Leerink Partners Cuts CVS Health (CVS) Price Target to $112

Leerink Partners has reaffirmed its Outperform rating on CVS Health, adjusting its price target to $112 from $119, a 21.39% upside from the current price.

By EarningsIQ Research Desk · Published Oct 16, 2026, 2:00 PM EDT

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Leerink Partners cut its price target on CVS Health Corporation ($CVS) to $112 from $119 on October 12, 2026, and rates the stock "Outperform".

Since the rating, $CVS is up 5.3% to date (from the $87.74 close on Oct 12, 2026).

CVS CVS Health Corporation

$92.36 +17.96% year to date

Daily close · Oct 16, 2026

Key Points

On October 12, 2026, Leerink Partners reiterated its Outperform rating on CVS Health Corporation with a new price target of $112, previously $119.
Leerink Partners's $112 price target implies 21.39% upside from CVS Health Corporation's ($CVS) current $92.27 share price.
CVS Health shares recently traded around $92.27, 17.6% below the new analyst target and 16.6% below its 52-week high of $110.68.
The company has a market cap of approximately $118.4 billion and offers a dividend yield of 2.87%.

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Not investment advice. EarningsIQ is not a registered investment adviser, and this automated CVS Health Corporation alert may contain errors. Disclosures

CVS Health Corporation (NYSE: CVS) received a reiteration of its Outperform rating from Leerink Partners on October 12, 2026. The firm adjusted its price target for CVS from $119 to $112. This change reflects a slight decrease in expectations for the stock's future performance.

Other Institutional Activity in CVS Health

Several other institutional investors have made moves regarding CVS Health recently. Blackrock Inc. reduced its holdings by 2.1%, ending with approximately 123.2 million shares valued at about $11.4 billion. Vanguard Capital Management LLC added 661,233 shares, bringing its total to about 83.3 million shares worth approximately $7.7 billion. Meanwhile, Capital World Investors trimmed its position by 2.3%, now holding about 74.9 million shares valued at roughly $6.9 billion. State Street Corporation increased its stake by 1.6%, ending with about 60.3 million shares worth approximately $5.6 billion, while Dodge & Cox Inc. decreased its holdings by 3.4%, now holding about 50.0 million shares worth about $4.6 billion.

CVS Health Corporation Stock Up 2.1%

CVS Health shares are currently trading at around $92.27, which is above its 50-day moving average of $91.80 by about 0.5% and 4.7% above its 200-day average of $88.12. However, the stock is 17.6% below the analyst's new price target of $112 and 16.6% below its 52-week high of $110.68, indicating some room for growth based on analyst expectations.

12-month forecast

$CVS price target

CVS Health Corporation daily closes and this analyst's $112 target. Not advice.

Recent Earnings

In its most recent earnings report, CVS Health reported trailing twelve-month revenue of approximately $412.6 billion and an earnings per share (EPS) of $3.80. The company is scheduled to announce its next earnings on November 4, 2026. The year-over-year revenue growth stands at 7.1%, with a net margin of 1.2% and a return on equity of 6.2%.

Earnings drift grade

Outlook vs expectations on the last report — not price action.

B+ 81/100

Reported May 6, 2026

Forward outlook
11 analysts raised price targets.
EPS & revenue
EPS beat estimates by 15.8%. Revenue beat estimates by 4.6%.
Profit surprise
EBITDA beat by 15 percent. Operating income beat by 4 percent.
Pre-earnings setup
Bar was high, analysts already very bullish.
Analyst signal
11 target raises.
Earnings quality
Operating margin up 1.1 points. Positive free cash flow.

Earnings Call Summary

CVS delivered a strong first quarter with $100.4 billion in revenue, up 6 percent year over year, and earnings per share of $2.57, beating consensus by 36 cents. The Aetna health insurance business showed major improvement with operating income up 1 billion dollars year over year and a better medical benefit ratio. Pharmacy sales grew 3 percent at existing stores driven by strong prescription volume increases. Management is focused on affordability, reducing friction in the health system, and launching a new consumer app called Health100 powered by artificial intelligence.

Guidance CVS raised full year earnings guidance to $7.30 to $7.50 per share, up from $7.00 to $7.20. They expect at least $405 billion in revenue for the year. Operating cash flow guidance improved to at least $9.5 billion.

Good report. The company beat and showed some forward improvement, with a few meaningful caveats.

Insider Buying and Selling at CVS Health Corporation

Recent insider transactions at CVS Health include Officer Tilak Mandadi selling 69,551 shares on May 8, 2026, valued at about $6.2 million. Additionally, Director Larry Robbins sold 3,372,000 shares on May 21, 2026, totaling approximately $317.5 million. Both transactions were not part of a planned sale.

Analysts Set New Price Targets

On October 12, 2026, Leerink Partners maintained its Outperform rating on CVS Health with a target price of $112, down from $119. This follows several other analysts maintaining their ratings, including UBS with a Buy rating and a target of $126, and JP Morgan with an Overweight rating and a target of $118.

About CVS Health

CVS Health Corporation provides a range of health solutions in the United States. Its services include traditional and consumer-directed health insurance products, medical management capabilities, and prescription drug plans. With a workforce of around 219,000 employees, CVS aims to enhance health care accessibility across the nation.

Bottom Line

Investors should keep an eye on CVS Health as it approaches its next earnings report on November 4, 2026. The stock's performance relative to analyst targets and market conditions will be crucial in determining its trajectory in the coming months.