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Summary
- CVS Health now projects its 2021 adjusted EPS in the range of US$7.56 to US$7.68.
- Gartner raised its adjusted earnings per share forecast for 2021 by 28 percent.
- CVS’ stock rose up to 4.6 percent on Friday while Gartner’s shares jumped as much as 21 percent.
Shares of CVS Health Corporation (NYSE:CVS) Gartner, Inc. (NYSE:IT) climbed on Tuesday’s trading as the companies put out an improved forecast for full-year 2021 after reporting strong first quarter results.
CVS’ stock rose up to 4.6 percent on Friday to US$81.29 and Gartner’s shares jumped as much as 21 percent to US$239.
Rhode Island-based CVS Health owns retail pharmacy chain CVS Pharmacy, prescription benefit management unit CVS Caremark and health insurance provider Aetna. CVS has a market capitalization of US$106.47 billion on NYSE and its stock is up over 18 percent this year.
Gartner is a research and advisory company based in Connecticut, which operates in research, conferences and consulting segments. Gartner has a market capitalization of US$19.61 billion and its share price is has grown close to 50 percent year to date.
CVS Health Corporation
CVS raised its adjusted EPS forecast for 2021 to the range of US$7.56 to US$7.68 from the previous guidance range of US$7.39 to US$7.55. The company also improved its GAAP diluted EPS forecast range to US$6.24 to US$6.36 from US$6.06 to US$6.22.
For the first quarter, the company posted a 6.8 percent year-over-year growth in its adjusted EPS to US$2.04 while its GAAP diluted EPS rose 9.8 percent to US$1.68.
Net income in the first quarter came in at US$2.22 billion, compared with US$2.01 billion in the year-ago quarter.
CVS Health’s revenue during the three months ended March 31 totaled US$69.10 billion, up 3.5 percent year over year.
CVS’s health care benefits segment, which offers insured health products and services, reported a 6.7 percent growth in its total revenue, while the pharmacy services unit registered a 3.8 percent growth.
The retail and long term care segment, which fulfills prescriptions and provides patient care programs, saw 2.3 percent growth in its total revenue following the increase in COVID-19 diagnostic testing and vaccinations.
CVS CEO Karen Lynch said the company has done over 23 million COVID tests and administered over 17 million vaccines through April.
Source: Pixabay
Gartner, Inc.
Gartner raised its adjusted and total revenue forecast for 2021 by 28 percent and 10 percent respectively from its previous forecast.
The company now anticipates its adjusted EPS to come in at US$6.25, compared to the prior target of US$4.10.
Total revenue for the full year is expected to be US$4.51 billion, up from US$4.37 billion projected earlier.
During the first quarter, Gartner saw its adjusted EPS jump 66.7 percent year over year to US$2. Net income more than doubled to US$164 million from US$75 million in the year-ago period.
Total revenue grew 8.4 percent to US$1.10 billion. Research revenue increased 7.7 percent to US$979.7 million. Consulting revenue rose 3.9 percent to US$99.5 million while conference revenue was up 78.8 percent to US$24.8 million.
