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CVS Health (CVS) Sees Large Growth in Short Interest
By: MarketBeat | August 20, 2021
• CVS Health Co. (NYSE:CVS) was the recipient of a large growth in short interest in the month of July. As of July 30th, there was short interest totalling 16,100,000 shares, a growth of 15.9% from the July 15th total of 13,890,000 shares. Based on an average daily volume of 6,220,000 shares, the short-interest ratio is currently 2.6 days...
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Can CVS Stock Reach $100? Pounding The Table On My Top 2021 Pick
Aug. 24, 2021 12:20 PM ET
CVS Health Corporation (CVS)
Read the article at this link to also see the graphics:
https://seekingalpha.com/article/4451526-cvs-stock-reach-100-top-2021-pick?mail_subject=cvs-can-cvs-stock-reach-100-pounding-the-table-on-my-top-2021-pick&utm_campaign=rta-stock-article&utm_content=link-0&utm_medium=email&utm_source=seeking_alpha
People are overlooked for a variety of biased reasons and perceived flaws. Age, appearance, personality. Bill James and mathematics cuts straight through that. Billy, of the twenty thousand knowable players for us to consider, I believe that there is a championship team of twenty five people that we can afford. Because everyone else in baseball undervalues them. Like an island of misfit toys.
-Peter Brand, Moneyball (2011)
CVS Health prices tender offer for up to ~$2.05B senior notes
Aug. 23, 2021 11:48 AM ETCVS Health Corporation (CVS)By: Ravikash, SA News Editor
CVS Health (CVS +0.2%) priced the tender offer for up to ~$2.05B of its 4.3% senior notes due 2028.
(the "Notes").
The reference yield is 1.250%. Total consideration $1.162.08 per $1,000 principal amount of notes validly tendered.
The company said notes validly tendered prior to 5:00 p.m., New York City time on Aug. 20 will be eligible to receive the total Consideration, which includes the early tender payment of $30 per $1,000 principal amount of notes.
CVS Health expects to accept for purchase and make payment for notes validly tendered on Aug. 24.
Sounds as if they will be redeeming notes to push out the due date.
Q3 2021 EPS Estimates for CVS Health Co. (CVS) Cut by Oppenheimer
By: MarketBeat | August 9, 2021
CVS Health Co. (NYSE:CVS) - Research analysts at Oppenheimer decreased their Q3 2021 earnings estimates for CVS Health in a research note issued on Wednesday, August 4th. Oppenheimer analyst M. Wiederhorn now forecasts that the pharmacy operator will earn $1.73 per share for the quarter, down from their previous forecast of $1.82. Oppenheimer also issued estimates for CVS Health's Q4 2021 earnings at $1.59 EPS, FY2021 earnings at $7.77 EPS, Q1 2022 earnings at $2.02 EPS, Q2 2022 earnings at $2.19 EPS, Q3 2022 earnings at $2.05 EPS and FY2022 earnings at $8.31 EPS...
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CVS Health (CVS) PT Raised to $101.00 at Deutsche Bank Aktiengesellschaft
By: MarketBeat | August 4, 2021
CVS Health (NYSE:CVS) had its price target lifted by stock analysts at Deutsche Bank Aktiengesellschaft from $95.00 to $101.00 in a report issued on Thursday, The Fly reports. The firm presently has a "buy" rating on the pharmacy operator's stock. Deutsche Bank Aktiengesellschaft's target price points to a potential upside of 23.85% from the company's previous close...
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CVS Stock Slides As COVID Cost Concerns Cloud Earnings Beat, Guidance Boost
By: TheStreet | August 4, 2021
• New CEO Karen Lynch said the quarter was highlighted by "broad sales and earnings outperformance, as well as sequential operating margin improvement."
CVS Health Corp. (CVS) posted stronger-than-expected second quarter earnings Wednesday, and lifted its full year profit guidance, thanks in part to a solid rebound in retail and pharmacy sales.
The stock traded lower, however, after the retailer said it would raise its minimum wage to $15 per hour in 2022 and noted COVID-related costs would rise over the final half of this year.
CVS said adjusted earnings for the three months ending in March were pegged at $2.42 per share, down 8.3% from the same period last year but well ahead of the Street consensus forecast of $2.06 per share. Group revenues, CVS said, rose 11.1% from last year to $72.6 billion, again topping analysts' estimates of a $70.3 billion tally.
Looking into the 2021 financial year, CVS lifted its forecast for adjusted earnings, which it now sees in the region of $7.70 to $7.80 per share, from its prior forecast of $7.56 to $7.68 per share.
"We delivered another quarter of strong results and once again raised our outlook for the year," said CEO Karen Lynch. "This quarter was highlighted by broad sales and earnings outperformance, as well as sequential operating margin improvement."
"We continue to play a critical role in helping America prevail against the pandemic while demonstrating the effectiveness of our unique business model, which is focused on meeting customer needs through innovations that make health care more local, affordable and connected," she added.
CVS shares were marked 3.23% lower in early trading immediately following the earnings release to change hands at $81.41 each.
Pharmacy Services revenues rose 9.7% to $38.3 billion, CVS said, Retail sales rose 14.3% to $24.73 billion, "driven by increased prescription volume, COVID-19 vaccinations and diagnostic testing and higher front store revenues across all product categories.
The group's healthcare benefits division saw sales rise 11.1% to $20.5 billion as it added Aetna's operations to its legacy business.
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CVS Health EPS beats by $0.35, beats on revenue, raises guidance • 6:31 AM
CVS Health (NYSE:CVS): Q2 Non-GAAP EPS of $2.42 beats by $0.35; GAAP EPS of $2.10 beats by $0.39.
Revenue of $72.61B (+11.1% Y/Y) beats by $2.34B.
Raised GAAP diluted EPS guidance range to $6.35 to $6.45 from $6.24 to $6.36 vs. $5.47 in FY20
Raised Adjusted EPS guidance range to $7.70 to $7.80 from $7.56 to $7.68 vs. $7.67 consensus.
Raised cash flow from operations guidance range to $12.5 billion to $13.0 billion from $12.0 billion to $12.5 billion vs. $15.9B in FY20
CVS Health (CVS) Stock Jumps After Retail-Driven Earnings Beat; Profit Guidance Boost
By: TheStreet | August 4, 2021
• New CEO Karen Lynch said the quarter was highlighted by "broad sales and earnings outperformance, as well as sequential operating margin improvement."
CVS Health Corp. (CVS) posted stronger-than-expected second quarter earnings Wednesday, and lifted its full year profit guidance, thanks in part to a solid rebound in retail and pharmacy sales.
CVS said adjusted earnings for the three months ending in March were pegged at $2.42 per share, down 8.3% from the same period last year but well ahead of the Street consensus forecast of $2.06 per share. Group revenues, CVS said, rose 11.1% from last year to $72.6 billion, again topping analysts' estimates of a $70.3 billion tally.
Looking into the 2021 financial year, CVS lifted its forecast for adjusted earnings, which it now sees in the region of $7.70 to $7.80 per share, from its prior forecast of $7.56 to $7.68 per share.
"We delivered another quarter of strong results and once again raised our outlook for the year," said CEO Karen Lynch. "This quarter was highlighted by broad sales and earnings outperformance, as well as sequential operating margin improvement."
"We continue to play a critical role in helping America prevail against the pandemic while demonstrating the effectiveness of our unique business model, which is focused on meeting customer needs through innovations that make health care more local, affordable and connected," she added.
CVS shares were marked 1.15% higher in pre-market trading immediately following the earnings release to indicate an opening bell price of $84.97 each.
Pharmacy Services revenues rose 9.7% to $38.3 billion, CVS said, Retail sales rose 14.3% to $24.73 billion, "driven by increased prescription volume, COVID-19 vaccinations and diagnostic testing and higher front store revenues across all product categories.
The group's healthcare benefits division saw sales rise 11.1% to $20.5 billion as it added Aetna's operations to its legacy business.
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Earnings Previews: CVS Health (CVS),...
By: 24/7 Wall St. | August 2, 2021
CVS Health
The country’s second-largest provider of health care plans, CVS Health Corp. (NYSE: CVS), has seen its stock price rise by more than 34% in the past 12 months. For the year to date, shares are up about 23%. The 12-month gain is about 5% below that of UnitedHealth but about 4% more year to date. Since July 1, the stock trades roughly flat, having recovered from a mid-month plunge related to the recall of a sunscreen product.
Analysts remain bullish on the stock, with 19 of 26 surveyed brokerages giving the stock a Buy or Strong Buy rating. The rest rate the shares at Hold. At a recent price of around $82.40, the stock’s upside potential based on a median price target of $95.50 is about 16%. At the high price target of $107, the implied upside is almost 30%.
The consensus revenue estimate is $70.27 billion, up 1.7% sequentially and about 7.8% year over year. Adjusted earnings per share (EPS) are forecast at $2.07, which would be three cents higher sequentially and down nearly 22% year over year. For the full year, analysts are looking for EPS of $7.67, up 2.2%, and revenue of $281.75, or about 4.9% more year over year.
The stock trades at 10.8 times expected 2021 EPS, 10.0 times estimated 2022 earnings and 9.1 times estimated 2023 earnings. The stock’s 52-week range is $55.36 to $90.61. CVS Health pays an annual dividend of $2.00 (yield of 2.43%)...
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CVS Health (CVS) Expected to Beat Earnings Estimates: Should You Buy?
By: Zacks Equity Research | July 28, 2021
The market expects CVS Health (CVS) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2021. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August 4. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus Estimate
This drugstore chain and pharmacy benefits manager is expected to post quarterly earnings of $2.07 per share in its upcoming report, which represents a year-over-year change of -21.6%.
Revenues are expected to be $70.08 billion, up 7.3% from the year-ago quarter.
Estimate Revisions Trend
The consensus EPS estimate for the quarter has been revised 0.23% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings Whisper
Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for CVS Health?
For CVS Health, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +0.54%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination indicates that CVS Health will most likely beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?
Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that CVS Health would post earnings of $1.72 per share when it actually produced earnings of $2.04, delivering a surprise of +18.60%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom Line
An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
CVS Health appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
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CVS Health Co. (CVS) Given Consensus Recommendation of "Buy" by Brokerages
By: MarketBeat | July 22, 2021
• CVS Health Co. (NYSE:CVS) has been given a consensus recommendation of "Buy" by the nineteen analysts that are currently covering the firm, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $92.47...
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CVS Health Target of Unusually Large Options Trading (CVS)
By: MarketBeat | July 22, 2021
• CVS Health Co. (NYSE:CVS) was the recipient of some unusual options trading activity on Wednesday. Traders bought 125,959 call options on the stock. This represents an increase of approximately 984% compared to the average daily volume of 11,619 call options...
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CVS Health: Still An Attractive Value Opportunity
Jul. 14, 2021 4:28 PM ET
CVS Health Corporation (CVS)
Daniel Petersen
Deep Value, Long Only, Value, Growth
Contributor Since 2020
A 22 year old student with a great interest in the stock market and value investing. I believe I know a fair bit about the topic, and that I could provide helpful guidance sharing my thoughts.
Summary
The company has been paying down debt, and will soon continue to raise the dividend.
The growth has been consistent and is expected to continue.
The stock is currently offering low double digits in stock returns from the current share price.
CVS Beats Revenue Expectations Aided By COVID-19 Testing And Vaccinations
Introduction
Recent years have not been kind to investors of CVS Health (NYSE:CVS), who have experienced six years of price stagnation. Apart from no share appreciation, the dividend has not grown, no shares have been bought back and the company is still carrying a lot of debt, which is making investors hesitant about buying the company.
A majority of investors would stay away from a company with those characteristics, which is exactly why I am drawn to this company. Value is often found where no one else is looking.
Who is CVS Health?
CVS Health is a major US company, operating within the healthcare segment. The company is the owner of the CVS pharmacy chains, the US health insurance provider, Aetna, among other businesses as well. It is the largest US- only corporation and the largest to only serve one country. It is also a member of the Fortune 500 list, and the Fortune global 500.
The company used to have a stellar performance of dividend increases, but was paused after the Aetna acquisition. As debt is being repaid and the business continues to grow, it is only a matter of time, before the increases will continue.
Fundamentals
The revenue growth is very consistent, which is very encouraging. Growth has averaged high single digits and is a mix of organic- and acquired growth. The company bought Aetna in 2018, which is the cause of the recent increase in revenue growth. Excluding acquisitions, low single digits in revenue growth are seen and is expected by analysts to continue.
CVS stock revenue
(Source: Macrotrends.com)
A consistently growing top line is impressive, but a growing bottom line is equally important. CVS has managed to keep their margins stable within a tight range, which has helped to increase the bottom line. The only major fluctuation seen, was in connection with the purchase of the LTC business, in which CVS took a $6.1b impairment of capital assets charge.
While their net profit margins have never fully recovered to the +3% range, the company has still managed to grow on a per-share-basis, but it did come at the cost of a high debt pile. Nevertheless, growing net income, stable margins and low capital expenditures, have turned the company into an efficient cash flow producer.
CVS stock net income
(Source: Macrotrends.com)
Management has not been hesitant in distributing the cash, which is of course a good thing, but some of the timings have been questionable. Buying back shares in 2014-2015 with a p/e above 20 just to issue additional stock 3 years later at a p/e of ~9, is an inefficient use of money and hurt shareholders.
They bought back shares when they should have been issuing shares, and issued shares when they should have been repurchasing shares.
Besides having repurchased their own shares, the company also has an impressive history of dividend payments. The dividend has not been reduced since its first payout, but has not been increased in recent years either. It is currently yielding 2.45% with a low payout ratio of 26.7%. Very manageable and a lot of room to climb, when the company has paid down their debt.
CVS shares outstanding
(Source: Macrotrends.com)
The company has an excellent growing topline and stable margins, which is leading to consistent net income and a lot of free cash flow. The dividend is safe, but is being held down by its debt burden. Recent timings of issuance of shares and repurchasing stock seem questionable, but unfortunately not uncommon to see among other businesses as well.
Valuation
As with most slow/medium growing companies, a 15 multiple is close to intrinsic value. The company has been through periods of overvaluation and undervaluation, but has always returned to the multiple. Even though the share price has been stagnant, the underlying business continues to strengthen, and that is what is important. A return to a standard 15 p/e would give it a price of ~$114, which I would consider a fair valuation.
Sometimes a business is trading at a low multiple because of debt. A company can comfortably carry 3x their free cash flow in net debt. CVS as of their latest quarter is carrying $56.3b in net debt and FCF of $13b, which is leaving ~$16b in excess debt that I would add to its market cap to ensure not overpaying. That gives the company a slightly higher multiple, but still below a fair 15 multiplier.
Fastgraph EPS
(Source: Fastgraphs.com)
Free cash flow is very much in line with operating earnings and is showing strong growth as well. It is expected to decline this year, but should stabilize soon after. A 15 multiple would indicate a fair price of ~$113, very close to the price of operating earnings. With the excess debt added to its market cap, we get a ~9.4 p/fcf multiple, slightly higher than its current 8.2 multiple, but still in deep value territory.
