CVS Health Corporation (CVS) shares gained 0.01% in the after-hours on Thursday, November 18, 2021, and closed the daily trading at $95.35. Even in the regular session, CVS’s stock gained 2.81%. CVS shares have risen 43.69% over the last 12 months, and they have moved up 1.20% in the past week. Over the past three months, the stock has gained 12.36%, while over the past six months, it has jumped 6.16%.
Let’s discuss its recent developments briefly.
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CVS accelerating Omnichannel Health Strategy
On November 18, 2021, CVS Health announced several steps to support its strategy of making health care more affordable, accessible, and convenient for consumers.
- The company appointed Prem Shah to the newly created role of Chief Pharmacy Officer and will oversee the omnichannel pharmacy strategy, effective immediately.
- Shah and Michelle Pelusowill become Co-Presidents of CVS Health’s retail business on January 1, 2022, with Peluso overseeing front-store strategy and operations.
- The currently Executive Vice President and President of CVS Retail/Pharmacy, Neela Montgomery decided to leave the company.
- The company announced to close approximately 300 stores a year for the next three years in certain locations.
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Updated financial outlook
Due to the planned store closures,
- The company expects a loss of 0 billion and $1.2 billion or between $0.56 and $0.67 of diluted earnings per share in the fourth quarter of 2021.
- It is expecting now EPS in the range of $5.46to $5.67 from previously announced numbers of $6.13 to $6.23.
- The company affirmed its full-year 2021 Adjusted EPS guidance range of $7.90to $8.00 and confirms its full-year 2021 cash flow from operations guidance range of $13.0 billion to $13.5 billion.
CVS upcoming investor day
CVS Health will hold its 2021 Investor Day on Thursday, December 9, in New York City. Members of the executive leadership team will provide an in-depth review of the company’s strategy and long-term financial goals. The company also plans to provide financial guidance for 2022.
Pfizer-BioNTech vaccine on CVS pharmacies
On November 3, 2021, CVS Health announced that selected CVS Pharmacy locations will be offering a two-dose primary series of the Pfizer-BioNTech COVID-19 pediatric vaccine to children ages five to 11 years of age starting on Sunday, 11/7, upon receipt and confirmation of vaccine supply. The children must be accompanied by an adult and Parental or legal guardian consent is required for this age group.
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Conclusion
The recent strategic steps announced by the company were the reason behind its good performance on Thursday. Let’s see how it end the weekly trading on Friday?
