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CVS Health (CVS) Q3: Tops Earnings, Misses on Revenue
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Ever bought medicines or cosmetics over the counter? Yes, then you may have walked into one of the 9,652 retail CVS/pharmacy stores of the largest pharmacy healthcare services provider in the U.S. – CVS Health Corporation (CVS - Free Report) . This Rhode Island-based company’s more than 900 walk-in medical clinics–CVS/MinuteClinic currently possess a customer satisfaction rate of 95%.
Currently, CVS Health has a Zacks Rank #3 (Hold) but that could change following its third quarter 2016 earnings report which has just released. (You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here). We have highlighted some of the key details from the just-released announcement below:
Earnings: The Zacks Consensus Estimate remained steady at $1.57 per share over the last 60 days.CVS Health’s adjusted earnings per share of $1.64 beat this estimate by 4.4%.
Revenues: CVS Health posted revenues of $44.6 billion, missing the Zacks Consensus Estimate for revenues of $45.3 billion.
Key Stats: CVS Health’s Pharmacy Services segment revenues increased 19.2% to $30.4 billion, while revenues from Retail/LTC segment improved 12.5% year over year to $20.1 billion.During the third quarter, CVS Health opened 48 new retail stores and closed 6 retail stores. Further, the company relocated 11 retail drugstores.
Major Factors: CVS Health ended third quarter of 2016 on a mixed note, with its bottom-line exceeding the Zacks Consensus Estimate, while the top-line missing the same.Moreover, management narrowed the company’s 2016 adjusted EPS guidance, which disappoints us. For the third quarter, the generic dispensing rate increased 160 basis points to 85.4% in the Pharmacy Services Segment and 100 basis points to 85.8% in the Retail/LTC Segment.
Stock Price: Following the earnings release, share prices dropped 12.4% in the pre-market trading session.
Check back later for our full write up on this CVS Health earnings report later!
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CVS Health (CVS) Q3: Tops Earnings, Misses on Revenue
Ever bought medicines or cosmetics over the counter? Yes, then you may have walked into one of the 9,652 retail CVS/pharmacy stores of the largest pharmacy healthcare services provider in the U.S. – CVS Health Corporation (CVS - Free Report) . This Rhode Island-based company’s more than 900 walk-in medical clinics–CVS/MinuteClinic currently possess a customer satisfaction rate of 95%.
Currently, CVS Health has a Zacks Rank #3 (Hold) but that could change following its third quarter 2016 earnings report which has just released. (You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here). We have highlighted some of the key details from the just-released announcement below:
Earnings: The Zacks Consensus Estimate remained steady at $1.57 per share over the last 60 days.CVS Health’s adjusted earnings per share of $1.64 beat this estimate by 4.4%.
CVS HEALTH CORP Price and EPS Surprise
CVS HEALTH CORP Price and EPS Surprise | CVS HEALTH CORP Quote
Revenues: CVS Health posted revenues of $44.6 billion, missing the Zacks Consensus Estimate for revenues of $45.3 billion.
Key Stats: CVS Health’s Pharmacy Services segment revenues increased 19.2% to $30.4 billion, while revenues from Retail/LTC segment improved 12.5% year over year to $20.1 billion.During the third quarter, CVS Health opened 48 new retail stores and closed 6 retail stores. Further, the company relocated 11 retail drugstores.
Major Factors: CVS Health ended third quarter of 2016 on a mixed note, with its bottom-line exceeding the Zacks Consensus Estimate, while the top-line missing the same.Moreover, management narrowed the company’s 2016 adjusted EPS guidance, which disappoints us. For the third quarter, the generic dispensing rate increased 160 basis points to 85.4% in the Pharmacy Services Segment and 100 basis points to 85.8% in the Retail/LTC Segment.
Stock Price: Following the earnings release, share prices dropped 12.4% in the pre-market trading session.
Check back later for our full write up on this CVS Health earnings report later!
Confidential from Zacks
Beyond this Tale of the Tape, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>