$CVS

CVS Health Corp

  • NEW YORK STOCK EXCHANGE INC.
  • Retail Trade
  • Drugstore Chains
  • Pharmacies and Drug Stores

PRICE

$102.58 -

Extented Hours

VOLUME

4,478,935

DAY RANGE

100.96 - 102.6

52 WEEK

85.76 - 109.38

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@lucullus #droscrew
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Summary Cano Health currently presents an interesting investment opportunity with a potential short-term 58% upside. Recently, rumors appeared that Cano Health has received acquisition interest, with healthcare industry giants CVS Health, Humana and UnitedHealth among the rumored buyers. Given ongoing pressure from two prominent activists and industry consolidation trends, I expect a company sale to be announced shortly. Looking for more investing ideas like this one? Get them exclusively at Special Situation Investing. Learn More Β» Health visitor and a senior woman during nursing home visit A Potential company sale might be brewing up behind the scenes. Cano Health (NYSE:CANO) owns and operates senior primary care health centers in nine US states, with a primary focus on Florida. Recently, Bloomberg, Reuters and WSJ reported that the company has received acquisition interests, with health industry giants Humana (HUM), UnitedHealth (UNH) and CVS Health (CVS) mentioned as the front-runners to buyout CANO. Acquisition rumors follow activism from several of CANO's shareholders. In March, Daniel Loeb's Third Point (2.2% of voting power) started to push the company towards strategic alternatives, arguing that CANO should address the value gap (arising from the company going public through a SPAC) by initiating a company sale. Then, in August, Owl Creek Asset Management (owns 1%) delivered a letter, also considering the company undervalued versus peers and industry transactions. As it stands, it seems that the management/insiders (who own 55%) have been under pressure from two prominent activists to sell the company. Not surprisingly, in August, CANO's management stated that the company is open to all strategic alternatives and has hired financial advisors. Reportedly, the second round of discussions is currently ongoing, with the deal possibly finalized in the upcoming weeks. Reports do not mention the acquisition price, however, peer/transaction multiples (also mentioned by the activist Owl Creek) suggest $14/share might be a reasonable price tag - this would imply a 58% upside from current levels. Buyout rumors come amid broader healthcare industry consolidation trends as large healthcare insurers are scooping up healthcare providers in an effort to combine insurance and healthcare provider activities. The industry is currently in a shift towards value based care - a model where providers are paid based on patient health outcomes (as opposed to the traditional fee-for-service model where patients pay for each service rather than outcome). Naturally, the value-based care model closely aligns the interests of both health insurance firms and healthcare providers. Numerous industry executives, including Humana's Medicare President, have noted that value-based model has benefits for providers/insurers, including noticeably higher contribution margins, thus pushing up incentives for consolidation. Not surprisingly, these dynamics have spurred a number of acquisitions of healthcare providers by major health insurers. CVS is currently buying health care platform provider Signify Health (Sep'22), UNH is scooping up home care provider LHC Group (announced in Mar'22) and HUM has already acquired home healthcare provider Kindred at Home (Aug'21). The industry has also seen increasing M&A activity from non-insurers entering the space, including Amazon (AMZN) acquiring primary care company One Medical (announced in Jul'22, by the way CVS was one of the bidders there as well) and Walgreens Boots Alliance (WBA) purchasing a majority stake in primary care provider VillageMD (Oct'21). These dynamics and the fact that CANO might be an attractive target have also been recently reiterated by CANO's CEO: I expect continued consolidation and acceleration in the paradigm shift of value-based care. And what this means for us is yet another validation of how attractive our asset is and the industry as a whole. A Potential acquisition would make strategic sense for either of the rumored buyers HUM, UNH or CVS given CANO's extensive presence in Florida's primary care market. CANO is reportedly the largest independent value-based primary care provider to Medicare/Medicaid patients in the state. Meanwhile, three potential suitors currently rank as the three largest primary care insurers in the Florida. Humana and Cano have seemingly deep ties - HUM has been invested in Cano Health prior to CANO's IPO and still owns an undisclosed stake. Currently, CANO is HUM's biggest independent primary care provider in Florida. Interestingly, as part of their earlier agreement, HUM has a right of first refusal, meaning that HUM can match any acquisition offer made for CANO. Notably, HUM has significantly expanded its investment in primary senior care in the last five years, recently stating that the TAM is very large at $700bn. As part of its joint venture with PE firm Welsh Carson, Humana now aims to open 100 new CenterWell senior primary care clinics in the next three years. From the CEO's remarks during Q2'22 earnings call: We do see some great opportunity today, both CenterWell primary care and the home are agnostic and continue to see great growth, serving both other payers and other parts of the Medicare system. And at the same time, we're also seeing opportunity within our primary - within our pharmacy area to offer some agnostic opportunities there. So the ability for it to integrate and also to expand beyond the Medicare side of the business is really at the heart of what you see us more formally creating the CenterWell service side, while on the insurance side, continuing to leverage the efficiencies across the various different insurance platforms. Meanwhile, CVS's management, in addition to the recent