CVS Health (NYSE: CVS) ticked higher in trading after reporting its fourth-quarter results. The healthcare company reported Q4 adjusted earnings of $2.12 per share compared to earnings of $2.04 per share in the same period last year, surpassing consensus estimates of $1.98 per share.
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CVS’ total revenues increased by 11.9% to $93.8 billion in the fourth quarter, beating Street estimates of $90.58 billion.
However, the company lowered its FY24 adjusted earnings guidance to at least $8.30 per share from its prior forecast of $8.50 per share. CVS cited higher medical costs as a reason for the pullback in guidance.
Is CVS a Buy, Sell, or Hold?
Analysts remain bullish about CVS stock with a Strong Buy consensus rating based on 13 Buys and three Holds. Over the past year, CVS has slid by more than 8%, and the average CVS price target of $89.38 implies an upside potential of 17.4% at current levels.
