CVS Health tops 2Q forecasts, downplays help from rebates

CVS plans to offer a nationwide service via its smartphone app for diagnosis of conditions like colds and flu skin issues and general wellness matters

CVS plans to offer a nationwide service via its smartphone app for diagnosis of conditions like colds and flu skin issues and general wellness matters

For the quarter ended June 30, CVS recorded a net loss of $2.6 billion, or $2.5 a diluted share, compared to a $1.1 billion profit, or $1 a diluted share, in the year-ago period. Forte Capital LLC ADV now owns 51,033 shares of the pharmacy operator's stock worth $3,284,000 after acquiring an additional 1,917 shares during the period.

"We're excited to be able to bring this innovative care option to patients", said Troyen A. Brennan, M.D., Executive Vice President and Chief Medical Officer of CVS Health. The stock has declined 17 percent in the last 12 months. The company has a debt-to-equity ratio of 1.59, a current ratio of 2.37 and a quick ratio of 1.88. Sentinel Tru Lba invested 1.88% of its portfolio in CVS Health Corporation (NYSE:CVS). During the initial phase of testing, a CVS Health study found that 95 percent of patients who opted to receive a telehealth visit were highly satisfied with the quality of care they received. Bank of America reduced their target price on CVS Health from $91.00 to $88.00 and set a "buy" rating for the company in a research note on Wednesday, April 11th. ValuEngine downgraded CVS Health from a "sell" rating to a "strong sell" rating in a research note on Tuesday, May 8th. CVS agreed to buy Omnicare for $10 billion in 2015. The firm has a market capitalization of $65.97 billion, a PE ratio of 11.51, a price-to-earnings-growth ratio of 0.88 and a beta of 0.96.

Although revenue rose 2.2 percent to $46.7 billion, the pharmacy giant incurred a $3.9 billion charge during the quarter to purchase Omnicare, which specializes in care at nursing homes and senior-living communities, among other long-term care centers.

CVS said Wednesday that it now expects to earn between $6.98 and $7.08 per share this year, better than the per-share projections of between $6.87 and $7.08 that the company put out in May.

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 1st. The ex-dividend date was Tuesday, July 24th. CVS Health's payout ratio is 33.90%. MinuteClinic Video Visits, a telehealth offering, will provide patients with access to health care services 24 hours a day, seven days a week from their mobile device. The Pharmacy Services segment offers pharmacy benefit management solutions, such as plan design and administration, formulary management, Medicare Part D services, mail order, specialty pharmacy and infusion services, retail pharmacy network management services, prescription management systems, clinical services, disease management programs, and medical pharmacy management services. It operates through Pharmacy Services and Retail/LTC segments.

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