The stock of CVS Health Corporation (NYSE:CVS) is now priced at $62.12 and the shares are -1.09 points down or -1.72% lower compared to its previous closing price of $63.21. CVS shares have a float of 1310 million and although its performance was -2.74% over the week, it’s one to watch. Analysts have given the CVS stock a yearly average price target of $78.74 per share. It means the stock’s upside potential is 26.75% with the CVS share price recently placing at $62.11 to $63.06. However, some brokerage firms have priced the stock below the average, including one that has called $65.
The shorts are running away from the CVS Health Corporation stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the CVS shares have declined. Short interest in the stock represents just 1.41% of its float, but the volume has dropped by 0.
In the last trading session, CVS Health Corporation (NYSE:CVS) dropped by -$1.75 over the week and lost -$1.74 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $77.03. The stock recorded its established 52-week high on 11/25/19.
Since 03/23/20, the stock has traded to a low of $52.04 at 19.37%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.67. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, CVS Health Corporation’s two-week RSI is 38.13. This suggests that the stock is neutral at the moment and that CVS shares’ price movement remains stable. The stochastic readings are equally revealing at 18.79% meaning the CVS share price is currently in overbought territory.
The technical chart shows that the CVS stock will likely settle at between $62.75 and $63.38 per share. However, if the stock dips below $61.8, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $61.48.
Currently, the stock is trading in the red of MACD, with a reading of -0.62. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned CVS a rating of Mkt Perform in their intiating review released on July 01. Credit Suisse analysts upgraded their recommendation of the stock from Neutral to Outperform while keeping its target price at $75 in a flash note released to investors on May 14. RBC Capital Mkts analysts see the stock as Outperform when the analysts resumed the share price coverage on September 27, placing it at $85.
The average rating for the CVS equity is 2.07 and is currently gathering a bullish momentum. Of 27 analysts tracking CVS Health Corporation polled by Reuters, 8 rated CVS as a hold. The remaining 19 analysts were split evenly. However, the split wasn’t equal as a majority (19) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the CVS stock price is 8.24X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 9.9 below the group’s average of 14.5. CVS Health Corporation has its P/E ratio at 1.2, which means that the stock is currently trading at a discount relative to the 2.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for CVS Health Corporation (NYSE:CVS) will increase by about 1.9%, which will see them reach $66500 million. The company’s full-year revenues are, however, expected to increase by about 4.01%, up from $257000 million to $267000 million. CVS’s expected adjusted earnings should drop almost -28.26% to end up at $1.32 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 2.12% to record $7.23/share.