Stock Update: Target Corporation (NYSE:TGT) – CVS Health and Target Announce Completed Acquisition of Target’s Pharmacy and Clinic Businesses

[PR Newswire] – WOONSOCKET, R.I. and MINNEAPOLIS, Dec. 16, 2015 /PRNewswire/ — CVS Health Corporation (CVS) and Target Corporation (TGT) announced today that CVS Health has completed the acquisition of Target’s pharmacy and clinic businesses for approximately $1.9 billion. With the completion of the transaction, CVS Health acquired Target’s 1,672 pharmacies across 47 states and will operate them through a store-within-a-store format, branded as CVS/pharmacy. In addition, a CVS/pharmacy will be included in all new Target stores that offer pharmacy services. Read more on this. Target Corp. (TGT) , with a current market cap of $45.30B, opened this morning at $73.03. During today’s session, TGT traded between $73.03 to $73.82 and has traded between $68.15 and $85.81 over the past 12 months. Target (TGT) shares are currently priced at 15.33x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 10.82x earnings multiple for the same period. And for passive income investors, the company pays shareholders $2.24 per share annually in dividends, yielding 3.12%. Consensus earnings for the current quarter by the 22 sell-side analysts covering the stock is an estimate of $1.54 per share, which would be $0.04 better than the year-ago quarter and a $0.00 sequential decrease. The full-year EPS estimate is $4.76 which would be a $0.49 improvement than last year’s full-year earnings. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $22.13 Billion. If realized, that would be a 1.75% increase over the year-ago quarter. In terms of ratings, Macquarie Initiated TGT at Outperform (Jun 9, 2015). Previously, BofA/Merrill upgraded TGT from Neutral to Buy. When considering if the stock is under or overvalued, the average price target is $82.62, which is 13.13% above where the stock opened this morning. See more in (NYSE:TGT) Similar Articles: Market Update (NYSE:CVS): CVS/pharmacy Providing Comprehensive Health Care Coverage Support to Consumers Both In-Store and Online Stock Update: Target Corporation (NYSE:TGT) – Fitbit (FIT) Stock Continues to Rise on Target Deal Company Update: CVS Caremark Corporation (NYSE:CVS) – CVS Health Research Institute Publishes First Findings that Show Narrow Pharmacy Networks Can Help Improve Medication Adherence