Why CVS Health Corp (NYSE: CVS) Stock Should Not Be Discarded By Investors In 2024

In the last trading session, 8.77 million shares of the CVS Health Corp (NYSE:CVS) were traded, and its beta was 0.51. Most recently the company’s share price was $79.56, and it changed around -$0.2 or -0.25% from the last close, which brings the market valuation of the company to $100.12B. CVS currently trades at a discount to its 52-week high of $83.25, offering almost -4.64% off that amount. The share price’s 52-week low was $64.41, which indicates that the current value has risen by an impressive 19.04% since then. We note from CVS Health Corp’s average daily trading volume that its 10-day average is 9.52 million shares, with the 3-month average coming to 11.18 million.

CVS Health Corp stock received a consensus recommendation rating of Buy, based on a mean score of 1.72. If we narrow it down even further, the data shows that 0 out of 24 analysts rate the stock as a Sell; another 5 rate it as Overweight. Among the rest, 9 recommended CVS as a Hold, whereas 10 deemed it a Buy, and 0 rated it as Underweight. CVS Health Corp is expected to report earnings per share of $1.71 for the current quarter.

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CVS Health Corp (NYSE:CVS) trade information

Instantly CVS has showed a red trend with a performance of -0.25% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently up 0.76% year-to-date, but still up 1.38% over the last five days. On the other hand, CVS Health Corp (NYSE:CVS) is 6.98% up in the 30-day period. We can see from the shorts that 18.64 million shares have been sold at a short interest cover period of 2.07 day(s).

The consensus price target as assigned by Wall Street analysts is $111.7, which translates to bulls needing to increase their stock price by 28.77% from its current value. Analyst projections state that CVS is forecast to be at a low of $80 and a high of $127.

CVS Health Corp (CVS) estimates and forecasts

CVS Health Corp share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 13.61 percent over the past six months and at a -4.69% annual growth rate that is well above the industry average of -13.90%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will loss -22.30% in revenue this quarter, and will report an increase of 0.50% in the next quarter. The year-over-year growth rate is expected to be 3.60%, up from the previous year.

Consensus estimates provided by 17 financial analysts predict the company will bring in an average of $89.24 billion in revenue for the current quarter. 17 analysts expect CVS Health Corp to make $92.21 billion in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $80.81 billion and $88.92 billion respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 10.40%. Forecasts for the next quarter put sales growth at 3.70%.

CVS Health Corp earnings are expected to increase by -5.07% in 2024, but the outlook is positive 3.69% per year for the next five years.

CVS Dividends

CVS Health Corp’s next quarterly earnings report is expected to be released on May 01. The annual dividend yield of the stock is 3.12 percent and its annual dividend per share was 2.48. It is important to note, however, that the 3.12% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.

CVS Health Corp (NYSE:CVS)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 0.15% of CVS Health Corp shares, and 83.09% of them are in the hands of institutional investors. The stock currently has a share float of 83.21%. CVS Health Corp stock is held by 2,813 institutions, with Vanguard Group Inc being the largest institutional investor. By Jun 29, 2023, it held 9.08% of the shares, which is about 116.68 million shares worth $8.07 billion.

Blackrock Inc., with 7.30% or 93.73 million shares worth $6.48 billion as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund were the top two Mutual Funds as of Jun 29, 2023. The former held 39.97 million shares worth $2.76 billion, making up 3.11% of all outstanding shares. On the other hand, Vanguard 500 Index Fund held roughly 30.52 million shares worth around $2.11 billion, which represents about 2.38% of the total shares outstanding.