Fastgraphs FCF
(Source: Fastgraphs.com)
Stock chart
Quick disclaimer. A technical analysis by itself is not a good enough reason to buy a stock, but combined with the fundamentals of the company, it can greatly narrow your price target range when buying.
I buy when fundamentals and stock chart performance align. I missed the initial entry when the stock found support at its 200- month moving average back in Marts 2020, but still bought a small position the following days. I patiently waited for a potential dip in October 2020, but it missed the moving average by ~3.5%, which would have been my price target.
The stock has since broken above its 50- month moving average and looks to be heading upwards. I will continue to hold my shares, and still find its current valuation attractive.
https://seekingalpha.com/article/4439238-cvs-health-stock-still-an-attractive-value-opportunity?mail_subject=cvs-cvs-health-still-an-attractive-value-opportunity&utm_campaign=rta-stock-article&utm_content=link-0&utm_medium=email&utm_source=seeking_alpha
Tradingview
(Source: Tradingview.com)
Final thoughts
This is a company with great fundamentals. It seems very predictable and consistent, pointing towards the business having a competitive edge. The general sentiment towards the business is skewed because of previous years of price stagnation, despite the underlying business continuing to strengthen.
The dividend increases and share repurchases was paused to pay down debt, which has improved a lot. Debt still remains high, but it is quickly improving. A combination of the underlying business continuing to grow, the balance sheet improving and soon dividend increases and share buybacks to resume, the market cannot continue to value it with such low multiples.
My estimate of a fair valuation is near $113, and is based on operating earnings and free cash flow. Stock chart performance is pointing towards the stock having found support and should rebound with time.
I am therefore giving it a “bullish” rating.
CVS Health Co. to Post Q1 2022 Earnings of $2.11 Per Share, Truist Securiti Forecasts
By: MarketBeat | July 8, 2021
CVS Health Co. (NYSE:CVS) - Research analysts at Truist Securiti issued their Q1 2022 earnings per share estimates for CVS Health in a report released on Tuesday, July 6th. Truist Securiti analyst D. Macdonald expects that the pharmacy operator will post earnings of $2.11 per share for the quarter. Truist Securiti also issued estimates for CVS Health's Q2 2022 earnings at $2.11 EPS, Q3 2022 earnings at $2.05 EPS, Q4 2022 earnings at $1.92 EPS and FY2023 earnings at $8.88 EPS. CVS Health (NYSE:CVS) last issued its quarterly earnings results on Tuesday, May 4th. The pharmacy operator reported $2.04 earnings per share for the quarter, beating analysts' consensus estimates of $1.72 by $0.32. CVS Health had a return on equity of 14.45% and a net margin of 2.73%. The business had revenue of $69.10 billion for the quarter, compared to the consensus estimate of $68.33 billion. During the same quarter in the previous year, the company posted $1.91 earnings per share. CVS Health's revenue for the quarter was up 3.5% compared to the same quarter last year...
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CVS Health Co. (CVS) Plans $0.50 Quarterly Dividend
By: MarketBeat | July 7, 2021
CVS Health Co. (NYSE:CVS) declared a quarterly dividend on Wednesday, July 7th, RTT News reports. Shareholders of record on Friday, July 23rd will be paid a dividend of 0.50 per share by the pharmacy operator on Monday, August 2nd. This represents a $2.00 dividend on an annualized basis and a yield of 2.46%...
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$CVS I thought vaccines would bring them a ton of extra foot traffic..
By: Options Mike | July 5, 2021
• $CVS I thought vaccines would bring them a ton of extra foot traffic.. seams like that is not really happening now.. for me loves this in dec @ 74 now.. I'm hesitant on it.. maybe off the 77 area if it pulls back
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Insider Selling: CVS Health Co. (CVS) EVP Sells 2,781 Shares of Stock
By: MarketBeat | June 29, 2021
CVS Health Co. (NYSE:CVS) EVP Alan Lotvin sold 2,781 shares of the stock in a transaction on Monday, June 28th. The stock was sold at an average price of $83.67, for a total value of $232,686.27. Following the sale, the executive vice president now owns 61,048 shares in the company, valued at approximately $5,107,886.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link...
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CVS Health Co. (CVS) Given Consensus Rating of "Buy" by Brokerages
By: MarketBeat | June 29, 2021
Shares of CVS Health Co. (NYSE:CVS) have earned a consensus recommendation of "Buy" from the nineteen analysts that are covering the stock, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $92.47...
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CVS Health (CVS) Given New $95.00 Price Target at Deutsche Bank Aktiengesellschaft
By: MarketBeat | June 22, 2021
CVS Health (NYSE:CVS) had its price objective reduced by analysts at Deutsche Bank Aktiengesellschaft from $99.00 to $95.00 in a research report issued on Tuesday, The Fly reports. The firm currently has a "buy" rating on the pharmacy operator's stock. Deutsche Bank Aktiengesellschaft's price objective would suggest a potential upside of 13.07% from the stock's previous close...
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$70.36 Billion in Sales Expected for CVS Health Co. (CVS) This Quarter
By: MarketBeat | June 21, 2021
Brokerages expect CVS Health Co. (NYSE:CVS) to announce $70.36 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have issued estimates for CVS Health's earnings. The lowest sales estimate is $68.94 billion and the highest is $73.26 billion. CVS Health reported sales of $65.34 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 7.7%. The firm is scheduled to announce its next earnings results on Wednesday, August 4th...
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Stumbling CVS Health (CVS) Could Stage a Climb
By: Schaeffer's Investment Research | June 15, 2021
• The 40-day moving average has been bullish for the stock in the past
• The stock has been cooling off from its recent highs
The shares of CVS Health Corporation (NYSE:CVS) have been falling since their recent May 24 four-year high of $90.61, which the stock climbed to after three-straight months of gains. Up 1.6% to trade at $85.98 at last check, CVS is flashing a historically bullish signal on the charts.
More specifically, the equity just came within one standard deviation of its ascending 40-day moving average, after spending several months above it. According to data from Schaeffer's Senior Quantitative Analyst Rocky White, six similar signals have occurred in the past three years. CVS Health stock enjoyed a positive return one month later in 67% of those cases, averaging a 5% gain. From its current perch, a comparable move would put CVS above the $90 level and close to its aforementioned four-year high.
Puts have been more popular than usual, too, leaving plenty of pessimism to be unwound in the options pits. This is per CVS' 10-day put/call volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits in the 97th percentile of its annual range.
What's more, CVS is seeing attractively priced premiums at the moment. The security's Schaeffer's Volatility Index (SVI) of 19% sits in just the 2nd percentile of its annual range, indicating options players are pricing in low volatility expectations right now.
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Done! Thanks DG!!
Why 4 Jefferies Franchise List Stocks Could Be Big Second-Half Winners
By: 24/7 Wall St. | June 14, 2021
CVS Health
This top stock for more conservative accounts offers a very solid entry point. CVS Health Corp. (NYSE: CVS) is one of the largest health care companies in the United States, providing retail, mail and specialty pharmacy dispensing services and pharmacy benefits. CVS has become one of the most vertically integrated publicly traded health care companies.
CVS serves employers, insurance companies, unions, government employee groups, health plans, prescription drug plans, Medicaid managed care plans, plans offered on public health insurance and private health insurance exchanges, other sponsors of health benefit plans and individuals. This segment operates retail specialty pharmacy stores and specialty mail order, mail order dispensing, and compounding pharmacies, as well as branches for infusion and enteral nutrition services.
CVS completed a $69 billion purchase of health care provider Aetna in November of 2018 and remains one of the top picks for 2021 and beyond, as CVS has become one of the most vertically integrated publicly traded health care companies
Investors in CVS Health stock receive a solid 2.35% dividend. The Jefferies price target is $95, while the posted consensus price target is $94.29. The shares ended Friday trading at $85.47 apiece...
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CVS Health (CVS) Updates FY 2021 Earnings Guidance
By: MarketBeat | June 8, 2021
• CVS Health (NYSE:CVS) updated its FY 2021 earnings guidance on Tuesday. The company provided earnings per share guidance of $7.560-7.680 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $7.660. The company issued revenue guidance of -.
Several analysts have recently issued reports on the stock. Citigroup boosted their price objective on shares of CVS Health from $83.00 to $98.00 in a research note on Wednesday, May 5th. Royal Bank of Canada boosted their price objective on shares of CVS Health from $80.00 to $91.00 and gave the company an outperform rating in a research note on Wednesday, May 5th. Morgan Stanley boosted their price objective on shares of CVS Health from $86.00 to $92.00 and gave the company an overweight rating in a research note on Wednesday, April 14th. Credit Suisse Group lifted their target price on shares of CVS Health from $91.00 to $100.00 and gave the company an outperform rating in a report on Thursday, May 6th. Finally, Jefferies Financial Group lifted their target price on shares of CVS Health from $90.00 to $95.00 and gave the company a buy rating in a report on Wednesday, May 5th. Four analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. CVS Health has a consensus rating of Buy and an average target price of $92.82.
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Insider Selling: CVS Health Co. (CVS) EVP Sells 37,594 Shares of Stock
By: MarketBeat | June 8, 2021
• CVS Health Co. (NYSE:CVS) EVP Daniel P. Finke sold 37,594 shares of the company's stock in a transaction dated Monday, June 7th. The shares were sold at an average price of $86.60, for a total transaction of $3,255,640.40. Following the transaction, the executive vice president now owns 60,904 shares in the company, valued at $5,274,286.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website...
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CVS Health Co. (CVS) Given Consensus Recommendation of "Buy" by Analysts
By: MarketBeat | June 4, 2021
Shares of CVS Health Co. (NYSE:CVS) have been assigned an average rating of "Buy" from the nineteen analysts that are currently covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation, eleven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $92.82.
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CVS Sees Significant Increase in Short Interest
By: MarketBeat | June 2, 2021
CVS Health Co. (NYSE:CVS) saw a significant growth in short interest in May. As of May 14th, there was short interest totalling 20,090,000 shares, a growth of 22.6% from the April 29th total of 16,380,000 shares. Based on an average trading volume of 7,270,000 shares, the short-interest ratio is presently 2.8 days.
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CVS Health (CVS) Issues FY 2021 Earnings Guidance
By: MarketBeat | June 1, 2021
CVS Health (NYSE:CVS) issued an update on its FY 2021 earnings guidance on Tuesday morning. The company provided EPS guidance of 7.560-7.680 for the period, compared to the Thomson Reuters consensus EPS estimate of $7.660. The company issued revenue guidance of -.
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CVS Health (CVS) Sees Unusually-High Trading Volume on Analyst Upgrade
By: MarketBeat | May 19, 2021
CVS Health Co. (NYSE:CVS) shares saw unusually-strong trading volume on Wednesday after BMO Capital Markets raised their price target on the stock from $90.00 to $96.00. BMO Capital Markets currently has a market perform rating on the stock. Approximately 541,008 shares changed hands during mid-day trading, a decline of 92% from the previous session's volume of 7,091,201 shares.The stock last traded at $88.03 and had previously closed at $88.61...
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CVS Health (CVS) PT Raised to $93.00 at Wolfe Research
By: MarketBeat | May 19, 2021
CVS Health (NYSE:CVS) had its price target upped by investment analysts at Wolfe Research from $82.00 to $93.00 in a research report issued on Wednesday, The Fly reports. The brokerage presently has an "outperform" rating on the pharmacy operator's stock. Wolfe Research's price objective would indicate a potential upside of 4.95% from the stock's previous close...
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CVS Health Corporation's (NYSE:CVS) Stock On An Uptrend: Could Fundamentals Be Driving The Momentum?
Simply Wall St
Wed, May 19, 2021, 3:37 AM·4 min read
https://finance.yahoo.com/news/cvs-health-corporations-nyse-cvs-073740262.html
CVS Health (NYSE:CVS) has had a great run on the share market with its stock up by a significant 22% over the last three months. We wonder if and what role the company's financials play in that price change as a company's long-term fundamentals usually dictate market outcomes. Specifically, we decided to study CVS Health's ROE in this article.
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
How Do You Calculate Return On Equity?
ROE can be calculated by using the formula:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for CVS Health is:
10% = US$7.4b ÷ US$71b (Based on the trailing twelve months to March 2021).
The 'return' refers to a company's earnings over the last year. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.10 in profit.
What Has ROE Got To Do With Earnings Growth?
So far, we've learned that ROE is a measure of a company's profitability. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company’s earnings growth potential. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.
CVS Health's Earnings Growth And 10% ROE
To begin with, CVS Health seems to have a respectable ROE. Be that as it may, the company's ROE is still quite lower than the industry average of 15%. Although, we can see that CVS Health saw a modest net income growth of 8.1% over the past five years.
So, there might be other aspects that are positively influencing earnings growth. For instance, the company has a low payout ratio or is being managed efficiently.
However, not to forget, the company does have a decent ROE to begin with, just that it is lower than the industry average. So this also provides some context to the earnings growth seen by the company.
As a next step, we compared CVS Health's net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 13% in the same period.
past-earnings-growth
Earnings growth is a huge factor in stock valuation. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. This then helps them determine if the stock is placed for a bright or bleak future. What is CVS worth today? The intrinsic value infographic in our free research report helps visualize whether CVS is currently mispriced by the market.
Is CVS Health Making Efficient Use Of Its Profits?
CVS Health has a three-year median payout ratio of 36%, which implies that it retains the remaining 64% of its profits. This suggests that its dividend is well covered, and given the decent growth seen by the company, it looks like management is reinvesting its earnings efficiently.
Additionally, CVS Health has paid dividends over a period of at least ten years which means that the company is pretty serious about sharing its profits with shareholders.
Existing analyst estimates suggest that the company's future payout ratio is expected to drop to 24% over the next three years. As a result, the expected drop in CVS Health's payout ratio explains the anticipated rise in the company's future ROE to 13%, over the same period.
Summary
In total, it does look like CVS Health has some positive aspects to its business. In particular, it's great to see that the company is investing heavily into its business and along with a moderate rate of return, that has resulted in a respectable growth in its earnings.
The latest industry analyst forecasts show that the company is expected to maintain its current growth rate. .
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
$70.36 Billion in Sales Expected for CVS Health Co. (CVS) This Quarter
By: MarketBeat | May 15, 2021
Equities research analysts expect CVS Health Co. (NYSE:CVS) to post sales of $70.36 billion for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have provided estimates for CVS Health's earnings. The highest sales estimate is $73.26 billion and the lowest is $68.94 billion. CVS Health posted sales of $65.34 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 7.7%. The firm is scheduled to announce its next earnings report on Wednesday, August 4th.
On average, analysts expect that CVS Health will report full year sales of $281.64 billion for the current year, with estimates ranging from $278.48 billion to $284.34 billion. For the next financial year, analysts anticipate that the business will report sales of $294.11 billion, with estimates ranging from $290.26 billion to $298.20 billion. Zacks Investment Research's sales averages are an average based on a survey of research firms that cover CVS Health.