acquisition of Signify Health, has recently stated that their priority is the same - to expand into the primary care segment: From Morgan Stanley Healthcare Conf: Well I think we are urging, obviously - we're very urging, I just ask our teams and I think if you think about our strategy, really we've been very clear that we want to extend into care delivery and we're starting with Signify. We can't always determine the order. Obviously primary care is something we believe we need to advance because we really want to enable consumers to have a differentiate experience and improve health outcomes. So we're playing our game. From the CVS Q2'22 earnings call: As you would expect, we are being very disciplined both strategically and financially, as we pursue kind of our M&A strategy. We can't be in the primary care without M&A. We've been very clear about that. Valuation Chart Comp Filings At current price levels, CANO seems undervalued on a TTM/2022E revenue basis relative to larger peers OSH (also owns and operates primary care centers) and AGL (runs primary care physician networks so not as comparable). Moreover, recently announced ONEM and SGFY acquisitions were done at noticeably higher multiples. Activist Owl Creek notes the following reasons for why CANO might be trading at a discount to peers/industry transactions: Unfortunately, Cano has consistently traded at a discount to its peers due to its SPAC heritage, its hybrid model (owned and operated medical centers along with affiliates), and heavy concentration in the South Florida market. One could argue for some discount due to one or more of these factors, but the valuation discrepancy between Cano and peers is highly punitive. Another activist Third Point also agrees that the undervaluation is explained by both SPAC heritage and the company's shareholder base (given dual class structure and high insider ownership): However given recent developments at the Issuer and taking into account the market's largely unfavorable view of companies taken public through special purpose acquisition vehicles, the Reporting Persons believe the Board of Directors should immediately engage financial and legal advisors to commence a review of strategic alternatives. […] The Reporting Persons believe this strategic review should focus on a sale of the Issuer, and that a properly run sales process is likely to result in offers representing a substantial premium to the Issuer's trading price. The Reporting Persons believe that the Issuer is unlikely to achieve such valuation on a stand-alone basis, in part due to structural issues with its shareholder base. The activist Owl Creek has stated that CANO has been undervalued by the market despite having higher 2022E revenues than both OSH/AGL and being on track to exceed 2022 membership/revenue/EBITDA guidance. Using a 3x revenue multiple based on peers OSH/AGL and Amazon's acquisition of ONEM, Owl Creek arrives at an acquisition price tag of $14/share. The markets have moved down a bit since the letter was written, so a 3x multiple would now translate to a $13/share price. More background on CANO Historical financials are provided below: Table Company Filings Financially, since going public in 2020, CANO has managed to record high revenue growth - 93% in 2021. Notably, the growth has to a large degree been driven by acquisitions, including purchase of University Health Care and Doctor's Medical Center for a total of $900m (announced in Jun'21 and Jul'21). This has allowed the company to significantly increase its patient base as number of memberships has expanded from 156k to 282k over the last year. That said, the business is yet to turn profitable and is still burning cash - $135m in 2021 operating losses. From a liquidity perspective, the company is quite highly levered with $878m in net debt (compared to $4.2bn market cap). Given CANO's business model, the company needs extensive capital to accelerate further growth. At current share price levels, any equity raise would seem highly dilutive given that even after the buyout rumors the stock trades below pre-2022 levels of $9-$16/share. CANO's shares are rather tightly held with 55% of the voting power (Class A + Class B shares) held by the management + insiders. CANO went public in 2020 through a SPAC backed by Starwood Capital CEO Barry Sternlicht who now holds 9% voting power. Another 33% of total shares are owned by a PE firm InTandem Capital Partners which has backed the company since 2016. Both Sternlicht and InTandem's managing partner Elliot Cooperstone currently sit on CANO's board. Interestingly, Cooperstone was previously the CEO of Prodigy Health Group which was acquired by Aetna, a subsidiary of CVS Health. Another 17% are held by six institutional investors, including FMR (7%), BlackRock (3%) and Millennium Asset Management (2%), among others. Risks According to the activist Owl Creek, last year CVS stated that the company had well over $10bn to deploy towards strategic initiatives related to value-based care. With the SGFY acquisition, the company will spend around $7bn, potentially implying that the management might not be willing to pursue another large acquisition. This risk, however, seems limited given CVS's overall large gross cash position ($15bn in cash + investments) and the fact that SGFY captures a slightly different market niche than CANO - it is a healthcare platform which does not own and operate health centers. Management/insiders not agreeing to sell their stake. That said, considering prominent activist pressure, current market turbulence and the fact that the company is yet to inflect towards profitability, an offer at $14/share - a share price close to 2021 highs - could seal the deal. Conclusion CANO presents a very interesting investment opportunity with a short potential timeline. I believe that prominent activist involvement and industry consolidation dynamics point to a company sale brewing up behind the scenes. Importantly, risk/reward seems to be highly favorable here, suggesting that investors might consider CANO as a long position in their portfolios.

