Why CVS Health (NYSE: CVS) Is On Investors’ Radar This Week? - Kalkine Media

May 19, 2021 11:46 AM PDT | By Team Kalkine Media
Follow us on Google News:

Summary

  • The stock of CVS Health hit a 52-week high of US$89.64 on Tuesday.
  • Shawn Guertin to replace Eva Boratto to become the company’s new finance chief.
  • CVS Health also reaffirmed its recently upgraded outlook for full-year 2021 earnings.

The stock of CVS Health Corp (NYSE: CVS) has been drawing renewed attention from investors. The stock jumped as much as 4.8 percent on Tuesday and rallied to its 52-week high of US$89.64.

The scrip was trading at US$89.0, up 0.47%, from the previous close, at 2:24 pm ET on Wednesday, May 19.

Tuesday’s surge came after the company appointed a new chief finance officer and reaffirmed its recently improved forecast for full-year 2021.

CVS Health is a Rhode Island-based pharmacy and healthcare company. It owns the pharmacy chain CVS Pharmacy, the prescription benefit management unit CVS Caremark, and health insurance provider Aetna.

The company has a market cap of US$11.66 billion. The stock is up over 29 percent year to date, while it grew around 38 percent during the last one-year period.

CVS Health Appoints New CFO

CVS Health has appointed Shawn Guertin as its new executive vice president and CFO. Guertin was a former executive vice president, CFO, and chief enterprise risk officer at Aetna, which merged with CVS Health in 2018.

Guertin served Aetna for eight years and played a key role in its merger with CVS Health, the company said in a statement. In his new role, Guertin will replace Eva Boratto, who will step down from the company.

Guertin’s appointment is effective on May 28, 2021, and he will report to CVS Health President and CEO Karen Lynch, who assumed the role in February.

Source: Pixabay


Reaffirms FY’21 Outlook

CVS Health also reaffirmed its guidance for full-year 2021, which it recently upgraded following strong first-quarter results.

The company anticipates its adjusted EPS to be between US$7.56 and US$7.68 during the year, while the GAAP diluted EPS is expected in the range of US$6.24 to US$6.36.

CVS Health had reported an adjusted EPS of US$2.04 for the first quarter, which grew 6.8 percent year over year.

The GAAP diluted EPS also increased 9.8 percent during the three months to US$1.68 as revenue grew 3.5 percent year over year to US$69.10 billion.

CVS Health also continues to expect its cash flow from operations during the full-year 2021 to be between US$12 billion and US$12.5 billion.


Read More:
2 Major M&As Today: IBM-Waeg & Performance Food-Core-Mark


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.



Top Listed Companies