVS Health

Institutional investors have recently bought and sold shares of the stock. Morse Asset Management Inc purchased a new position in CVS Health in the third quarter valued at approximately $409,000. Motley Fool Asset Management LLC increased its holdings in CVS Health by 5.9% during the 3rd quarter. Motley Fool Asset Management LLC now owns 57,470 shares of the pharmacy operator’s stock worth $3,537,000 after acquiring an additional 3,206 shares during the period. Investment Management Corp of Ontario boosted its holdings in CVS Health by 49.0% in the 3rd quarter. Investment Management Corp of Ontario now owns 41,636 shares of the pharmacy operator’s stock valued at $2,618,000 after purchasing an additional 13,700 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in shares of CVS Health in the third quarter worth $7,233,000. Finally, Janus Henderson Group PLC raised its position in shares of CVS Health by 370.6% in the third quarter. Janus Henderson Group PLC now owns 760,903 shares of the pharmacy operator’s stock worth $47,825,000 after buying an additional 599,200 shares in the last quarter. Institutional investors own 80.66% of the company’s stock.

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.