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@dros #droscrew
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$CVS did not confirm spec it walked away from $CANO deal

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@dros #droscrew
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$CVS reportedly no longer pursuing $CANO deal

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@dros #droscrew
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$PBR Oct14 15.5 C $TWTR Nov04 53/54 C Spd $CANO Oct 9 C $TWTR Oct 53 C $CANO Nov 10 C $CVS Nov 92.5 C $OVV Oct 60 C $WYNN Oct 75 C $SPB Jan 50 C $LPI Oct 85 C $TWTR Oct28 50 C $C Jan-24 55 C $SHOP Apr 25 C

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@dros #droscrew
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RECAP 10/7 Unusual Calls: $PBR Oct14 15.5 C $TWTR Nov04 53/54 C Spd $CANO Oct 9 C $TWTR Oct 53 C $CANO Nov 10 C $CVS Nov 92.5 C $OVV Oct 60 C $WYNN Oct 75 C $SPB Jan 50 C $LPI Oct 85 C $TWTR Oct28 50 C $C Jan-24 55 C $SHOP Apr 25 C

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@NoobBot #Crypto4Noobs
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**pkedrosky:** ADHD Drug Adderall Runs Low at CVS, Walgreens as Demand Soars https://t.co/iO7ihttWK3 https://twitter.com/pkedrosky/status/1572037583055753223

