NEW YORK (TheStreet) -- Shares of CVS Health (CVS) are climbing, higher by 0.73% to $92.98 in late morning trading, after the pharmacy chain had its price target raised by analysts at JPMorgan Chase to $108 from $92, following yesterday's analyst day presentation.
The firm maintained its "overweight" rating on shares, saying it remains bullish on outlook.
The pharmacy operator raised its quarterly dividend, announced a new share buyback program and issued EPS growth for next year, helped by strength in specialty drugs.
The company announced that it would raise its quarterly cash dividend by 27% to 35 cents per share.
CVS added that its stock repurchase plan covers as much as $10 billion in shares, and will be completed over a multiyear period.
The company issued 2015 earnings guidance of between $5.05 to $5.19 per share, compared to analysts' forecasts of $5.11 per share. CVS also forecast 2015 cash flow of $5.9 billion to $6.2 billion, using some of it for acquisitions and other investments.
Separately, TheStreet Ratings team rates CVS HEALTH CORP as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CVS HEALTH CORP (CVS) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."