HomeFinancial MarketsHere is why CVS Health Corporation (CVS) stock performed well on Thursday?

Here is why CVS Health Corporation (CVS) stock performed well on Thursday?

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?

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