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The Smartest Stocks to Buy With $1,000 Right Now
Patient investors should be handsomely rewarded by this combination of growth and value stocks.
By: Sean Williams
https://finance.yahoo.com/m/d8f2149a-68a0-3528-bc6b-8ff103ce21f0/the-smartest-stocks-to-buy.html?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article&yptr=yahoo
May 14, 2021 at 5:51AM
It's no secret that the stock market is one of the greatest wealth creators on the planet. Given the proper amount of time for investment theses to play out, great companies can generate game-changing wealth for patient investors.
What folks might not realize about Wall Street is that you don't need to be a millionaire to build wealth. If you have $1,000 that won't be needed to pay bills or cover emergencies, that's more than enough to begin or further your trek toward financial independence.
Here are some of the smartest stocks you can buy right now with $1,000.
CVS Health
For value-stock investors, pharmacy-chain CVS Health (NYSE:CVS) looks ripe for the picking.
Healthcare stocks are usually highly defensive and perfect to buy during a recession. That's because we don't get to choose when we get sick or what ailment(s) we develop, which sustains demand for drug and device makers. The same can't be said for CVS and its pharmacy peers, which were hammered by the coronavirus lockdowns. Less foot traffic into its stores and fewer clinic visits clearly hurt multiple aspects of its business.
The good news is that this is all temporary. What was a negative last year has quickly turned into a positive catalyst, with foot traffic higher in CVS stores as people look to get vaccinated.
CVS Health's management team has also shown the ability to think outside the box. Instead of growing horizontally, the company acquired health-benefits provider Aetna in late 2018. Adding Aetna increased the organic growth rate for the combined company and is leading to significant cost synergies. It also creates an incentive for more than 20 million insured individuals to stay within the CVS pharmacy network. Pharmacy sales are where CVS generates its juiciest margins.
Additionally, don't overlook the company's buildout of approximately 1,500 HealthHUB health clinics nationwide. These clinics will be primarily tasked with getting patients who have chronic health conditions in touch with specialists. HealthHUB gives CVS Health the opportunity to build rapport with potential repeat customers to its pharmacy.
A forward price-to-earnings ratio of just over 10 is simply too low for such a profitable business.
CVS: To $100 And Beyond
May 10, 2021 8:26 PM ET
CVS Health Corporation (CVS)
https://seekingalpha.com/article/4427116-cvs-to-100-and-beyond?mail_subject=cvs-cvs-to-100-and-beyond&utm_campaign=rta-stock-article&utm_content=link-0&utm_medium=email&utm_source=seeking_alpha
Summary
CVS is currently priced as a struggling company.
The prescription market is not a winner take all and investors should not be scared of AMZN's entrance.
Debt repayment is just starting to show benefits.
Expect CVS to be re-rated once buybacks and dividend increases resume.
CVS has the potential for a double at these levels by the end of FY25.
Overview
CVS (CVS) has been a retail stalwart for decades. At its most basic roots, CVS sells healthcare & beauty products, whilst providing pharmacy services. They currently hold 9,900+ stores across 49 states. Their foot print is large, as similar to Walmart (WMT); 75% of the U.S. population lives within five minutes of a CVS store. They are also one of America's top employers with an employee count that sits at over 300,000. With the acquisition of AETNA, and growing adoption of MinuteClinics, they now provide health coverage for over 23 million members and can combine their retail stores to create what management calls a 'Health Hub'.
During the COVID-19 pandemic, CVS's strength and capability came to the forefront as they were tasked by the federal government to go into long-term care facilities and nursing homes to administer the first COVID-19 vaccines. Through this program alone CVS was able to deliver 7.8 million on-site vaccinations. They have flexed their muscles once again by boasting that they have the capability to administer 20-25 million shots a month, which far exceeds the supply they can obtain.
This pandemic has brought to light the importance of CVS in the U.S. and I believe it will help change how investors look at the healthcare giant moving forward.
A simple re-rating from a more positive outlook from the market could lead to market-beating returns in the next few years. Combine that with the potential for significant buybacks and dividend increases, CVS is looking like a great total return play for long term investors.
Since its peak in 2015, CVS is down 25%, trading at less than 10xFCF.
Chart
Data by YCharts
Is Amazon A Problem?
On November 17th, 2020, Amazon (AMZN) announced that they will be offering free prescription deliveries for Amazon Prime members. This news alone sent CVS down 7% in a day. Just the thought of Amazon's entrance wiped $9 billion off their market cap in the blink of an eye.
Although it is true, Amazon tends to do well with all the endeavors it undertakes, rarely has it wiped solidified companies off the map. I would also like to point out that if Amazon's leadership wants a piece of your pie, you are doing things right, or are in a growing industry. In CVS's case, it's both. Think of Amazon's entrance into the streaming world. None of Netflix (NFLX), Disney (DIS), HBO Maxx, or Hulu took a hit. There was more than enough demand and room for all players to grow.
The fear of Amazon has also been played out against UPS (UPS), who for years, was put in the same situation that CVS is in now. UPS became the unloved legacy player in the e-commerce/delivery market while Amazon received all the attention from investors. The thought was that Amazon was slowly 'killing' UPS. From 2017 through early 2020, UPS traded flat as revenue grew at a fairly consistent pace. Even with a quickly growing e-commerce industry, UPS was looked at as Amazon's (AMZN) next victim. The pandemic struck and e-commerce trends accelerated. All players in that market have done great as the demand for their service far outweighs the risks of the stringent competition.
Chart
Data by YCharts
The healthcare market is not a zero sum game. Never has been and never will be. Although Amazon might bring you your prescription without you having to leave your house, they will never be able to provide the physical services such as vaccinations and health checkups/physicals that CVS can.
Not only am I not worried about Amazon, neither is management. Guidance continues to be raised or reiterated, meanwhile analysts have been consistently providing upward EPS revisions. Over the last three months, 21 revisions have been issued on CVS. All 21 of them have been upward.
Debt Is the Elephant In The Room
The market also seems to be highly uncomfortable with the high debt load. The AETNA acquisition brought on $45 billion of new financing, and they also assumed $8 billion of AETNA's debt as well. This left interest expense up 3x where it was before the acquisition. At the end of FY17, interest expense totaled $1.06 billion. In FY19, that number was now at $3.035 billion, which certainly does not bode well for free cash flow.
Source
q1-2021-data
Source
The bulk of their debt profile is maturing before 2030. If it is not refinanced and kicked down the road, management might be more cautious about committing larger amounts of capital directly to shareholders.
Management has not shied away from addressing their debt burden. This is what makes me so optimistic compared to other firms with so much debt. They are fully aware of the sentiment towards the debt and have been committed to driving it down with cash flow and cash on hand. In fact, they are doing it quite aggressively. As noted above, total long-term debt immediately after the acquisition took place, stood at $71.4 billion. The balance sheet in their most recent 10-Q has the debt at $59.2 billion. In the 1st quarter of FY21 alone, they paid back $3 billion of debt.
Management has repeatedly mentioned their target goal of reducing the leverage ratio down to 3x by 2022. At the current pace, it would not surprise me to see them reach that level before the end of FY21, or shortly after. Either way it seems as if they are ahead of schedule. Upon reaching that level is where my bull case for long term share holders truly begins.
Large Savings From Debt Repayment
Capital allocation towards shareholders since 2018 has been negligent. The dividend has remained flat, and buybacks were frozen. Upon CVS reaching the target leverage ratios mentioned above, CVS is looking to be even more of a cash flow machine.
The early debt repayments are already paying off. In FY19 and FY20, management had to commit $3 billion of cash just to interest paid. Q1FY21 was the first quarter since the AETNA acquisition that we have seen interest paid drop a meaningful amount; from $1.1 billion the year prior, down to $876 million. That equates to a 20% reduction in interest paid, or roughly $500 million in savings for FY21. This is a significant amount for a company that pays out $650 million a quarter in dividends.
If the interest expense savings were spread out evenly as dividend increases, that results in a 19.2% increased in the dividend for the year. This of course will not happen before they reach their leverage target, but it serves as an example to the flexibility management will have to return cash to shareholders in the near future. Those savings will most likely be used to keep chipping away at the debt, which I am all for. I have no doubt that when management starts, they will move quickly and aggressively to reach their compensation package figures.
Source
Chart
Data by YCharts
Valuation and Momentum
As earnings and revenue are projected to show consistent growth, there is no reason CVS should be trading as a 'dead in the water' value stock, especially as large buybacks and dividend increases are on the horizon. Estimates show a 3-4% growth in revenue each year through FY25. EPS growth is projected to be even more aggressive as synergies and cost savings from debt compound. By FY25
I believe CVS to be fairly valued between 15-16x earnings (where it traded before the acquisition and debt). This is slightly above the 5 YR average of 13.36 PE. As short term memory tends to prevail, CVS was once overvalued; trading at nearly 30xFCF and 22xEPS in 2016. Momentum and outlook has begun to turn. Both SA authors and Wall St. analysts remain bullish going forward.
The dividend also has lot of room to run. The current annual payout per share is $2.00. This means that the forward payout ratio for FY2025 (same $11.27 EPS as used below) is a mere 17%. A combination of compounding savings from debt repayments and conservative sales growth will certainly free up a lot of cash in the future for management to play with in the form of buybacks and dividends.
Upon reaching their debt goals, CVS could conceivably raise their dividend at 10% each year for the next 5 years, resulting in an annual payout of $3.22. Still this would only result in a 30% payout ratio based up FY25 estimates. I think it is more likely that management returns to a payout ratio along the lines of where it was before the acquisition. During the 2018 calendar year in which CVS acquired AETNA, CVS' EPS was $7.04.
The payout ratio at the time was 28.4%. If EPS does grow as expected, I project that the dividend by FY25 will be at least $3.00. A 50% increase of where it stands today. Dividend growth investors, and the market in general should be all over this. This is one of the main reasons why I believe CVS deserves a premium from where it is trading now.
Source
Since CVS tops analyst estimates quite frequently. I will be adding a moderate 5% premium to the median FY25 estimates. This brings my FY25 EPS estimate to $11.27. Using a 15x or 16x multiple on that and I find myself at an end of FY25 price target range between $169.05 and $180.32. This implies a 98%-111.9% price return. Investors would also be receiving a minimum of $9.50 a share in dividends during that period. A >24% CAGR without dividends reinvested in both cases.
Takeaway
For the reasons mentioned above, I will be rating CVS a BUY at current levels. Initiating a position at 8xFCF gives investors plenty of margin of safety, especially as the debt burden drastically falls and management has more freedom with their capital allocation.
This is one of the rare few stocks on the market today that I believe can provide dividend growth or yield investors with the potential for significant total return.
Getting some love finally--->>>CVS Climbed Higher, But The Stock Has Still A Long Way To Go
May 10, 2021 9:25 AM ET
Read at this link to see the charts and access the links:
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Early To Spot Bullish Setup in CVS
By: MPTrader | May 8, 2021
Back in early February, with CVS trading at 73.19, Mike Paulenoff alerted MPTrader members to a bullish technical setup in the stock, writing:
"CVS exhibits a potentially very powerful multi-month set up, and as a matter of fact, looks like it just ended a correction from 77.23 (1/12) to 71.04 (1/29, and right at its up-sloping 50 DMA)."
He added, "If reasonably accurate, [this] means that CVS is entering a new upleg that should challenge and take out 77.23 in route to a new ATH-zone projected into the 80-83 area."
Fast-forward to this past week, in which the stock took out a 14-month resistance zone at 77.00/40 on Monday, and closed Friday at 85.11, a full 16% above its price at Mike's initial alert.
What's next for CVS? As long as any forthcoming weakness is contained above 81.50, CVS remains poised for upside continuation into Mike's next optimal target zone at 88-90. (See chart below.)
Join Mike and our members in our Trading Diary for constant intraday discussion just like CVS, about individual stocks, ETFs, Macro Indices, Cryptocurrencies, Interest rates, and Commodities.
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CVS earns positive views from analysts after Q1 results beat expectations
May 05, 2021 2:16 PM ETCVS Health Corporation (CVS)By: Dulan Lokuwithana, SA News Editor22 Comments
After a better-than-expected Q1 earnings report for 2021 lifted its shares ~4.4% yesterday, CVS Health (CVS +2.3%) has continued its upward momentum today as several Wall Street analysts raised its price target.
RBC Capital Markets reiterates the outperform rating and raised the price target by ~13.8% to $91.00 per share indicating a premium of ~12.2% to the last close.
Encouraged by the progress of the company’s integrated model, Analyst Anton Hie expects room for more upside in shares assuming earnings growth to accelerate further to reach the management’s targets.
Jefferies reaffirms the buy rating and the price target upped to $95.00 from $90.00 per share implies an upside of ~17.1% to the previous close.
Despite the negative impact on cold, cough, and flu products due to COVID-related headwinds, the analyst Brian Tanquilut notes the recent market share gains made by the company.
Meanwhile, maintaining the overweight rating Cantor Fitzgerald has raised the price target by ~2.2% to $92.00 per share implying an upside of ~13.4% to the last close.
Pointing to the company’s healthy free cash flow generation, the analyst Steven Halper expects CVS to reach its post-merger leverage targets.
With a neutral rating on the stock, Seeking Alpha contributor Geoff Considine argued that CVS was prioritizing its deleveraging efforts ahead of dividend growth.
Where Fundamentals Meet Technicals: TGT, CVS, EBAY
By: Lyn Alden Schwartzer | May 5, 2021
This week’s issue of “Where Fundamentals Meet Technicals” looks at one bearish and two bullish stocks...
CVS Health: Potential Breakout
Today, CVS Health (CVS) closed at its highest price since late 2019. Garrett’s chart is pretty bullish:
Harry Dunn graced EWT with a cameo today, by posting a bullish chart on CVS:
If we look at the company’s F.A.S.T. Graph, it’s unusually cheap:
The pharmacy chain acquired the health insurer Aetna a while back with a combination of equity and debt financing, and has been using its income cash flow to deleverage.
Normally high debt is a bad thing, but when a cheap company has high debt for a reason (a specific acquisition in this case), and is plowing cash flow into debt payoff, that gives investors a very clear investment path towards improving fundamentals...
* * *
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CVS earns positive views from analysts after Q1 results beat expectations • 2:16 PM
After a better-than-expected Q1 earnings report for 2021 lifted its shares ~4.4% yesterday, CVS Health (CVS +2.3%) has continued its upward momentum today as several Wall Street analysts raised its price target.
RBC Capital Markets reiterates the outperform rating and raised the price target by ~13.8% to $91.00 per share indicating a premium of ~12.2% to the last close.
Encouraged by the progress of the company’s integrated model, Analyst Anton Hie expects room for more upside in shares assuming earnings growth to accelerate further to reach the management’s targets.