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@trademaster #TradeHouses
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By Bansari Mayur Kamdar and Devik Jain (Reuters) -Wall Street's main indexes were set for a dour start to the week as investors worried about hawkish signals from U.S. Federal Reserve policymakers in the face of slowing economic growth. A four-week summer rally for the Nasdaq and the S&P 500 snapped last week as megacap growth companies slumped on Friday, with the benchmark 10-year Treasury yield hitting nearly 3% on inflation fears. [US/] High-growth and technology companies such as Apple Inc (NASDAQ:AAPL) and Tesla (NASDAQ:TSLA) Inc fell 1.6% and 1.8%, respectively, in trading before the bell on Monday. Lenders JPMorgan Chase & Co (NYSE:JPM) and Bank of America (NYSE:BAC) fell more than 1% each amid a broader risk-off mood. Banking giants collectively face more than $1 billion in regulatory fines for employees' use of unapproved messaging tools, including email and apps such as WhatsApp. The CBOE Volatility index, Wall Street's fear gauge, rose to 23.16, its highest level in over two weeks. After a rough start to the year, the benchmark S&P 500 recovered nearly 16% from its mid-June lows helped by strong earnings and hopes of a dovish pivot by the Fed. Focus this week is on Fed Chair Jerome Powell's speech at a central banking conference in Jackson Hole on Friday for further cues on the central bank's monetary policy tightening path. "The market convinced itself that the CPI last month suggested peak inflation has been reached ... but that was short sighted," said Kenny Polcari, managing partner at Kace Capital Advisors. "Jackson Hole will give Powell an opportunity to reset the narrative and suggest the Fed is going to remain vigilant and aggressive." According to economists polled by Reuters, the Fed will raise rates by 50 basis points in September. Traders are also expecting a slightly higher chance of a 50 bps hike over a third 75 bps hike, even as several Fed policymakers have pushed back against expectations of a dovish pivot and emphasized the fight against inflation is ongoing. Investors will also be looking for details on the central bank's plans to reduce its nearly $9 trillion balance sheet, a process that started in June. The Fed's favored inflation gauge, the PCE price index, will also be released this week. With recession fears lingering and investors eager for any clues about the economy's strength, other U.S. data will be closely awaited this week, including flash PMIs, the second estimate of second quarter GDP and University of Michigan consumer sentiment. Economic slowdown fears have hit markets globally, with China's central bank trimming some key lending rates on Monday in a bid to support a slowing economy and a stressed housing sector. At 8:32 a.m. ET, Dow e-minis were down 323 points, or 0.96%, S&P 500 e-minis were down 48.5 points, or 1.15%, and Nasdaq 100 e-minis were down 194 points, or 1.46%. Signify Health Inc jumped 40.2% following a report on Sunday that UnitedHealth Group Inc (NYSE:UNH), Amazon.com Inc (NASDAQ:AMZN), CVS Health Corp (NYSE:CVS) and Option Care Health (NASDAQ:OPCH) Inc are bidding to acquire the company. AMC Entertainment (NYSE:AMC) Holdings Inc tumbled 37.7% after UK-based rival Cineworld Group, the world's second-largest cinema operator, warned of a possible bankruptcy filing.

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@Marcosx #ivtrades
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$CVS nice base has #s soon though

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@dros #droscrew
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RECAP 7/1 Unusual Puts: $STWD Aug 19 P LAZR Jul08 6.5 P $AVYA Jan 1.5 P $FFIE Jan 5 P $CVS Jul08 88 P

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@dros #droscrew
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*CVS, WALMART LIMIT PLAN B PILLS AFTER SURGE IN DEMAND: DJ

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@stevengo #StockTraders.NET
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FB LTHM COUP AMD TTD ZIM RBLX JPM PM Short NET COIN UPST DASH DIS CVS NVAX

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@NoobBot #Crypto4Noobs
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**@TheCryptoDog:** Just got the call -CVS upped our initial expectations, putting @trybetterbrand in 5800 stores this Fall, all of their "core locations."We'll be available across the whole USA. The CVS big stamp gives us a lot of leverage, too. Steadily becoming a brand name. https://twitter.com/TheCryptoDog/status/1525409100145733632

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@stevengo #StockTraders.NET
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$AMD, $QCOM, $CVS and added to positions from yesterday.

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@stevengo #StockTraders.NET
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CPI numbers helped with the adds > @stevengo said: Started some shorts today, but the market is extended, so giving it room to add on daily levels if there is a bounce. $HD, $MRNA, $CVS, $MP, $USB. Room at add on all positions.

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@stevengo #StockTraders.NET
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MRK VLO XEL OXY Short CVS QCOM AMD ZIM PG MU PM EBAY MU COIN

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@stevengo #StockTraders.NET
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Started some shorts today, but the market is extended, so giving it room to add on daily levels if there is a bounce. $HD, $MRNA, $CVS, $MP, $USB. Room at add on all positions.

