CVS Health tops Wall Street 2Q forecasts, narrows guidance

CVS Health tops 2Q forecasts books charge of nearly $4B

CVS Health's MinuteClinic is offering video visits through its CVS Pharmacy app in an expansion of a three-year partnership with Teladoc Health.

Analysts predicted earnings of $1.61 per share on $46.32 billion in revenue.

3, 2017, file photo shows a CVS Pharmacy in the Brooklyn borough of NY.

CVS Health (NYSE:CVS) stock was up on Wednesday following the release of its earnings report for the second quarter of 2018.

CVS Health beat Wall Street expectations for the second-quarter, helped by rising prescription sales, though a almost $4 billion charge from one of the company's businesses led to a loss.

CVS Health traded up $2.00, hitting $67.45, during mid-day trading on Wednesday, MarketBeat.com reports.

Net loss attributable to CVS was $2.56 billion, or $2.52 per share, in the second quarter ended June 30, compared with a profit of $1.10 billion, or $1.07 per share, a year earlier. Legacy Advisors LLC now owns 1,800 shares of the pharmacy operator's stock valued at $116,000 after acquiring an additional 1,775 shares during the last quarter. Both figures beat expectations.

The company booked a $3.9 billion charge in the quarter tied to its long-term care business.

The company's results come at a time when PBMs are at the crosshairs of the Trump administration, which last month proposed a rule that would scale back protections now in place that allow rebates between drug manufacturers and insurers and PBMs. It recorded $39 million in costs in the latest quarter in connection with the Aetna deal.

Overall, though, the company had a good quarter, Edward Jones analyst John Boylan said in another research note. He added that the Omnicare charge was a surprise, but he was already expecting modest results from that business. The company says that it now expects earnings per share for the year to range from $6.98 to $7.08. Loop Capital set a $68.00 price objective on shares of CVS Health and gave the stock a hold rating in a report on Monday, May 7th.

CVS reached an agreement in December to buy Aetna for $69 billion in cash and stock. Omnicare provides pharmacy services to nursing homes and other clients. Through its more than 9,800 retail locations, more than 1,100 walk-in medical clinics, a leading pharmacy benefits manager with approximately 94 million plan members, a dedicated senior pharmacy care business serving more than one million patients per year, expanding specialty pharmacy services, and a leading stand-alone Medicare Part D prescription drug plan, the company enables people, businesses and communities to manage health in more affordable and effective ways. The stock is still down about 6 percent so far this year.

Related News:

  • Imax To Host Marvel Film Marathon For MCU’s 10-Year Anniversary

    Imax To Host Marvel Film Marathon For MCU’s 10-Year Anniversary

    We all know Marvel Studios is now celebrating the 10th anniversary of the launch of the Marvel Cinematic Universe . You can cast your vote on which two films should make the cut over on @IMAX on Twitter.
    Vikings Guard Nick Easton Likely Out for Season

    Vikings Guard Nick Easton Likely Out for Season

    Easton began experiencing discomfort in his neck and back after last Friday's practice and has not practiced since. Easton started 12 games last season before breaking his ankle in the Week 16 victory at Green Bay.
    Australia MPs 'trolled' by constituents requesting Queen portraits

    Australia MPs 'trolled' by constituents requesting Queen portraits

    The Queen is Australia's head of state and is represented by Governor-General of Australia in Canberra, now Sir Peter Cosgrove. However, if there are members opposite who can not find a picture of Her Majesty, I would be happy to provide them with one".
  • PSG's Layvin Kurzawa targeted by Wolverhampton Wanderers in £22m move

    However, with just two hours left until the Premier League window shuts, it appears too late for the Red Devils. Fred, Diogo Dalot and Lee Grant have all joined this summer for a combined figure of around £70m.
    Drake & Migos Tour Start Date Pushed Back Again

    Drake & Migos Tour Start Date Pushed Back Again

    Paul got kicked to the curb, a turn of events that apparently stems from the fact that the rapper is already in KC rehearsing. The venue said all tickets would still be honored for whatever the new date ends up being; it was not immediately announced .

    Solar eclipse will be visible in southern China on Saturday

    According to the American Astrological Society (AAS), partial solar eclipses can be very risky to look at with the naked eye. The eclipse will officially begin at 9.02am BST (8.02am UTC) when the moon first appears to make contact with the sun's disk.
  • Historic NASA mission will be first to 'touch the sun'

    Historic NASA mission will be first to 'touch the sun'

    Successive flybys will be closer, culminating, in 2024, with a series of encounters just 3.8m miles above the sun's surface. The mission Sun's outer atmosphere, or corona, the closest any man-made instrument has ever got to a star.
    Magic Leap One Mixed Reality Headset Shipping Today

    Magic Leap One Mixed Reality Headset Shipping Today

    The big draw for business users and creatives alike is the level of immersion that Magic Leap claims is available with the system. The carrier will thus have demo units in select stores located across San Francisco, Chicago, Atlanta, Boston, and Los Angeles.
    Meyer cut off from Ohio State players, coaches during investigation