Jefferies reaffirms the buy rating and the price target upped to $95.00 from $90.00 per share implies an upside of ~17.1% to the previous close.
Despite the negative impact on cold, cough, and flu products due to COVID-related headwinds, the analyst Brian Tanquilut notes the recent market share gains made by the company.
Meanwhile, maintaining the overweight rating Cantor Fitzgerald has raised the price target by ~2.2% to $92.00 per share implying an upside of ~13.4% to the last close.
Pointing to the company’s healthy free cash flow generation, the analyst Steven Halper expects CVS to reach its post-merger leverage targets.
With a neutral rating on the stock, Seeking Alpha contributor Geoff Considine argued that CVS was prioritizing its deleveraging efforts ahead of dividend growth.
Earnings Call Transcript - CVS Health Corporation (CVS) CEO Karen Lynch on Q1 2021 Results - Earnings Call Transcript
May 04, 2021 12:54 PM ET
CVS Health Corporation (CVS)
https://seekingalpha.com/article/4424124-cvs-health-corporation-cvs-ceo-karen-lynch-on-q1-2021-results-earnings-call-transcript?mail_subject=cvs-cvs-health-corporation-cvs-ceo-karen-lynch-on-q1-2021-results-earnings-call-transcript&utm_campaign=rta-stock-article&utm_content=link-0&utm_medium=email&utm_source=seeking_alpha
Contributor Since 2007
Seeking Alpha's transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to share with our readers new transcript-related developments. Thanks, SA Transcripts Team
CVS Health Corporation (NYSE:CVS) Q1 2021 Results Conference Call May 4, 2021 8:00 AM ET
Company Participants
Katie Durant - Senior Director of Investor Relations
Karen Lynch - President and Chief Executive Officer
Eva Boratto - Executive Vice President and Chief Financial Officer
Jon Roberts - Chief Operating Officer
Alan Lotvin - President of Pharmacy Services
Daniel Finke - Executive Vice President and President of Health Care Benefits
Neela Montgomery - Executive VP & President of Pharmacy and Retail
Conference Call Participants
Rivka Goldwasser - Morgan Stanley
Steven Valiquette - Barclays Bank PLC
Lisa Gill - JPMorgan Chase & Co
Albert Rice - Crédit Suisse AG
Michael Cherny - BofA Securities
Eric Percher - Nephron Research LLC
Robert Jones - Goldman Sachs Group, Inc.
Justin Lake - Wolfe Research, LLC
Lance Wilkes - Sanford C. Bernstein & Co., LLC.
Operator
Ladies and gentlemen, good morning, and welcome to the CVS Health First Quarter 2021 Earnings Conference Call. At this time all participants are in a listen-only mode, a question-and-answer will follow CVS Health’s prepared remarks at which point we will review instructions on how to ask your questions. As a reminder, today's conference is being recorded.
I would now like to turn the call over to Katie Durant, Senior Director of Investor Relations for CVS Health. Please go ahead.
Katie Durant
Thank you, and good morning, everyone. Welcome to the CVS Health First Quarter 2021 Earnings Call.
I'm joined this morning by Karen Lynch, President and CEO; and Eva Boratto, Executive Vice President and CFO. Following our prepared remarks, we will host a question-and-answer session that will include Jon Roberts, Chief Operating Officer; Alan Lotvin, President, Pharmacy Services; Dan Finke, President, Healthcare benefits; and Neil Montgomery, President of Retail and Pharmacy.
Our press release and a slide presentation have been posted to our website, along with our Form 10-Q that we filed with the SEC this morning.
During this call, we will make certain Forward-Looking Statements reflecting our current views related to our future financial performance, future events, industry and market conditions as well as the expected consumer benefits of our products and services, and our financial projections. Our Forward-Looking Statements are subject to significant risks and uncertainties that could cause actual results to differ materially from what may be indicated in them.
We strongly encourage you to review the information in the reports we file with the SEC regarding these risks and uncertainties, in particular, those that are described in the cautionary statement concerning Forward-Looking Statements and Risk Factors section in our most recent annual report on Form 10-K this morning's earnings press release and included in our Form 10-Q.
During this call, we will use non-GAAP financial measures when talking about the Company's performance and financial condition. In accordance with SEC regulations, you can find a reconciliation of these non-GAAP measures to the comparable GAAP measures in this morning's earnings press release and the reconciliation document posted on the Investor Relations portion of our website.
Today's call is being broadcast on our website, where it will be archived for one year. Now I would like to turn the call over to Karen.
Karen Lynch
Good morning, everyone, and thank you for joining our call today. In what continues to be an unprecedented environment, CVS Health has delivered strong first quarter results. For all of us the past year has been defined by the pandemic and our response to it.
In the first quarter, CVS Health orchestrated an all-out effort to vaccinate Americans against COVID-19. I’m proud to say we have helped achieve the President's accelerated 100-day goal of 200 million vaccines. This would not have been possible without the dedication and effort of our approximately 300,000 colleagues who worked tirelessly throughout the pandemic and delivered when they were needed the most.
Our results show we are providing superior value by creating an integrated health care model that is centered around the consumer. Our unparalleled capabilities, reach and relationship with customers uniquely positions us to support them throughout their lifetime.
Our strong first quarter delivered revenue growth of 3.5%. We generated adjusted earnings per share of $2.04, up nearly 7% versus first quarter of 2020. As a result, today, we are increasing our adjusted earnings per share guidance to $7.56 to $7.68 to reflect the momentum across our business. Importantly, our performance reflects both growth in new and current markets. Eva will provide more details on our outlook and our results.
Before turning to our three business segments, I would like to underscore our ability to anticipate, deliver and exceed customers' health care expectations. Today, we will share where we are seeing momentum and highlight several important achievements.
It is clear that consumers want convenience, transparency, choice and control over their health care. That is why we are engaging consumers in new and different ways by working to meet their health needs in the community, in the home and virtually.
Each of our businesses performed at or better than our expectations this quarter. We delivered strong results in the Health Care Benefits segment, fueled by continued growth in government services.
During the first quarter, utilization approached near normal baseline levels. We have continued momentum in our Government Services business. We increased membership across all Medicare business lines in the first quarter. We outperformed with dual eligible members, delivering over 30% growth and we significantly expanded our reach, adding 14 new states.
Finally, as we announced last quarter, we will reenter the public exchanges in 2022. We expect to enter up to eight states where we believe we can make a meaningful impact and maximize returns with our first ever Aetna-CVS branded offerings. We are committed to helping provide access to affordable care for all Americans.
We also achieved strong revenue and operating income growth in Pharmacy Services, building on the foundation of our specialty management capabilities and overall service excellence. As we announced last week, we delivered market-leading results in controlling drug costs for commercial clients with only a 2.9% overall drug trend, with 34% of clients experiencing negative trend in 2020.
Specialty Pharmacy revenue was up 7.2% year-over-year. This reflects new net wins due to our success in our trend management programs, which continue to resonate in the marketplace and drive more customers into our channels. Specialty Pharmacy spend management also remains a steady growth engine and key differentiator in the market. We are well positioned for continued growth in 2022.
Our Retail segment continues to play a vital role in the delivery care and wellness is an integral part of our customer and community strategy. Since we began, we successfully administered over 23 million COVID tests and over 17 million vaccines through April. We are currently administering vaccines in 49 states and in more than 8,300 CVS locations. A third of vaccinations have been administered to members of underrepresented communities.
Our strong second dose compliance of over 90% is the result of our consumer-centric digital approach. We schedule round trip visits, looking both appointments at once and we also provide appointments for second doses only.
We are successfully driving health services engagement among customers who are new to CVS Health through COVID testing and vaccines. This has helped somewhat offset the impact of a weak flu, cough and cold season. Although early, we have seen improvement in April, as vaccinated customers are more actively shopping in CVS location part of a nationwide trend.
For those customers that are new to us through COVID testing, we have realized about a 9% conversion in filling a new prescription at CVS Pharmacy. We continue to attract consumers to our CarePass subscription program with approximately 4.5 million members in total, up approximately 18% from 2020.
Building on the success of our employer and university program, we recently expanded our Return Ready offering to include vaccinations. We have already administered 40,000 doses, and client interest in this new service is strong and growing. Overall, we have successfully navigated through a challenging retail environment while capturing additional benefits from new customers we are bringing into CVS Health.
As the nation's leading diversified health services company, we are advancing our technology and using CVS Health assets to connect consumers across the health care ecosystem. We are addressing the most prevalent, costly and complex health conditions by expanding our platform to deliver more integrated care.
Our approach combines both face-to-face and virtual points of care that are personalized to the individual. We prioritize the most valuable interventions, the next best action a member can take, that will lead to a positive impact on their health and on medical costs.
For example, early results in our Transformed Diabetes program show an 8% improvement in changing Medicare members behaviors. This program is on-track to exceed its projected medical cost savings and return on investment of two to one. With approximately 1.5 million members having access to this program today, we expect to add an additional 1.3 million members this year.
Our new medical benefit plans are designed with low co-pay or no co-pay at MinuteClinic. We have approximately seven million Aetna members enrolled, up from about two million members or 350% member growth year-over-year. These plans offer broad access to affordable and convenient care with many CVS Health assets.
First quarter results show Aetna commercial members are substantially more likely to use a MinuteClinic when enrolled in this type of plan compared to those without the benefit. In fact, these members are approximately 50% more likely to visit a MinuteClinic for an acute medical need, immunization or COVID test.
We also expanded our HealthHUB offerings to include new services around behavioral health, an increasingly important component of care, especially during the pandemic. Our strategy is to deliver a single integrated experience that connects individuals to a CVS care team, virtually and face-to-face, by navigating consumers to the best site of care.
We are a company focused on delivering the most convenient connected experiences for our customers across our CVS Health digital assets. Our ability to redefine the health experience in an increasingly digital and hybrid world, combined with our vast health assets and understanding of consumers' health, uniquely positions us for growth.
There are three areas where I want to specifically highlight some of our achievements in the last quarter. They include: using our digital assets to expand engagement with our members; expanding into new services and offerings; and leveraging digital capabilities to enhance the customer experience and improve our cost structure.
Starting with engagement. We saw a more than 80% increase in visits to our flagship digital properties year-over-year. Growth was primarily driven by engagement in our expanded set of digital health services, such as COVID testing, vaccinations and Omni-channel pharmacy.
Next, we are expanding access to care through our digital and virtual channels. We launched a digital-first primary care model that helps consumers navigate the best site of care for their health needs. And lastly, we are also harnessing technology such as AI, machine learning services and natural language processing to simplify our process and optimize our cost structure.
We recently announced the launch of our CVS Health Ventures fund that gives us insight into new digital health innovations. This approach allows us to invest in and partner with high-potential early-stage companies to drive technology-enabled innovation and digital health care.
Rising to meet the challenge of COVID-19 has advanced the transformation of the health care industry. For CVS Health, the chance to serve our nation at such a critical time has further proven the value of our strategy.
We have made significant progress in the expansion of our vaccine and diagnostics businesses. We are focused on building broader capabilities in home health, virtual care and health services. Our investments in these areas as well as our digital transformation have allowed us to be there for every meaningful moment of health and will enable us to capture the lifetime value of each of our customers.
And finally, we are exploring every avenue for growth and increased returns. Accordingly, we will hold our 2021 Investor Day on December 9th, hopefully, in New York, conditions permitting, where the management team and I will more fully outline our longer-term strategic priorities and our financial road map for sustainable, profitable growth.
In closing, our results this quarter show that our strong brand and national presence is allowing us to meet individuals where they are. It makes us an increasingly integral part of their everyday health.
Now I will turn it over to our Chief Financial Officer, Eva Boratto.
Eva Boratto
Thanks, Karen, and good morning, everyone. As Karen stated, our strong performance across the enterprise continued in the first quarter. We delivered solid revenue growth of 3.5%, as a result of strong net new business, plus the expansion of our successful COVID-19 testing and vaccine programs.
Adjusted earnings per share of $2.04 increased 6.8% and exceeded our expectations. Our cash flows remain strong, generating $2.9 billion of cash from operations. We paid down over $3 billion of long-term debt in the quarter, while returning $656 million to shareholders through dividends.
Since the close of the Aetna transaction, we have paid down a net of more than $15 billion in long-term debt, and we remain on-track with our low three times leverage goal in 2022. We are maintaining our discipline of capital allocation strategy and managing our balance sheet to generate additional cash flows.
Across the Company, we are executing on our modernization and cost savings initiatives, for which technology is at the core. As mentioned last quarter, we implemented an AI-enabled capability to efficiently address COVID-related calls. This intelligent agent addressed over eight million calls for frequently asked questions. And we are expanding this technology to call centers across the enterprise.
We are also using AI and other technologies to simplify our prior authorization processes. We are decreasing the workload on providers and shortening the time it takes to get patients on appropriate therapy. This improves the overall patient experience while maintaining the clinical rigor, quality improvements and safety programs that are vital to our clients.
We have taken advantage of the increasing virtualization of work to rethink our infrastructure and are on-track to close 63 non-retail facilities, resulting in a 2.5 million square foot reduction in office space by the end of Q2. We are pleased with our progress to-date on these initiatives, and significant opportunity remains.
Now let's take a look at our results by segment. Our Health Care Benefits segment total revenues increased 6.7% year-over-year, driven by continued growth in our Government Services business. The repeal of the HIF and Medicare risk-adjusted revenue pressured that result.
Total membership increased about 215,000 sequentially, with Medicaid membership up about 100,000 or 4%, driven by the continued suspension of eligibility redetermination and the new business win of Kentucky Foster's program effective January 1st.
Our Medicare portfolio continues to grow, with Medicare Advantage and Med Sup membership increasing sequentially about 230,000, up over 6%. Within our PDP, membership increased nearly 4% sequentially. Converting existing commercial and PDP members to Medicare Advantage is one of our core growth strategies in Government Services.
Included in these results are sequential decline in commercial membership of about 120,000 members, driven by continued in-group attrition as well as the successful conversion of commercial to Medicare Advantage.
Our MBR for the quarter of 83.2% represents an increase of 80 basis points compared to prior year. While medical costs in the quarter were generally consistent with historical baseline levels in aggregate, the MBR was negatively impacted by the repeal of the HIF by approximately 140 basis points and lower Medicare risk-adjusted revenue.
Offsetting these factors were the benefits from improved performance in Medicaid, which was pressured in Q1 of 2020, and prior year's development. Of note, given the lower MBRs in 2020, portions of the prior year's development will be returned to clients and plan sponsors for contractual and regulatory requirements.
Bringing these factors together, along with the impact of our cost reduction initiatives, adjusted operating income was 1.8 billion, up 19.5% year-over-year. We are increasing our Health Care Benefits segment full-year adjusted operating income guidance to $5.25 billion to $5.35 billion as a result of our performance to-date and our current assumptions, including the extension of sequestration.
Our guidance includes our best estimate of medical costs for the remainder of the year, with medical costs modestly elevated. This assumes non-COVID utilization returning towards normal baseline levels and continuing COVID costs, largely related to testing and the administration of the vaccine.