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@Marcosx #ivtrades
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$CVS trade well on a beat

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@AJAJ #droscrew
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CVS COST having a field day today

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@stevengo #StockTraders.NET
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Liking longs today! Will try a short on $QCOM, but only a starter due to a bounce today > @stevengo said: MSFT MRK WMT EOG NKE Short ON CVS ABBV WFC FB QCOM ZIM MRVL

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@stevengo #StockTraders.NET
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MSFT MRK WMT EOG NKE Short ON CVS ABBV WFC FB QCOM ZIM MRVL

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@stevengo #StockTraders.NET
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OXY MSFT MRNA CF EOG AA COP Short VERU TSLA SQ ZM ON CVS XPEX

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@AJAJ #droscrew
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I'm loyal to CVS :)

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@stevengo #StockTraders.NET
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PG PEP FIS CVS HPQ MSFT Short GE GM SNOW MRNA SQ PDD JD

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@AJAJ #droscrew
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I am loyal to CVS

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@AJAJ #droscrew
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look at that close on CVS .. perfect 100

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@NoobBot #Crypto4Noobs
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**@CNBC:** Florida reaches $878 million opioid settlements with CVS, Teva, others https://t.co/P9XFoh82fq https://twitter.com/CNBC/status/1509197132804276232

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@Benlax #droscrew
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cvs very active today

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@stevengo #StockTraders.NET
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$XOM good long with range to recycle shares into yesterday high and reload. > @stevengo said: ABBV JNJ XOM CVS SLB MRK Short CRM NFLX DDOG

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@stevengo #StockTraders.NET
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ABBV JNJ XOM CVS SLB MRK Short CRM NFLX DDOG

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@stevengo #StockTraders.NET
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Watchlist for tomorrow: COST BBY MDT UNH CVS Short HD LOW

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@NoobBot #Crypto4Noobs
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CVS Eyes Metaverse With 4 NFT-Related Trademarks https://www.coindesk.com/business/2022/03/04/cvs-eyes-metaverse-with-4-nft-related-trademarks/?utm_medium=referral&utm_source=rss&utm_campaign=headlines

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@dros #droscrew
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Upgrades 2/14: $ALL $ASND $BE $BXSL $CMA $DFS $GT $MU $OSCR $ST $TGI $TREX $TU $WSO $ZION . Downgrades 2/14: $AGNC $CRNC $CVS $G $IAA $JPM $NLY $PGR $PRQR $TSN $TXN $USB $ZEN

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@CarlosH-carvan #ivtrades
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$CVS raised to $120

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@stevengo #StockTraders.NET
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MO CRM NVDA AMD SLB FB QCOM PM ABBV CVS LVS PFE MU XPEV ORCL CAT EA MTCH

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@nepestheone #StockTraders.NET
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watching $cvs, $simo, $lw, $rhi, for a breakout risking 10 ma on daily

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@AJAJ #droscrew
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Just saying CVS made new highs today

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@stevengo #StockTraders.NET
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$CVS is good watch for tomorrow. Currently green and hold well with market sell off.

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@AJAJ #droscrew
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CVS is strong

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@Marcosx #ivtrades
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$cvs xlu kr Boooring is king

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@Benlax #droscrew
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Lots of F flow today some CVS. Other than that, dominated by apple and msft flow

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@CarlosH-carvan #ivtrades
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$CVS til $120