    Meyer cut off from Ohio State players, coaches during investigation

    Meyer will also not be allowed on school property during the investigation, which could be completed within two weeks. As far as ever hearing her daughter say she would "take Zach down", [Tina Carano] replied, "Yes ".
  • Newcastle United Not Battling Everton and Southampton For Danny Welbeck

    Newcastle United Not Battling Everton and Southampton For Danny Welbeck

    This, more often than not, landed them in trouble when they faced fast attacking teams. Whenever Pep Guardiola has faced an Arsenal side, it's been Arsene Wenger in charge.
    NASCAR chairman arrested for DWI, oxycodone possession

    NASCAR chairman arrested for DWI, oxycodone possession

    Regardless of his role in NASCAR going forward, it's important that he's healthy and that he takes care of himself. Waid also brought up something unheard of in NASCAR: someone not named France leading the way.

    Doom Eternal Unleashes Hell at QuakeCon, First Footage and New Details Revealed

    At this year's E3, Bethesda announced Doom Eternal , an all-new entry in the shooter franchise that started it all. We also got a look a Phobos, which isn't quite as disgusting, as it hasn't been completely overtaken by demons yet.


Most liked

A Small Window to see the Perseid's This Weekend
How fiery and bright the show might be depends on how the dust and particles are distributed along the orbit. A glorious display of Perseid meteors is set to light up the skies over the United Kingdom on Sunday night.

Everton Agree Deal to Sign Mina From Barcelona
The 2018 FIFA World Cup was a high point, with the player a revelation with his aerial prowess. A statement released by Barca announced the details over the deal for Gomes.

'Chahal should play more-red ball cricket' - Rahul Dravid
And Dravid now wants the leg-spinner to play red-ball cricket in order to hone his skills for the longer format of the game. . Mayank Agarwal was quite exceptional in this game and Prithvi has shown continuous improvement in every level he has played.

Bethenny Frankel's on-and-off boyfriend found dead in Trump Tower
We're told the NY medical examiner's office will determine the cause of death, although it is believed drugs were involved. Speaking about her massive new townhouse, Bethheny said, "I may live here forever alone, and I'm okay with that".

Inside IKEA Hyderabad store on opening day: Band, baaja, bedlam
And since children often sleep in the same room as their parents, one model bedroom includes a child's bed amid all the furniture. Some 380 million Indians, a population bigger than the entire USA , will join the middle class in the seven years through 2022.

Hurricane Hector to skirt south of Hawaii as it weakens
As expected, Hector will have little impact on Hawaii as it passes the island chain to the south over the next 24 hours. The National Weather Service says the system will continue to weaken in the coming days as it moves westward.

Electric scooters for rent now welcome on Louisville streets
Riders can rent a scooter through an app on their smartphone and drop it off anywhere in the city when they are finished. Since the interim operating agreement was signed last month, the city authorized Bird's request to add 250 more scooters.

Tesla’s Model 3 production head has returned to Apple
That fits with what Apple does: produces all its own hardware and sells them directly to consumers. Field has spent the past five years at Tesla.

Samsung’s New LTE Galaxy Watch Focuses On Fitness
Here, we'd expect to laud the Note 9 as a harbinger: it usually provides clues for the future of the Galaxy S series. Purists can turn the feature off to get images that reflect what the eye sees - an option unavailable with Pixel.

Pep Guardiola hits out after Douglas Luiz refused Manchester City permit
"We'll try to help him go on loan again and get the work permit", Guardiola said at Friday's news conference. The FA rules on work permits are supposed to ensure only the highest quality of non-European player plays.

Pixel 3 XL Shows Up in a Fresh 5-Minute Hands-On Video
The video comes from the same Ukrainian blogger who posted unboxing photos a few days ago , but this clip focuses on the phone . Now, I'm not saying that this is definitely not a Google Pixel 3 XL , but I am saying that things are not quite adding up.

Indian envoy calls on Imran Khan, hopes to improve relations
The Iranian president congratulated Mr Khan over his party's victory in the recent elections. Imran had contested from five constituencies and had won from all of them.

Travis Scott Nuzzles Kylie Jenner’s Neck As She Drinks At 21st Birthday
The youngest of the Kardashian/ Jenner girls, Kylie Jenner turned 21 and to celebrate, the new mom went with a brand new look. The whole gang of sisters, as well as mom Kris Jenner , got together to hang out and party in honor of Kylie's birthday.

Trump doubles tariffs on Turkish steel and aluminum, says relations 'not good'
Turkish companies have borrowed roughly US$300 billion in foreign currency, and now have to repay it in devalued Turkish lira . Coupled with an inflation rate of almost 16 percent, that could cause a lot of damage to the local economy.

Samsung Galaxy Home, Powered by Bixby and AKG Speakers, Now Official
At first glance, the new stylus-or S Pen as Samsung calls it-looks like a slightly larger version of the one on the Note8. In the USA , the Galaxy Watch price starts at $329 for the 42mm version and is back to $349.99 for the 46mm version.