Now I will move on to Pharmacy Services. Total revenues increased nearly 4% versus last year, primarily driven by net new business wins, specialty pharmacy growth and product mix. Brand drug price inflation of mid-single digits was in line with our expectations.
Revenue continues to be negatively affected by price compression, as well as the weak cough/cold and flu season, which affected claims growth by approximately 230 basis points. We are through just over 65% of renewals for the 2022 selling season, with strong retention, including the retention of the retail and mail contracts with FEP and the return of FEP for specialty.
Adjusted operating income in Pharmacy Services increased 27.7% compared to the first quarter last year. This growth was fueled by improvements in purchasing economics, the ongoing benefits to our clients and CVS Health from the ramp of several specialty generic launches and our specialty trend management programs, which continue to drive value in the marketplace.
We are increasing our adjusted operating income guidance to 6.15 billion to 6.25 billion to reflect our performance to-date and trends in the business, partially offset by the required investments to prepare to onboard the FEP specialty business in 2022.
And now let's review Retail/Long-Term Care. Before I get into the components of the P&L, let me start by discussing the effects of the weak cough/cold and flu season, which lead to script and front store declines of approximately 300 basis points and 425 basis points, respectively. Overall, it drove about 40% of the adjusted operating income decline for the quarter.
Moving on to the P&L. Total revenues grew 2.3%, with scripts essentially flat year-over-year. COVID diagnostic testing and vaccine administration were accretive. The year-over-year revenue comparison includes the headwind from the acceleration of prescriptions and front store demand in March of 2020 as we served our customers and members at the start of the pandemic.
During the quarter, we continued to gain share with an increase of 42 basis points. Gross margins in the segment declined 30 basis points versus Q1 of 2020, driven by continued reimbursement pressure, mix of front and pharmacy revenues, partially offset by COVID-19 testing.
Adjusted operating income declined 26.7% year-over-year, reflecting the items I have discussed as well as costs related to COVID-19 testing and long-term care vaccination program and severe weather-related costs in Q1 of 2021.
At this time, we are not changing our Retail/Long-Term Care segment guidance, as the benefit from the higher COVID-19 vaccine administration fee is offset by a slower than anticipated return of front store traffic and many unknowns such as urban market recovery and vaccine hesitancy.
Bringing all of the pieces together, we are increasing our 2021 adjusted earnings per share guidance to 7.56 to 7.68, up from our prior guidance of 7.39 to 7.55. Consistent with our prior guidance, COVID-19 is expected to have a minimal impact on consolidated financial results for the year. You can see further details of our changes in the slide presentation we posted to our website.
We continue to expect strong cash from operations between 12 billion and 12.5 billion. And our gross capital expenditure expectations remain at 2.7 billion to three billion to fund organic growth initiatives.
We continue to expand our investments in technology and digital as we work on creating a seamless Omni-channel consumer experience, bringing health care services to meet consumers' needs at the most appropriate time and place. Our enterprise cost savings initiatives are on-track to generate 900 million to 1.1 billion, and these savings are expected to ramp as we move throughout the year.
Consistent with what we spoke about in February, we continue to expect our earnings cadence to be somewhat fluid over the course of the year. Based on our current estimates, which includes COVID-19 vaccines more heavily weighted to the front half of the year, we expect approximately 54% of our annual earnings per share in the front half.
In summary, we continue to meet the needs of our clients and consumers. This allows us to generate substantial cash to deliver on our financial commitments, to invest in our company and to return value to shareholders. We have executed against our growth commitments and are well positioned to deliver sustainable long-term growth.
Let's now open it up for your questions.
Question-and-Answer Session
Operator
[Operator Instructions] We will take our first question from Ricky Goldwasser with Morgan Stanley.
Rivka Goldwasser
Congratulations on a very good quarter. So my question is focused on PBM segment. I mean, clearly, very strong performance, and really trying to understand the moving factors. You mentioned specialty and improved purchasing. So on the specialty side, maybe you can give us a little bit of more color on what are the specific products. It seems like you are alluding to biosimilar performance so what type of adoption you are seeing? And then also on the improved purchasing, there is a lot of questions we are getting from investors around generic pricing environment. So I wanted to see what you are seeing there. Thank you.
Karen Lynch
Good morning Ricky. I will start and I will hand it off to Alan to give you more specifics. But as we mentioned, we continued to see very strong growth in the PBM business, really fueled by strong purchasing economics, the wrap of our specialty trend programs.
And more importantly, we announced last week that we had really strong trend management with average trend of 2.9%, truly resonating in the marketplace. The other thing I would mention, Ricky, is that the integrated value story between medical and pharmacy continues to resonate with our employer groups, and we have had strong success there.
But let me turn it over to Alan, he can give you some more detail.
Alan Lotvin
Yes, good morning Ricky how are you? So as you think about kind of the economics across specialty, you sort of think about it in a couple of categories. So one is just generally improved purchasing economics across brands as well as generics, right. So that allows us to create greater value for our customers as well as meet all the obligations that we have created there.
Then, successfully executing against programs that take advantage of the generics that launched late last year were also critically important, right. So we were able to drive generic dispensing rates to levels a little bit higher than I think we initially thought and that both benefits us as well as our clients.
Those are the principal drivers of the economics within specialty. And then as Karen and Eva mentioned in their remarks, continuing to drive outstanding specialty trend is what allows customers to continue to choose us to manage their specialty spend as FEP did. So again, it becomes a self-reinforcing cycle.
Rivka Goldwasser
Great and just a quick follow-up on the vaccine. Just to clarify, when you think about the vaccine benefit, clearly, you saw an improvement in reimbursement rates. Given that we are seeing some hesitancy around vaccine, and it seems that we might have seen a peak in growth there, are you now assuming a lower vaccine volumes for the year versus what you assumed in prior guidance?
Eva Boratto
Ricky, this is Eva. I will take that one. Overall, as you said, recently, we have seen some vaccine hesitancy. We have seen a drop-off of around 30%, as you look at some of the recent data there. The additional outlook we had provided was it was about a 2% to 3% contributor to our overall volume growth.
Right now, we are probably trending at the lower end of that range given performance to-date and what we are seeing in the market. In our outlook, we are assuming the pediatric vaccine. But not included in our current estimates is the impact of a booster should there be one later this year or.
Katie Durant
Thanks. Next question please.
Operator
We will go to Steven Valiquette with Barclays. Your line is open.
Steven Valiquette
Great thanks good morning everybody. So within the HCB or Aetna segment, the MLR came in better than expected. There also seems to be some investor focus on the better than expected SG&A, which in that segment as well. So I'm curious if you can some of the operating expense.
Karen Lynch
Hey Steve, we are having a hard time hearing you. So I wonder if you could speak up.
Steven Valiquette
Okay. Sorry. I'm not sure what happened there, so I apologize. My question was just on the HCB retina segment. The MLR came in better than expected, but there also seem to be some investor focus on better than expected SG&A within that segment as well. So I was curious if you are able just to speak to the operating expense trends within Aetna. And also, if I missed it, if you gave the prior year development number, just to have that handy as well within HCB. Thanks.
Karen Lynch
Yes. I will start, and I will hand it to Eva for prior period development. On the expenses for Aetna last year, and we continue to do this every year is to continue to look for ways to improve our overall cost efficiency. We embarked on initiatives last year using technology, looking at ways we can be more competitive. And that is reflected in the first quarter results in the segment.
And as you might expect, we continue to do that across the company, as I mentioned in my prepared remarks, we every year continue to look at ways to become more efficient and we are really trying to harness technology to make those efficiencies real. And the health care benefit really did see the effects of that in the quarter.
Eva, do you want to talk about the prior year development?
Eva Boratto
Sure, Karen. Thanks. Good morning Steve. Overall, we did experience elevated prior year development in the quarter. However, when you look at it on a financial statement net basis, given the MLR MBR contractual requirements, I would say it is really not that unusual compared to prior years.
Steven Valiquette
Okay. Got it, okay, thanks.
Katie Durant
Thanks. Next question please.
Operator
We will go now to Lisa Gill with JPMorgan. Your line is open.
Lisa Gill
Thanks very much. Karen, I want to go back to your earlier comment when you talked about behavioral health and connecting the consumer with the best site of care. Can you talk about how you are doing that specifically, how you are contracting with behavioral health specialists there - if these are psychiatrists or psychologists? And how that really feeds into a broader comment that you made around the consumer talking about the home, virtual community. How do I think about all those elements working together when we think about both mental health and physical health?
Karen Lynch
Good morning Lisa. Well, I think relative to behavioral health, it is critically important for us to focus on it. The pandemic has increased the number of behavioral health interactions and I think what we have seen in the - with individuals, we have seen increases in substance abuse. We have seen increases in domestic violence, we have seen increases in depression anxiety.
What we have done is we have put licensed clinical social workers in a certain number of our HealthHUB and what we are trying to do is really connect the physical health with the mental health. In every single MinuteClinic, we do behavioral health screenings, they then will be referred to our licensed clinical worker that is in the in the facility in the HealthHUB. And then we can connect with them digitally as well through our e-clinic capabilities.
And we are actually seeing very strong results in this program. We are seeing three visits in a month from those individuals that have already engaged with us. So clearly, there is a need to make those connections. It is a differentiator for us and something that I believe is important as you think about mental health and physical health combining to take care of the holistic person and then meeting them where they want to be met.
Quick customer story, Lisa. We had an individual reached out to us, she was trying to get into see behavioral health provider, she couldn't. And when she took her month, and then after a month, they told that it would take another month for her to get an appointment. She learned about CVS Health, and we got her in the same day. So there is definitely a need and I'm very excited about the possibilities for us to really enhance our products and services to support the holistic health of individuals.
Lisa Gill
And how do we think about that like from a financial perspective, Karen? Is this that these are Aetna members, and therefore, you are going to be able to lower overall health care costs for that member because we keep them well both mentally and physically or is this a program where you are charging fees for service to other planned members? And is this going to be a big enough driver and is there an attachment rate to this? Just how do we think about some of the opportunities around that?
Karen Lynch
Yes. The way to think about it and I will hand it over to Neela, it is broader than just Aetna because we have contracts with other managed care plans. So they are coming in. It is part of their insurance coverage, and that is how kind of the economics of it.
Let me ask Neela to talk a little bit more in detail.
Neela Montgomery
I would say that we are using insurance at the moment, and that is the main way in which people are accessing care. As Karen mentioned, access is a huge factor, and the convenience of evenings and weekends in our proposition makes it very desirable to customers. Overtime, we do expect to grow the sort of D2C fee-for-service business because we do recognize that is a large part of the market and we expect to launch that next month.
Lisa Gill
Thank you.
Operator
Our next question comes from A.J. Rice with Credit Suisse. Your line is open.
Albert Rice
Just to start out, I really appreciate the comments about how Aetna is integrating with MinuteClinic and HealthHUBs for new product offerings. That seems like the principal way the three businesses are maybe integrating. But I wonder, two years into the deal, are there other things you would highlight as to why the three individual businesses are better all together and things you have realized from the deal that may be worth highlighting some people beyond that.
Karen Lynch
Good morning AJ. I think there are a number of things. You mentioned MinuteClinic. I would say the integration of medical pharmacy is another area. We have also put out a number of clinical programs that we are advancing as part of the overall combination of the three companies.
Our diabetes program, our chronic kidney program, our oncology program. All those programs demonstrate the value of an integrated offering where we have those programs, and we can meet people either in the MinuteClinics or we can meet them at home, and obviously manage their insurance coverage. So there are a number of different proof points. We are also leveraging technology and analytics through our next action.
And then I would say our new programs like our Return Ready program is another demonstrable impact of having a combined company where we have the ability to sell our testing and our vaccine programs to our employer groups and then engage them in their sites or in our MinuteClinic. So a number of things that I would point to that demonstrates the value of the combined three companies.
Albert Rice
Okay. Maybe just a quick additional question. We are seeing a lot of the companies in the sector pursue incremental service opportunities through acquisition. I know you guys are still highlighting a priority for capital deployment is just to continue to reduce debt. But how should we think about your interest in some of the service line, extension provider, extensions that we are seeing others do? Is that of interest to you how should we think about that?
Karen Lynch
Yes. A.J., thank you for the question. Obviously, you mentioned our first and foremost priority is capital deployment to pay down debt. But clearly, we are looking at all of our options around additional services, as demonstrated by our virtual care offerings and things like that. But yes, that is something that would be of interest to us.
And let me turn it over to Eva.
Eva Boratto
Thanks, A.J, good morning. What I would add to Karen, certainly paying down our debt remains a top priority. Additionally, I would remind you that, in the outlook provided, we did provide for what I will call smaller M&A to fill out the businesses and where there are needs. And we continue to invest organically as well in terms of our CapEx spending and building out the services and capabilities to drive the business forward.
Albert Rice
Okay. Thanks.
Katie Durant
Thanks AJ. Next question please.
Operator
Our next question comes from Michael Cherny with Bank of America. Your line is open.
Michael Cherny
Good morning and thanks for the colors so far. I wanted to dive a little bit back into some of these sourcing dynamics that you are seeing. As you think through the component in particular on both generics and specialty, you called it out for the Pharmacy Services segment as a whole. How does that factor in across the entire enterprise and how should we think about the durability, especially given that you are easily the largest purchaser in the world of drugs on some of these ongoing sourcing efficiencies, especially in a world where generics as a whole are pretty close to 90% of the total market?
Eva Boratto
Mike, it is Eva. Thanks for the question. Overall, we source our generics consistently for the entire enterprise, whether it is the Retail/Long-term Care segment or the PBM segment. And obviously, there have been some specialty generics launches that we have been able to optimize the benefit of that given our size and scale and our capabilities within the company.
I would just remind you the economics of specialty manifest themselves on the PBM segment with our Specialty Connect program. And so you will see the benefits from that program there. And I think to your question around durability, right, we do see new generics continuing to come to market, availability of biosimilars to provide longer-term benefits.
And Alan will provide a little bit more color on that.
Alan Lotvin
Yes, Michael, if I could just add. As you know, specialty is somewhere north of 50% of the total drug spend right now. And given the evolution of the FDA around substitutability biosimilars as well as traditional generics for older small molecules, the specialty businesses is sort of entering that phase of increased competition.
So as we look forward over the next two, three, four-years, we see a very robust pipeline of both generics and biosimilars and specialty, which while, to your point, the generic dispensing rate is now 90% given the dollar volume is still largely in specialty creates ongoing opportunity for us.
Michael Cherny
Thanks. Just one more really quick question. I know you don't guide quarterly, but what is implied on the next year's cough/cold flu season in terms of how to think about the trajectory of the business since the end of the year?
Karen Lynch
Mike, if I could predict the cough/cold season that would be a great skill to have. But what I would say is, as you look, we are assuming the economy continues to return to normal levels as people are vaccinated, what happens with the cough/cold flu season will affect the segments differently.