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@DaveDixon #CoreTrader
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UK Market Another day in the red yesterday, amid losses in travel and hospitality stocks. Harbour Energy declined 11.8%, after the company announced an annual dividend policy worth $200 million. easyJet declined 2.5%, after British Prime Minister Boris Johnson imposed strict COVID-19 restrictions in England. On the flipside, Frasers Group climbed 4.8%, after the company reported a surge in its interim profit. Moonpig Group advanced 4.5%, after the online greetings card retailer raised its annual revenue guidance. B&M European Value Retail added 2.3%, after the company announced that it would pay out Β£250 million to shareholders in form of special dividend. Watches of Switzerland edged up 1.9%, after reporting an increase in its revenue in the first half of the year. The FTSE 100 declined 0.2%, to close at 7,321.3, while the FTSE 250 fell 0.4%, to end at 23,148.0. Europe Market Also lower yesterday, amid concerns about the impact of the Omicron variant of the coronavirus. Neste fell 4.7%, after the oil company announced the departure of its Chief Executive Officer, Peter Vanacker. Deutsche Bank dropped 3.4%, following reports that the lender might have violated a criminal settlement when it failed to tell prosecutors about an internal complaint in its asset-management arm’s sustainable investing business. On the other hand, UniCredit climbed 10.8%, after the company announced plans to pay around €16 billion in share buybacks and dividends to investors by 2024. L'Oreal rose 0.2%, after the cosmetics company announced the acquisition of California’s Youth To The People. The FTSEurofirst 300 index slipped 0.2%, to settle at 1,850.0. Among other European markets, the German DAX Xetra fell 0.3%, to settle at 15,639.3, while the French CAC-40 shed 0.1%, to close at 7,008.2. US Market Followed lower yesterday, ahead of the US inflation data and the Federal Reserve’s (Fed) meeting next week. Lucid Group sank 18.3%, after the electric vehicle start-up announced a $1.75 billion convertible senior notes offering. GameStop declined 10.3%, after the company reported wider than expected losses in the third quarter. Rent The Runway declined 4.2%, following dismal third quarter results. Southwest Airlines dropped 3.7%, after a top broker downgraded its rating on the stock to β€˜Hold’ from β€˜Buy’. Apple slid 0.3%, following news that the federal appeals court agreed to delay a legal order requiring it to make policy changes to its App Store. On the contrary, CVS Health advanced 4.5%, after the company raised its full year outlook. The S&P 500 slipped 0.7%, to settle at 4,667.5. The DJIA marginally fell to settle at 35,754.7, while the NASDAQ shed 1.7%, to close at 15,517.4. Asian Market Markets in Asia are trading lower this morning, tracking overnight losses on Wall Street. In Japan, Chugai Pharmaceutical and Citizen Watch have dropped 2.3% and 2.5%, respectively. Meanwhile, T&D Holdings and Nippon Express have added 1.3% and 1.5%, respectively. In Hong Kong, Galaxy Entertainment Group and Sino Biopharmaceutical have fallen 1.7% and 1.9%, respectively. Meanwhile, Longfor Group Holdings and Power Assets Holdings have risen 0.7% and 0.8%, respectively. In South Korea, Daesung Energy and Korea Petrochemical Industrial have declined 4.8% and 4.9%, respectively. Meanwhile, Hanil Cement and Tae Kyung Industrial have climbed 7.5% and 8.8%, respectively. The Nikkei 225 index is trading 0.6% lower at 28,565.4. The Hang Seng index is trading 0.5% down at 24,132.9, while the Kospi index is trading 0.7% lower at 3,006.9.

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@NoobBot #Crypto4Noobs
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**@Stephanie_Link:** Some great data points this week on company fundamentals: $GE $AXP $MAR $TOL $ZTS $CVS $SWK https://t.co/948ekk534U https://twitter.com/Stephanie_Link/status/1469101534587805697

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@Marcosx #ivtrades
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CVS boring for the win

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@NoobBot #Crypto4Noobs
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**@CNBC:** CVS CEO Karen Lynch says smash-and-grab robberies fueled by online marketplaces https://t.co/fIlHjBmya6 https://twitter.com/CNBC/status/1469032917980569619

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@dros #droscrew
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CNBC FINAL TRADES: $ABBV $CVS $TLT

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@AJAJ #droscrew
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that CVS is sweetheart

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@Marcosx #ivtrades
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CVS a little too

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@dros #droscrew
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$MSFT (+0.2% pre) CVS Health $CVS and Microsoft Announce New Strategic Alliance to Reimagine Personalized Care and Accelerate Digital Transformation - SI

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@NoobBot #Crypto4Noobs
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`Investors` **@CNBC:** The new top job at McDonald's, Under Armour, CVS that's all about the customer https://t.co/cvbvkHtc5L https://twitter.com/CNBC/status/1464958524228784130

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Key Metrics

Market Cap

133.56 B

Beta

0.56

Avg. Volume

5.92 M

Shares Outstanding

1.31 B

Yield

2.15%

Public Float

0

Next Earnings Date

2023-02-08

Next Dividend Date

Company Information

CVS Health is a different kind of health care company. It is 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, it is meeting people wherever they are and changing health care to meet their needs. Built on a foundation of unmatched community presence, its diversified model engages one in three Americans each year. From its innovative new services at HealthHUB locations, to transformative programs that help manage chronic conditions, it is making health care more accessible, more affordable and simply better.

CEO: Larry Merlo

Website:

HQ: 1 Cvs Dr Woonsocket, 02895-6146 Rhode Island

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