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May 4, 2021, 6:43 a.m. EDT

CVS stock surges to multiyear high after profit and revenue beats, raised outlook

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By Tomi Kilgore

Shares of CVS Health Corp. /zigman2/quotes/209664499/composite CVS +0.55% rallied 3.6% toward a 2 1/2-year high in premarket trading Tuesday, after the drugstore chain and health care services company reported first-quarter profit and sales that rose above expectations, with growth in all segments, and raised its full-year outlook. Net income rose to $2.22 billion, or $1.68 a share, from $2.01 billion, or $1.53 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share grew to $2.04 from $1.91, beating the FactSet consensus of $1.73. Revenue increased 3.5% to $69.10 billion, above the FactSet consensus of $68.36 billion. Pharmacy services revenue rose 3.8% to $36.32 billion to beat the FactSet consensus of $35.41 billion, retail and long-term care revenue grew 2.3% to $23.27 billion to top expectations of $23.11 billion and health care benefits revenue increased 6.7% to $20.48 billion to beat expectations of $20.06 billion. For 2021, the company raised its guidance range for adjusted EPS to $7.56 to $7.68 from $7.39 to $7.55, and affirmed it cash flow outlook of $12.0 billion to $12.5 billion. The stock, on track to open at the highest price seen since November 2018, has climbed 13.8% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.32% has gained 11.6%.

/zigman2/quotes/209664499/composite
US : U.S.: NYSE
$ 92.02
+0.50 +0.55%
Volume: 5.22M
Nov. 29, 2021 4:00p
P/E Ratio
16.09
Dividend Yield
2.17%
Market Cap
$120.81 billion
Rev. per Employee
$895,513
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/zigman2/quotes/210599714/realtime
US : S&P US
4,655.27
+60.65 +1.32%
Volume: 2.50B
Nov. 29, 2021 4:57p
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