Obviously, lower medical cost, if it is a weak cough/cold flu season again, and lower scripts on the Retail/Long-Term Care segment. So overall, I think about it at a more normal-ish level. But when there is variability, it will affect the different segments differently.
Michael Cherny
Understood. Thanks.
Katie Durant
Next question please.
Operator
Our next question comes from Eric Percher with Nephron Research. Your line is open.
Eric Percher
Thanks you Eric and [Josh Raskin] (Ph) here. A question on the Retail segment and Pharmacy reimbursement pressure. As we enter a new year, we always see a comment on reimbursement pressure and I know that there have been strategies to drive volume or increase pharmacy services, and of course, integrated opportunities. But when you look at reimbursement pressure itself, does it remain the same type of headwind that it has over prior years and what are the strategies you have implemented that can offset that actual reimbursement pressure?
Karen Lynch
Hi Eric and Josh. A couple of things on reimbursement, we recognize that this continues to be a challenge for us. And what we are currently working on are revising our contracting strategies, continuing to manage cost initiatives and clearly managing our supply chain in an appropriate way. As I mentioned on the call, we are exploring all of our options here, and I think we will have more to talk about in December.
And let me just see if Eva has anything to add here.
Eva Boratto
As Karen said, Eric, right, we have volume, we have cost and we have Red Oak to continue to unlock value. As you saw, we are looking on the costs front beyond the purchasing side, we are looking at ways to continue to reduce operating costs in our operations, utilizing technology and really trying to lower the cost.
Eric Percher
Thank you. And on the biosimilars side, when we see the sourcing benefits, is that in part reflecting success with the new Zinc entity or does that fall into Red Oak?
Alan Lotvin
So biosimilars would flow through our traditional Caremark contracting. Part of that is within Zinc and part of that is directly through Caremark, not through Red Oak.
Eric Percher
Thank you.
Katie Durant
Next question please.
Operator
We will go now to Bob Jones with Goldman Sachs. Your line is open.
Robert Jones
Hi, great. Thanks for the question. Maybe just to go back to the HCB segment and the strong performance there and the subsequent guidance raise of 150 million at the midpoint. I know there is obviously a number of moving pieces that inform the guidance. But I was hoping maybe you could just break out and talk a little bit specifically about the sequestration extension. And how maybe any updated views on utilization help inform that raise for the full-year.
Eva Boratto
Good morning Bob, it is Eva. And as you said, we delivered strong performance in the quarter, and our outlook remains strong. So I will try to give you four key pieces what we reflected in that outlook.
Our performance to-date and I commented earlier the benefits from prior year's development. Think about that generally on a net basis, not that different from what we have seen previous years given where MDRs were for 2020 and our client and contractual requirements. We have included sequestration through the end of the year.
And as you think about medical costs, we have updated our medical cost assumptions for two areas. One, we continue to incur COVID-related costs, driven largely by testing and vaccine spend. And those costs are at lower levels than the first half of the year, given as people become immunized, the treatment costs we expect to decline.
As it pertains to non-COVID utilization costs, we expect it to return to more normal seasonal baseline levels, particularly in the second half. And our outlook for membership remains consistent with what we provided previously.
Robert Jones
Great that is helpful. I guess just one quick follow-up within HCB around the decision to get back into the exchanges in a more meaningful way. Any updated thoughts or latest thoughts on the strategy, kind of what the go-to-market will be? Who you will be targeting within the exchanges relative to some of the other offerings out there? That would be helpful to get your latest thoughts on that.
Karen Lynch
Hi Bob, it is Karen. First, I would say, given that we are entering into the exchanges that is a market that we have 12 million to 15 million people that we don't have access to today. We are clearly going to offer an Aetna-CVS branded product. We will continue to have our narrow networks and we are in the midst of filing rates. So I don't want to give too much competitive insight or information.
And let me see if Dan Finke has anything else he wants to add here.
Daniel Finke
Sure. Thanks, Karen. So as Karen said, we are excited about the opportunity to enter the individual market. We are in the middle of the filings. As Karen stated, we are taking a really disciplined and deliberate approach to selecting those states. One of our opportunities is really to connect our strategies around the use of CVS assets.
And so we are really looking forward to opportunities around our digital and physical assets, enhancing some of our pharmacy support with those offerings, and of course, giving access to our MinuteClinics and our HealthHUBs. And so we are really excited to bring this new and different offering to the marketplace.
Katie Durant
Next question please.
Operator
Our next question comes from Justin Lake with Wolfe Research. Your line is open.
Justin Lake
Thanks good morning. First question, I just want to follow-up on the PBM outperformance. It has been pretty incredible over the last three, four, five quarters. I know your purchasing is very strong there. But not seeing the same performance at your peers. I'm wondering if there is anything you feel like you are doing differently in terms of that generic specialty opportunity, your purchasing with Zinc, et cetera, that might be allowing for that outperformance versus your peers here.
Alan Lotvin
Hi it is Alan. Thank you for the question. I think the key drivers here are paying really close attention to creating competition, right, to driving more value for our customers, which enables us to bring on more volume.
I think one of the things that we should also talk - let's talk about two things, right. So first is the purchasing and the performance around generics and specialty agents. The second is, we have a good portion of our business is what we would call open market where there is choice.
We are very aggressive in talking about the benefits to members and patients from an experience perspective of both Specialty Connect and Specialty Expedite. And so that is, again, an example of how we use the entire enterprise to create better experiences and ultimately more value because it drives volume.
So it is a combination of volume. It is a combination of attention to detail and performance on the generic side. And it is, as you said, purchasing economics that continue to drive and look for opportunities where we can create more competition to drive more value.
Eva Boratto
Sorry, Justin, it is Eva. Alan, just to add your performance overall remains very strong, we had a very strong welcome season this. Year, and client satisfaction remains high, which, Justin, as you know, in the PBM sector is critical.
Justin Lake
Sure. Thanks for that. And then just a quick follow-up on the transformation targets you laid out with the deal. Those are expected to be a big benefit for 2022. So I was hoping to get some any kind of updated color on HealthHUBs versus the 1,500 target. And how you feel about that transformation number of 850 as you kind of look ahead to next year.
Karen Lynch
Hey Justin, I will comment on the HealthHUBs and Eva can give the transformation update. Just on HealthHUBs, we have about 800 health hubs now. We built about 250 during the quarter. We do expect to get to about 1,000-ish by the end of the year.
What I would tell you, I'm not really looking at the number. I'm looking at coverage. I think coverage is the more important metric here. And right now, by the end of the year, it will be 60% coverage on the Aetna Caremark business will be about almost 50% of the U.S. population. So that is really how I think about the hubs and how we get coverage versus the exact number.
Eva Boratto
And Justin, on the transformation, you heard throughout Karen's comments and some of the proof points that we brought, I would say how we are unlocking value is: A, focusing on driving medical cost savings; two, our ability to win new lives in the marketplace by having these differentiated products and services; and continuing to sell into new customers in an open market type of way. So as you look specifically, we are pleased with how transformation is running. And as Karen said, we will outline more December Investor Day.
Justin Lake
Thanks.
Katie Durant
Operator we have time for one more question.
Operator
We will go to Lance Wilkes with Bernstein. Your line is open.
Lance Wilkes
Good morning. Could you just talk a little bit about the Omni-channel strategy, in particular, in the home health or the home focus, what sort of populations and offerings are you looking at there? And then just maybe secondarily, just asking about how you are going to organize these efforts and manage them within the company is HealthHUB home and virtual are going to be managed together or how are you going to work that out as well?
Karen Lynch
Well, Lance, on the operating model, we continue to evaluate the best approach to managing our business, and more to come on that. Let me ask Alan to talk about our home strategy as he is developing our overall home services strategy.
Alan Lotvin
Yes, thanks you Lance. So it is Alan. As we think about home, I think about home as a really important channel as part of that evolving care delivery, right. We have seen a change in how people expect to receive many things after the pandemic, including care.
So as we think about it, it is how do we create products and services that are either partly or entirely delivered in home, that help us both differentiate on the medical cost savings side, create new experiences for customers or take advantage of specific technologies.
So whether it is our home dialysis program, which is in process, our quorum or new virtual care products that support specific populations, that is how we are thinking about home. But it is about meeting the customer need or the member need first rather than focusing especially on the channel and how do we integrate across all of the touch points we have, whether they are digital, virtual, physical in the home or local.
Lance Wilkes
Great. And just understanding it for the home aspect, obviously, infusion and some of the drug-specific opportunities present themselves there. In addition, there is kind of a stabilization that might be important for an MA population like home health, and there is the emerging spaces and kind of frail elderly with physicians. As you are talking about home, are you thinking about one area over another as far as your areas of focus?
Alan Lotvin
And I'm sorry, I wasn't clear enough. So when we think about specific population, exactly the populations you are talking about, people transitioning out of the hospital who are frail, keeping them out of the hospitals, keeping them out of skilled nursing facilities by using more virtual services and physical services in the home are a core population.
That is an example of how we would enable, for example, the health care benefits business to be more effective at managing their risk. So that is exactly a population we would be looking at, in addition to the ones you traditionally expect us to look at like drug and dialysis.
Lance Wilkes
Great. Thanks.
Karen Lynch
Before we conclude today, I would like to leave you with three points that I hope you took away from the call. First, our integrated health care model is unique, and it is driving growth. You can clearly see that in our financial results across our business, but you can also see it in different ways that we are interacting with our customers.
Secondly, we are increasingly using digital and technology to redefine the health experience and to improve our cost structure. And finally, we are making significant progress and are well positioned to deliver growth against our strategy.
So thank you all for joining us today.
Operator
This concludes today's CVS Health First Quarter 2021 Earnings Call and Webcast. You may disconnect your line at this time. Have a wonderful day.
CVS Tops Earnings Forecast, Boosts 2021 Guidance on Pharmacy Sales Gains
By: TheStreet | May 4, 2021
• Solid revenue gains in pharmacy and retail help CVS to a stronger-than-expected first-quarter profit of $2.04 a share.
CVS Health (CVS) posted stronger-than-expected first quarter earnings Tuesday, and boosted its full-year profit guidance, as retail and pharmacy services sales got a lift from customers seeking coronavirus vaccinations and tests.
CVS said adjusted earnings for the three months ending in March were pegged at $2.04 per share, up 6.8% from the same period last year and well ahead of the Street consensus forecast of $1.72 per share. Group revenues, CVS said, rose 3.5% from last year to $69.1 billion, again topping analysts' estimates of a $68.4 billion tally.
Looking into the 2021 financial year, CVS lifted its forecast for adjusted earnings, which it now sees in the region of $7.56 to $7.68 per share, from its prior forecast of 7.39 to $7.55 per share.
"We delivered strong first quarter results and improved our outlook for the year," said CEO Karen Lynch. "We continue to execute on our strategy while simultaneously managing through a pandemic, helping the country on the road to recovery."
"Our unmatched assets and strength of our brand are driving results as we work toward improving care delivery and driving growth," she added.
CVS shares were marked 2.8% higher in pre-market trading immediately following the earnings release to indicate an opening bell price of $79.90 each.
Pharmacy Services revenues rose 3.8% to $36.067 billion, CVS said, Retail sales rose 2.3% to $23.274 billion, "driven by increased COVID-19 diagnostic testing and vaccinations and brand inflation". The group's healthcare benefits division saw sales rise 7.5% to $18.94 billion as it added Aetna's operations to its legacy business.
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CVS Health announces new initiatives to support women’s health and wellness in May
Monday, May 3, 2021
Offering free heart health screenings during National Women's Health Week at MinuteClinic locations nationwide to help make preventative care more accessible
WOONSOCKET, R.I. — CVS Health (NYSE: CVS) today announced new initiatives to support women's health and wellness in May, including offering no-cost heart health screenings from May 9 through May 15 at MinuteClinic to help women understand their risk for heart disease the number one killer of women. These efforts are part of CVS Health's overall commitment to making women's health care more accessible, affordable, simpler and more personalized to meet the unique health and wellness needs during each stage of a woman's life.
"Women have taken on even more during the pandemic and have had less time to prioritize preventative care," said Eileen Howard Boone, Senior Vice President, Corporate Social Responsibility & Philanthropy and Chief Sustainability Officer for CVS Health. "As we celebrate moms and all the women in our lives this month, we want to make it easier for women to care for themselves and meet their health and wellness needs. Advancing women's health is a key driver of CVS Health's longtime support of the American Heart Association's Go Red for Women Movement, which we are proud to again support this May."
To help make preventative care more convenient and accessible, patients can visit one of CVS Health's approximately 1,100 MinuteClinic locations from May 9 through May 15 to receive a no-cost "Know Your Numbers" heart health screening. Patients will learn five key personal health numbers that can help them determine their risk for heart disease, including cholesterol, HDL (good) cholesterol, blood pressure, blood sugar and body mass index.
"We know that nearly 80 percent of cardiac events can be prevented, yet many women don't have the awareness about this disease to understand and prevent their risk," said Angela Patterson, Chief Nurse Practitioner Officer, MinuteClinic. "That's why offering these free heart health screenings is so important, especially this year when so many people have put off care."
In addition to the free heart health screenings, CVS Pharmacy will provide accessible solutions and special offers to support women's physical and mental wellbeing. From now through May 22, ExtraCare Rewards program members will receive deals on women's wellness items in-store, including weekly promotions for products in a variety of categories such as vitamins, skin care as well as feminine care and beauty products to help women feel their best.
As part of CVS Health's ongoing support of the American Heart Association, CVS Pharmacy locations nationwide will raise funds to support the Go Red for Women movement. From May 2 through May 29, CVS Pharmacy customers can support Go Red For Women by making a $1, $3 or larger donation at stores nationwide or online at www.cvshealth.com/GoRed.
Since teaming up with the AHA in 2017, CVS Health has raised nearly $20 million to help fight cardiovascular disease. Visit www.cvshealth.com/GoRed for more information about the free heart health screenings and to donate to American Heart Association's Go Red for Women movement.
About CVS Health
We are a diversified health services company with more than 300,000 employees united around a common purpose of helping people on their path to better health. In an increasingly connected and digital world, we are meeting people wherever they are and changing health care to meet their needs. Built on a foundation of unmatched community presence, our diversified model makes us an integral part of people's everyday health. From our innovative new services at HealthHUBTM locations, to transformative programs that help manage chronic conditions, we are making health care more accessible, more affordable and simply better. Learn more about how we're transforming health at www.cvshealth.com.
Media contact
Courtney Tavener
401-712-3698
Courtney.Tavener@cvshealth.com
Mary Gattuso
401-290-8078
Mary.Gattuso@cvshealth.com
Earnings Previews: CVS
By: 24/7 Wall St. | April 30, 2021
CVS
Pharmacy and health plan services giant CVS Health Corp. (NYSE: CVS) is scheduled to report quarterly earnings before Tuesday’s opening bell. Shares dropped more than 5% last year, largely as a result of stay-at-home orders and lockdowns. Shares have risen more than 13% so far this year, yielding a 16-month share price gain of around 7.5%.
