CVS Health Reports Q2 Earnings Beat, Raises Guidance

CVS Health Reports Q2 Earnings Beat, Raises Guidance

When adjusted, CVS earned $1.89 per share, above the $1.69 per share expected by analysts. CVS Health accounts for approximately 2.4% of Barnett & Company Inc.'s holdings, making the stock its 10th largest position. Hedge funds and other institutional investors own 77.33% of the company's stock. Nepsis Inc. acquired a new position in shares of CVS Health during the 2nd quarter valued at about $5,897,000. Berman Capital Advisors LLC increased its stake in shares of CVS Health by 106.4% in the 2nd quarter. Shamrock Asset Management LLC boosted its position in CVS Health by 5.2% in the 2nd quarter. Putnam FL Investment Management Co. now owns 89,519 shares of the pharmacy operator's stock worth $4,878,000 after purchasing an additional 801 shares during the period. Dimensional Fund Advisors LP raised its position in shares of CVS Health by 28.3% in the fourth quarter.

CVS Health's stock price was up more than 4% during early morning trading.

CVS opened at $59.29 on Friday. CVS Health Corp has a 52 week low of $51.72 and a 52 week high of $82.15. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.95 and a quick ratio of 0.64. The firm's 50 day simple moving average is $55.41. The stock has a market cap of $72.37 billion, a PE ratio of 7.64, a P/E/G ratio of 1.25 and a beta of 0.90.

"We posted strong second quarter results, with all of our businesses performing at or above expectations".

CVS reported second-quarter net income of $1.93 billion, or $1.49 per share, up from a loss of $2.56 billion, or $2.52 per share a year earlier. CVS Health had a return on equity of 16.92% and a net margin of 1.91%. The firm had revenue of $63.43 billion for the quarter, compared to analyst estimates of $62.66 billion.

More news: Who were the rich and powerful people in Jeffrey Epstein's circle?
More news: MS food plants 'willfully' employed illegal workers
More news: Watchdog demands answers as power cut causes chaos across Britain

The healthcare giant beat Wall Street's second-quarter expectations for both earnings and revenue by a wide margin, a boost it attributes largely to its acquisition of Aetna late previous year and continuing strong performance in its retail segment.

The company now expects full-year adjusted earnings between $6.89 and $7 per share, up from the previously guided range of $6.75 to $6.90 a share. Shareholders of record on Thursday, July 25th were paid a dividend of $0.50 per share. The ex-dividend date was Wednesday, July 24th.

"It represents a modest step forward rather than the leap up which CVS needs to take if it wants to become the Apple of wellness and health", he said.

Among 17 analysts covering CVS Health (NYSE:CVS), 15 have Buy rating, 0 Sell and 2 Hold. Morgan Stanley dropped their price objective on CVS Health from $92.00 to $74.00 and set an "overweight" rating for the company in a report on Monday, April 29th. Evercore ISI set a $63.00 price target on CVS Health and gave the stock a "buy" rating in a research note on Wednesday. Oppenheimer lowered shares of CVS Health from an "outperform" rating to a "market perform" rating in a research report on Monday, April 15th. They set a "buy" rating and a $75.00 price objective for the company. ValuEngine downgraded CVS Health from a "sell" rating to a "strong sell" rating in a report on Tuesday, July 2nd. The stock presently has a consensus rating of "Buy" and a consensus price target of $76.48. DORMAN DAVID W also bought $506,016 worth of CVS Health Corporation (NYSE:CVS) on Friday, March 8. Before the deal, the benefits group consisted only of its Medicare prescription-drug plan.

Related Articles