Most brokerages (15 of 24) rate CVS stock as a Buy or Strong Buy, with a 12-month consensus price target of $87.25. At about $76.35 per share, the upside potential on the stock about 14.3%. At the high target of $102, upside potential is nearly 34%.
Analysts have forecast first-quarter EPS of $1.71, down about 10.5% compared with the year-ago quarter. Revenue is expected to increase by 2.4% to $68.39 billion. For the full year, analysts are looking for EPS of $7.51 on sales of $280.09 billion. In 2020, CVS reported EPS of $7.50 and sales of $268.71 billion.
CVS stock trades at 10.1 times expected 2021 EPS, 9.4 times estimated 2022 earnings and 8.7 times estimated 2023 earnings. The stock’s 52-week range is $55.36 to $77.44, and CVS pays an annual dividend of $2.00 per share (yield of 2.62%).
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CVS Health expands no-cost health screening program, advancing company's commitment to address health equity and disparities
Friday, April 30, 2021
https://cvshealth.com/news-and-insights/press-releases/cvs-health-expands-no-cost-health-screening-program-advancing
Project Health to provide free health screenings in 14 new metro markets and launch four mobile units in 2021 to increase program's reach to areas of significant need
WOONSOCKET, R.I. — CVS Health (NYSE: CVS) announced today it has launched an expansion of Project Health, the company's no-cost, community-based screening program, which helps people without regular access to health care understand their risk for chronic conditions and connect to free or low-cost providers and services to support their unique health care needs.
As the company begins its 16th year of Project Health events, it will focus on an expansion into 14 new metro markets and the addition of four new mobile units to help bring these health screenings closer to areas of significant need. Between April and December, CVS Health anticipates hosting more than 1,700 Project Health screening events in a total of 32 metro markets across the country. The new metro areas where Project Health will expand include Birmingham, AL; Phoenix, AZ; Jacksonville, Orlando and Tallahassee, FL; Baton Rouge and New Orleans, LA; Jackson, MS; Charlotte, NC; Cleveland, OH; Charleston and Columbia, SC; and Knoxville and Memphis, TN.
"At the heart of our purpose of helping people on their path to better health is our commitment to breaking down the barriers for people to access quality and affordable health care, and we started Project Health to help address these barriers in at-risk communities," said Eileen Howard Boone, SVP, Corporate Social Responsibility and Philanthropy, CVS Health. "Each year as we choose Project Health locations, we select sites where we can make the most impact at the local level."
Last year, CVS Health made a nearly $600 million commitment to invest in initiatives that address inequality faced by Black people and other disenfranchised communities. This expansion of Project Health is the latest in the company's efforts to address social determinants of health that exist alongside racial and economic inequities.
"Our efforts to address social justice and equity are focused in areas where we can have the greatest impact as a leader in health," said Kyu Rhee, SVP and Chief Medical Officer, CVS Health. "Over the last 15 years, Project Health has been extremely successful in connecting people to the health information and follow-up care they need to address the chronic conditions in many health disparity populations. As we expand the program this year, we will be able to dramatically increase our impact, ability to reduce health disparities and promote health equity."
Through Project Health, the company hosts events at CVS Pharmacy locations offering free biometric screenings including blood pressure, cholesterol, glucose level and body mass index to detect early risks of chronic conditions such as diabetes, hypertension and heart disease before they become life-threatening. Following these screenings, participants have the opportunity to meet with a nurse practitioner who can provide referrals for treatment and advice on follow-up care, which is particularly important given that some people have delayed or put off primary care during the COVID-19 pandemic. Project Health events are prioritizing the safety of employees, customers and patients by taking the necessary steps to follow CDC COVID-19 guidelines.
Since its inception in 2006, Project Health has delivered more than $134 million in free health care services to over one million Americans in diverse communities with large numbers of uninsured or underinsured people.
Patients can visit cvs.com/project-health to learn more about these events and how they can safely prioritize their health by receiving a no-cost screening.
About CVS Health
We are a diversified health services company with more than 300,000 employees united around a common purpose of helping people on their path to better health. In an increasingly connected and digital world, we are meeting people wherever they are and changing health care to meet their needs. Built on a foundation of unmatched community presence, our diversified model makes us an integral part of people's everyday health. From our innovative new services at HealthHUBTM locations, to transformative programs that help manage chronic conditions, we are making health care more accessible, more affordable and simply better. Learn more about how we're transforming health at www.cvshealth.com.
Media contact
Courtney Tavener
401-712-3698
Courtney.Tavener@CVSHealth.com
History Says CVS Stock's Pullback Could Work Out
By: Schaeffer's Investment Research | April 29, 2021
• CVS options are affordably priced at the moment
• CVS stock just pulled back to a historically bullish trendline
The shares of CVS Health Corp (NYSE:CVS) have faced continued pressure at the $78 region, making a few attempts to topple the ceiling over the last few years, including on April 21, when the stock rose to $77.44 -- its highest level since late 2018. Pullbacks have followed each attempt, but despite the up-and-down year, CVS still boasts an 11.3% rise in 2021. This most recent pullback saw the equity find a floor at $75, and what's more, a historically bullish technical signal just started flashing on the charts, which could send CVS toppling this aforementioned pressure near the $78 level.
According to data from Schaeffer's Senior Quantitative Analyst Rocky White, CVS just came within one standard deviation of its 40-day moving average. Within the past three years, seven similar signals have occurred, with the equity higher one month later in 71% of those instances, averaging a 21-day gain of 5.4%. At CVS's current perch of $76.06, a similar move would put it at $80.17 -- marking a fresh three-year high.
A shift in the options pits could provide additional tailwinds for the stock. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), CVS sports a 50-day put/call volume ratio that stands higher than 76% of all other readings from the last year, implying a healthier-than-usual appetite for bearish bets of late.
Echoing this, the stock's a Schaeffer's open interest ratio (SOIR) of 0.54 sits in the elevated 85th percentile of its annual range. This suggests short-term traders have rarely been more put-biased.
Right now, options look like a prudent play when weighing CVS's next move. The stock's Schaeffer's Volatility Index (SVI) of 25% stands higher than just 19% of all other annual readings, meaning options players are pricing in relatively low volatility expectations at the moment.
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CVS Health launches $100 million venture fund
Thursday, April 29, 2021
CVS Health Ventures to focus on high-potential, early-stage companies that strive to make health care more accessible and affordable for consumers
WOONSOCKET, R.I. — CVS Health (NYSE: CVS) today announced the launch of CVS Health Ventures, a dedicated corporate venture capital fund that will invest in and partner with high-potential, early-stage companies focused on making health care more accessible, affordable, and simpler.
"Consumers deserve a better health experience, one that puts them at the center of cutting-edge, digitally enabled solutions," said Karen S. Lynch, President and CEO, CVS Health. "Forming CVS Health Ventures will build on our successful track record of scaling innovation and driving change in health care."
The fund will initially launch with $100 million allocated for investments and will focus on companies with the potential for technology-enabled innovation and disruption in digital health care that are anchored in CVS Health's core strategy. CVS Health Ventures will build relationships with early-stage companies via investment as well as by offering expertise and insights from CVS Health's unique perspective.
CVS Health has already made more than 20 direct investments through the CVS and Aetna businesses. These investments have delivered consistently strong returns and partnerships. Current investments include Unite Us, a technology platform that connects health care and social services providers, and LumiraDx, an innovative point-of-care diagnostic platform.
"We have deep experience investing in innovative companies," said Josh Flum, Executive Vice President, Enterprise Strategy & Business Development, CVS Health. "We will build on this experience by providing capital to our start-up and venture partners and helping them scale more rapidly through commercial relationships with our business units. This is an exciting opportunity to accelerate innovation and effectively bring new solutions to the consumer health space."
Additional information on CVS Health Ventures and its leadership team can be found at cvshealth.com/ventures.
About CVS Health
We are a diversified health services company with more than 300,000 employees united around a common purpose of helping people on their path to better health. In an increasingly connected and digital world, we are meeting people wherever they are and changing health care to meet their needs. Built on a foundation of unmatched community presence, our diversified model makes us an integral part of people's everyday health. From our innovative new services at HealthHUBTM locations, to transformative programs that help manage chronic conditions, we are making health care more accessible, more affordable and simply better. Learn more about how we're transforming health at www.cvshealth.com.
Cautionary statement concerning forward-looking statements
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of CVS Health Corporation. By their nature, all forward-looking statements are not guarantees of future performance or results and are subject to risks and uncertainties that are difficult to predict and/or quantify. Actual results may differ materially from those contemplated by the forward-looking statements due to risks and uncertainties described in our Securities and Exchange Commission ("SEC") filings, including those set forth in the Risk Factors section and under the heading "Cautionary Statement Concerning Forward Looking Statements" in our most recently filed Annual Report on Form 10-K. You are cautioned not to place undue reliance on CVS Health's forward looking statements. CVS Health's forward-looking statements are and will be based upon management's then-current views and assumptions regarding future events and operating performance, and are applicable only as of the dates of such statements. CVS Health does not assume any duty to update or revise forward-looking statements, whether as a result of new information, future events, uncertainties or otherwise.
Media contact
Ethan Slavin
860-273-6095
SlavinE@cvshealth.com
CVS Health Ventures contact
Jason Hawbecker
401-770-8723
Jason.Hawbecker@cvshealth.com
Investor Relations contact
Katie Durant
401-770-6442
Katherine.durant@cvshealth.com
CVS Health Co. (CVS) EVP Sells $7,963,571.00 in Stock
By: MarketBeat | April 23, 2021
CVS Health Co. (NYSE:CVS) EVP Thomas M. Moriarty sold 103,423 shares of the firm's stock in a transaction dated Wednesday, April 21st. The shares were sold at an average price of $77.00, for a total value of $7,963,571.00. Following the transaction, the executive vice president now directly owns 103,423 shares in the company, valued at $7,963,571. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
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CVS Health names Kathryn Metcalfe Chief Communications Officer
Thursday, April 22, 2021
https://cvshealth.com/news-and-insights/press-releases/cvs-health-names-kathryn-metcalfe-chief-communications-officer
WOONSOCKET, R.I. — CVS Health (NYSE: CVS) today announced that Kathryn Metcalfe has joined the company as Senior Vice President and Chief Communications Officer. In this role, she is responsible for all internal, external, crisis, and reputation communications across the organization.
“I’m excited to help CVS Health transform the health care system and make it more convenient, simple and affordable for consumers,” Metcalfe said. “CVS Health has played a significant role throughout the pandemic response, with over 15 million tests and 10 million vaccines administered — with more to come. Our unique model and strategy will help us continue to lead the way in improving how health care is delivered across the country.”
Metcalfe joined Aetna, a CVS Health company, in 2016 as the Chief Communications Officer. After leading the communications around the integration between CVS Health and Aetna, she assumed the same role at CVS Health in February 2019, rejoining the company in early 2021.
In addition to her most recent roles, Metcalfe has extensive experience at several prominent health care companies. She led Corporate Affairs or Communications departments for Bristol-Myers Squibb, Deloitte, Pfizer’s Diversified Businesses and Novartis. Metcalfe also has a wealth of agency experience, serving in senior roles at WPP agencies and boutique healthcare firms.
Metcalfe holds master’s and bachelor’s degrees in journalism from Northwestern University. Outside of the office, Metcalfe is active in education, having previously served as an adjunct professor at New York University. She also maintains close ties to her hometown of Boise, Idaho, where she helped build a sustainable learning park through a property donation and fundraising campaign.
About CVS Health
CVS Health is a different kind of health care company. We are a diversified health services company with nearly 300,000 employees united around a common purpose of helping people on their path to better health. In an increasingly connected and digital world, we are meeting people wherever they are and changing health care to meet their needs. Built on a foundation of unmatched community presence, our diversified model engages one in three Americans each year. From our innovative new services at HealthHUB® locations, to transformative programs that help manage chronic conditions, we are making health care more accessible, more affordable, and simply better. Learn more about how we're transforming health at www.cvshealth.com.
Media Contact
Rebecca Ferrick
332-213-6791
FerrickR@cvshealth.com
CVS Health Corporation to hold first quarter 2021 earnings conference call
Tuesday, April 20, 2021
WOONSOCKET, R.I. — CVS Health Corporation ("CVS Health") (NYSE:CVS) will hold a conference call with analysts and investors on Tuesday, May 4, 2021, at 8:00 a.m. (ET) to discuss its financial results for the first quarter of 2021.
An audio webcast of the conference call will be broadcast simultaneously through the Investor Relations portion of the CVS Health website for all interested parties. To access the webcast, visit http://investors.cvshealth.com. This webcast will be archived and available on the website for a one-year period following the conference call.
About CVS Health
CVS Health is a different kind of health care company. We are a diversified health services company with nearly 300,000 employees united around a common purpose of helping people on their path to better health. In an increasingly connected and digital world, we are meeting people wherever they are and changing health care to meet their needs. Built on a foundation of unmatched community presence, our diversified model engages one in three Americans each year. From our innovative new services at HealthHUBlocations, to transformative programs that help manage chronic conditions, we are making health care more accessible, more affordable and simply better. Learn more about how we're transforming health at www.cvshealth.com
Over-the-counter COVID-19 testing now available at CVS Pharmacy
Monday, April 19, 2021
Retailer expands access to convenient, at-home testing options with new-to-market, home tests available in stores and online
WOONSOCKET, R.I. — CVS Pharmacy, the retail division of CVS Health (NYSE: CVS), today announced the availability of three over-the-counter COVID-19 testing options in stores and online.
The tests include the Ellume COVID-19 Home Test, the Abbott BinaxNOW COVID-19 Antigen Self Test and the Pixel by Labcorp PCR Test Home Collection Kit. All three tests have received FDA Emergency Use Authorization (EUA), do not require a prescription, and are intended for use by individuals with or without symptoms. These options provide customers with access to convenient testing that can be conducted at home and complement CVS Health's commitment to providing consumers with access to comprehensive COVID-19 testing services.
"Access to testing continues to be an important part of the nation's pandemic response. Making OTC COVID-19 tests available to our customers helps remove barriers by providing convenient options for testing," said George Coleman, Senior Vice President and Chief Merchant, CVS Pharmacy. "CVS Health has been a leader in providing accessible testing in communities nationwide, and we continue to bring new solutions to market to ensure that consumers have a variety of COVID-19 testing options available to them."
The three testing options now available at CVS include:
Ellume COVID-19 Home Test Kit $38.991: The first rapid, fully at-home test to receive Emergency Use Authorization by the FDA for at-home use without a prescription. The test delivers results in 15 minutes through a free app downloaded to a smartphone, without the need for a second test. CVS Pharmacy is the first retailer to carry the Ellume Home Test Kit. It will be in select locations in RI and MA the week of April 19, with increasing availability on CVS.com and in most CVS Pharmacy locations by the end of May.
Abbott BinaxNOW COVID-19 Antigen Self-Test $23.992: Reliable fully at-home test for surveillance and frequent use delivers results in 15 minutes. The box contains two tests which should be administered twice over three days with at least 36 hours between tests. The test is available at CVS.com and in 5,600 CVS Pharmacy locations as the week of April 19, with additional locations to follow.
Pixel by Labcorp Home Collection Kit3: This PCR (polymerase chain reaction) test is the same test used by physicians across the U.S. Results typically are available within 1-2 days and can be accessed via the Pixel by Labcorp website. The test is available now at CVS.com and in select stores in AL, MA, RI and CT.
The OTC testing options are not covered by insurance and are not meant to diagnose acute COVID-19 infection or test the efficacy of COVID-19 vaccination. CVS Health has been increasing access to testing options since the start of the pandemic and has completed more than 15 million COVID-19 tests to date across more than 4,800 testing sites at select CVS Pharmacy locations, with nearly 1,000 of those locations providing rapid-result testing. With the addition of OTC testing options that can be conducted from the comfort of home, CVS Pharmacy continues to serve as a leader in COVID-19 testing, which remains a critical component of the nation's pandemic response. More information about testing services is available at CVS.com.
About CVS Pharmacy
CVS Pharmacy, the retail division of CVS Health, is America's leading retail pharmacy with nearly 10,000 locations, including over 1,700 pharmacies inside of Target and Schnucks grocery stores. We are committed to delivering innovative health solutions that create a simpler, more accessible experience for patients, customers and caregivers. CVS Pharmacy is the only national pharmacy to remove tobacco products from its shelves and has taken a leadership role in responding to the COVID-19 pandemic by making testing and vaccinations available at locations across the United States. For the latest product and service offerings, visit www.cvs.com or download the CVS Pharmacy app.
Media contact
Matt Blanchette
401-524-6185
Matthew.Blanchette@CVSHealth.com
1The Ellume COVID-19 Home Test has not been FDA cleared or approved; but has been authorized by the FDA under an emergency use authorization. This product has been authorized only for the detection of proteins from SARS-CoV-2, not for any other viruses or pathogens, and is only authorized for the duration of the declaration that circumstances exist justifying the authorization of emergency use of in vitro diagnostics for detection and/or diagnosis of COVID-19 under Section 564(b)(1) of the Federal Food, Drug and Cosmetic Act, 21 U.S.C. 360bbb-3(b)(1), unless the declaration is terminated or authorization is revoked sooner.
2The BinaxNOW COVID-19 Antigen Self Tests have not been FDA cleared or approved. They have been authorized by the FDA under an emergency use authorization. The tests have been authorized only for the detection of proteins from SARS-CoV-2, not for any other viruses or pathogens, and are only authorized for the duration of the declaration that circumstances exist justifying the authorization of emergency use of in vitro diagnostics for detection and/or diagnosis of COVID-19 under Section 564(b)(1) of the Federal Food, Drug and Cosmetic Act, 21 U.S.C. 360bbb-3(b)(1), unless the declaration is terminated or authorization is revoked sooner.
3Pixel by Labcorp offers this product with an FDA Emergency Use Authorization (EUA). This means that this product has not been FDA cleared or approved, but has been authorized for emergency use by FDA under an EUA. This product has only been authorized by FDA for detection of nucleic acid from SARS-CoV-2 (i.e., the COVID-19 virus), and not for any other virus or pathogen. The emergency use of this product is only authorized for the duration of the declaration that circumstances exist justifying the authorization of emergency use of in vitro diagnostics for detection and/or diagnosis of COVID-19 under Section 564(b)(1) of the Federal Food, Drug, and Cosmetic Act, 21 U.S.C. 360bbb-3(b)(1), unless the declaration is terminated or authorization is revoked sooner.
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READING $CVS/ [Valuation Analysis] Buy CVS before the Aetna acqusition is completed.
https://www.valuestocksblog.com/valuation-series/2018/1/13/valuation-analysis-buy-cvs-before-the-aetna-acqusition-is-completed
READING $CVS/ AETNA/ Aetna Acquisition
On December 3rd, 2017 CVS and Aetna (NYSE: AET), an American health insurance company, announced that they reached an agreement for CVS to acquire Aetna. The transaction is expected to close in the second half of 2018. It is subject to approval by CVS Health and Aetna shareholders, regulatory approvals and other customary closing conditions.
https://www.valuestocksblog.com/valuation-series/2018/1/13/valuation-analysis-buy-cvs-before-the-aetna-acqusition-is-completed
o Aetna Overview
· The third largest health insurance company in the U.S. with about 6% market share, serving an estimated 44.6 million people.
o Potential impact of the acquisition (synergy, etc.)
· Aetna currently has $61 billion in revenue. The combination of CVS and Aetna will most likely make the largest health care company in the U.S. in terms of the revenue.
CVS Caremark
CVS Caremark is the largest pharmacy health care provider in the United States. Through our integrated offerings across the entire spectrum of pharmacy care, we are uniquely positioned to provide greater access, to engage plan members in behaviors that improve their health, and to lower overall health care costs for health plans, plan sponsors, and their members. As one of the country's largest pharmacy benefit managers (PBMs), we provide plan sponsors and participants access to a network of approximately 64,000 pharmacies including more than 7,100 CVS/pharmacy stores.
We employ approximately 200,000 colleagues in 41 states, the District of Columbia, and Puerto Rico. As of September 30, 2010, we operated 7,152 retail stores, 569 MinuteClinic locations, 44 retail specialty pharmacy stores, 18 specialty mail order pharmacies, five mail service pharmacies, and our CVS.com and Caremark.com Web sites.
Quick Facts
* Headquarters located in Woonsocket, R.I.
* More than $99 billion in annual revenue
* Ranked 18th on Fortune 500 for 2010
* No. 1 provider of prescriptions – more than 1 billion prescriptions filled or managed annually
* No. 1 Specialty Pharmacy
* Largest employer of Pharmacists and Nurse Practitioners
* 75 percent of the U.S. population lives within three miles of a CVS
* No. 1 Retail Clinic Operator
* More than 8 million MinuteClinic patient visits to date
* No. 1 Retail Loyalty Program – more than 65 million active ExtraCare customers
For further information, contact:
Michael P. McGuire
Senior Director, Investor Relations
CVS Caremark Corporation
1 CVS Drive, Woonsocket, RI 02895
401-770-4050
The Nation’s Largest Provider of Prescriptions Filling or Managing More Than One Billion Prescriptions Annually
Verified Internet Pharmacy Practice Site (VIPPS)
A Program of the National Association of Boards of Pharmacy
Caremark.com
www.caremark.com
Corporation Caremark Rx, LLC | Phone 847-559-4700 |
Address 2211 Sanders Road Northbrook, IL 60062 | Per Lofberg President |
State of Incorporation CA | Experience Operating a Pharmacy Since June 1979 |
Retail Pharmacy
Step inside any of our more than 7,000 CVS/pharmacy locations from coast to coast, and you'll see that we have the prescription medications, related health care products, and other remedies you need "for all the ways you care." More than 20,000 highly trained Pharmacists are available to dispense prescriptions as well as helpful advice. We make things "CVS easy" for our pharmacy customers by offering 24-hour or extended-hours service in the pharmacy in 72 percent of our locations. Sixty percent of our stores provide drive-thru pharmacy windows as well. We also have more than 560 in-store MinuteClinic locations up and running, with more coming throughout 2010.
In the front of the store, customers appreciate our wide selection of popular beauty, health, and personal care brands as well as an assortment of exceptional brands not available at any other U.S. drugstore. Among them, our CVS/pharmacy store brand cough and cold products offer high-quality alternatives for value-conscious consumers. Our selection of proprietary brands includes favorites such as Cristophe® , Essence of Beauty®, Nuprin® , Playskool® , and Skin Effects by Dr. Jeffrey Dover®. CVS store brands as well as proprietary and other limited distribution products, with their higher margins, accounted for approximately 14 percent of our front-store sales in 2007. We are going to aggressively grow this business and expect it to represent 18 to 20 percent of front-store sales in the next three to five years.
Beauty is one of our core categories in the front of the store, and CVS/pharmacy was named Mass Beauty Retailer of the Year at the 2007 Women's Wear Daily Beauty Biz Awards.
Thomas M. Ryan
Chairman of the Board and Chief Executive Officer of CVS Caremark Corporation
Thomas M. Ryan, age 57, Chairman of CVS Caremark Corporation since November 2007 and Chief Executive Officer of CVS Caremark Corporation since May 1998; was President of CVS Caremark Corporation from May 1998 to May 2010; Chairman of CVS Corporation from April 1999 until March 2007; also President and CEO of CVS Pharmacy, Inc. from 1994 to 2007. Currently Director of Bank of America Corporation, and Yum! Brands, Inc.
Larry J. Merlo
President and Chief Operating Officer of CVS Caremark Corporation and President of CVS/pharmacy
Larry J. Merlo, age 55, President and Chief Operating Officer of CVS Caremark Corporation since May 2010. President of CVS/pharmacy since January 2007. Was Executive Vice President of CVS Caremark Corporation from January 2007 to May 2010; Executive Vice President - Stores of CVS Corporation from April 2000 to January 2007; and Executive Vice President - Stores of CVS Pharmacy, Inc. from March 1998 to January 2007. Currently Chairman, National Association of Drugs Stores.
Per Lofberg
Executive Vice President of CVS Caremark Corporation and President of Caremark Pharmacy Services
Per Lofberg, age 63, is President of Caremark Pharmacy Services, a position he assumed in January 2010. Previously, Mr. Lofberg was President and CEO of Generation Health. He is also the co-founder and served as CEO of Merck Capital Ventures; served as Chairman of Merck-Medco Managed Care LLC, which later became Medco Health Solutions; and, spent 15 years with Boston Consulting Group (BCG) in Boston, New York and Munich, West Germany. As President, he has responsibility for all facets of the PBM business.
Troyen A. Brennan, M.D., M.P.H.
Executive Vice President and Chief Medical Officer
Troyen A. Brennan, M.D., M.P.H, age 55, is Executive Vice President and Chief Medical Officer of CVS Caremark. Prior to joining CVS Caremark, Dr. Brennan was Chief Medical Officer of Aetna Inc. From 2000 to 2005, Dr. Brennan served as President and CEO of Brigham and Women's Physician's Organization. In his academic work, he was Professor of Medicine at Harvard Medical School, and Professor of Law and Public Health at Harvard School of Public Health. Dr. Brennan received his M.D. and M.P.H. degrees from Yale Medical School and his J.D. degree from Yale Law School. He completed his internship and residency in internal medicine at Massachusetts General Hospital. He is a member of the Institute of Medicine of the National Academy of Sciences.
David M. Denton
Executive Vice President and Chief Financial Officer of CVS Caremark Corporation
David M. Denton, age 45, is Executive Vice President and Chief Financial Officer of CVS Caremark Corporation, since January 2010. He previously held the position of Senior Vice President and Controller/Chief Accounting Officer of CVS Caremark Corporation, from March 2008 to December 2009; Senior Vice President, Financial Administration of CVS Caremark Corporation and CVS Pharmacy, Inc. from April 2007 until March 2008; Senior Vice President, Finance and Controller of PharmaCare Management Services, Inc., the Company’s pharmacy benefits management subsidiary, from October 2005 through April 2007. He has been with the Company since July 1999.
Lisa Bisaccia
Senior Vice President and Chief Human Resources Officer of CVS Caremark Corporation
Lisa Bisaccia, age 54, has been Senior Vice President and Chief Human Resources Officer of CVS Caremark Corporation since January 2010. She most recently served as Vice President of Human Resources. Since joining CVS Caremark in 2004, Mrs. Bisaccia has led major human resources initiatives including enhancing compensation practices, outsourcing human resources processing functions, and successfully managing all human resources support for the Retail business.
Douglas A. Sgarro
Executive Vice President and Chief Legal Officer of CVS Caremark Corporation and President of CVS Realty Co.
Douglas A. Sgarro, age 51, Executive Vice President and Chief Legal Officer of CVS Caremark Corporation and CVS Pharmacy, Inc. since March 2004 and President of CVS Realty Co., a real estate development company and a division of CVS Pharmacy, Inc. since October 1999; Senior Vice President and Chief Legal Officer of CVS Corporation and CVS Pharmacy, Inc. from September 1997 to March 2004. Mr. Sgarro is a graduate of Hamilton College and the University of Virginia Law School. He is a director of the United States Chamber of Commerce.
Jonathan C. Roberts
Executive Vice President and Chief Operating Officer, PBM
Jonathan C. Roberts, 54, is Executive Vice President of CVS Caremark, and Chief Operating Officer of the company’s PBM division, a position he has held since October 2010. Prior to that he served as EVP of Rx Purchasing, Pricing and Network Relations, from January 2009 to October 2010; Senior Vice President and Chief Information Officer of CVS Caremark Corporation from January 2006 until January 2009; Senior Vice President - Store Operations of CVS/pharmacy, Inc. from August 2002 until December 2005; and Area Vice President of Stores from April 1997 through August 2002.
Helena Foulkes
Executive Vice President and Chief Marketing Officer, CVS Caremark Corporation
Helena B. Foulkes, age 46, is the Executive Vice President and Chief Marketing Officer, CVS Caremark Corporation, a position she has held since January 2009. Previously, Ms. Foulkes was Senior Vice President of Health Services of CVS Pharmacy, Inc., from October 2007 through January 2009, Senior Vice President, Marketing and Operations Services from January 2007 through October 2007, and Senior Vice President, Advertising and Marketing from April 2002 to January 2007. In her fifteen-plus years with the Company, Ms. Foulkes has held positions in Marketing and Operations Services, Strategic Planning, Visual Merchandising and Category Management. She is a graduate of Harvard College and received an M.B.A. from Harvard Business School.
Stuart M. McGuigan
Senior Vice President and Chief Information Officer (CIO), CVS Caremark
Stuart M. McGuigan, age 52, is Senior Vice President and Chief Information Officer of CVS Caremark Corporation, a position he has held since December 2008. Previously, Mr. McGuigan was Senior Vice President and Chief Information Officer of Liberty Mutual Group from September 2004 to December 2008, and was Deputy Chief Information Officer and Senior Vice President of Liberty Mutual from February 2004 to September 2004; from 2000 to February 2004, Mr. McGuigan was Senior Vice President – Information Technology of Medco Health Solutions, Inc. He has served on the Board of Directors of NetScout, Inc. since 2005. In 2010, he was appointed to the Rhode Island Science and Technology Advisory Council (STAC).
Laird Daniels
Senior Vice President, Controller and Chief Accounting Officer of CVS Caremark Corporation
Laird Daniels, age 41, is Senior Vice President, Controller and Chief Accounting Officer of CVS Caremark Corporation, a position he assumed in January 2010. Previously, Mr. Daniels was Vice President of Finance and Retail Controller for CVS/pharmacy. He joined CVS Caremark in 1997.
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