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February 27, 2013
08:02 EDTCVSMinuteClinic signs clinical affiliation with North Shore-LIJ
MinuteClinic, the retail health care division of CVS Caremark, and North Shore-LIJ Health System have signed a clinical collaboration to enhance access to health care services in Nassau and Suffolk counties and the boroughs of Manhattan, Queens and Staten Island. Under the agreement, North Shore-LIJ physicians will serve as medical directors for MinuteClinic walk-in medical clinics open seven days a week inside two CVS/pharmacy stores in Bellport and Syosset, Long Island, and one on Staten Island. The agreement also includes plans for future clinics in the region as part of a national expansion that includes 150 new clinics in 2013 to reach a total of 1,500 clinics in the U.S. by 2017.
News For CVS From The Last 14 Days
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December 17, 2014
08:03 EDTCVSCVS Health price target raised to $105 from $92 at FBR Capital
FBR Capital raised its price target for CVS Health shares to $105 saying the company provided "positive" 2015 earnings guidance and a "strong" long-term outlook at its analyst day. FBR keeps an Outperform rating on the stock.
07:02 EDTCVSCVS Health price target raised to $108 from $92 at JPMorgan
JPMorgan raised its price target for CVS Health shares to $108 saying it remains bullish on the company's longer term outlook following its analyst day. The firm sees additional share upside following yesterday's rally and keeps an Overweight rating on the name.
December 16, 2014
16:26 EDTCVSOn The Fly: Closing Wrap
Stocks on Wall Street opened in negative territory following another tumble in the price of oil and Russian central bank intervention on the ruble. The continued decline in crude and the sudden rate hike in Russia led to an early sell-off, though the market soon pared its losses and the Dow eventually built a 200 point gain before noon. The swing of 300 points for the Dow was indicative of the day’s volatility. The market moved across the flat line again and in the end the sellers regained control and pushed the market to another loss. ECONOMIC EVENTS: In the U.S., housing starts fell 1.6% to a 1.028M rate in November, which was worse than the expected 3.1% increase. Building permits dropped 5.2% to a 1.035M rate in the month, which was also worse than the consensus forecast for a 2.5% drop. Markit's flash PMI for the U.S. dropped to 53.7 in December from 54.8 in November, which is an 11 month low and worse than the 55.2 reading that was forecast. In China, HSBC and Markit's preliminary manufacturing PMI fell to 49.5 in December from a final 50.0 reading in November. In Europe, Markit's composite PMI for the euro zone rose to 51.7, which was up from November's final reading of 51.1 and just above analyst forecasts for a reading of 51.5. Additionally, Russia's central bank raised its key interest rate to 17% from 10.5% in an effort to limit substantially increased ruble depreciation risks and inflation risks. COMPANY NEWS: Spain's Repsol (REPYY) announced plans to buy Talisman Energy (TLM) for $8 per share in cash, which was at the high end of the range reported recently by Financial Times. Talisman shares trading in New York surged $2.46, or 48.05%, to $7.58 following the deal announcement, while Repsol slipped 18c, or 0.93%, to $19.26. MAJOR MOVERS: The top nine gainers on the S&P 500 were all oil and gas exploration or services companies. After those came CVS Health (CVS), which gained $2.44, or 2.72%, to $92.31 after the company announced in conjunction with its analyst day meeting that it added $10B to its share repurchase plan, boosted its dividend 27%, affirmed its outlook for this fiscal year and pointed to growing earnings in its next fiscal year. Among the noteworthy losers was heavy truck maker Navistar (NAV), which fell $5.95, or 16.98%, to $29.10 after reporting losses for its just completed quarter. Also lower were shares of Russian companies listed in the U.S., including QIWI (QIWI), which dropped $2.81, or 13.06%, to $18.70 and Mobile TeleSystems (MBT), which slid 75c, or 10.84%, to $6.17. INDEXES: The Dow fell 111.97, or 0.65%, to 17,068.87, the Nasdaq dropped 57.32, or 1.24%, to 4,547.83, and the S&P 500 declined 16.89, or 0.85%, to 1,972.74.
12:26 EDTCVSOn The Fly: Midday Wrap
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08:51 EDTCVSCVS Health affirms 'steady state' targets for 2013-18
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08:27 EDTCVSCVS Health sees Q1 adjusted EPS $1.06-$1.09, consensus $1.15
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08:21 EDTCVSCVS Health sees tobacco exit continuing to dilute FY15 profits, as expected
CVS Health sees an annual impact from its tobacco exit of $2B in lost revenues, including $1.5B from tobacco and the rest from basket, and 17c per share impact to FY15 EPS, compared to about 8c in 2014. CVS sees an incremental impact in 2015 from its tobacco exit of $1.1B in lost revenues and between 8c-9c per share in EPS, which will be front-half loaded. CVS noted that the year-over -year impact from the exit will be fully wrapped by Q4. CVS said the cadence of its 2015 profit growth should be significantly back-half weighted, citing the tobacco exit, the timing of break-open generics, the benefits from Red Oak Sourcing and other factors.
08:17 EDTCVSCVS Health sees FY15 PBM revenue up 11%-12.25%
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08:00 EDTCVSCVS Health sees FY15 retail SSS down 0.5% to up 0.75%
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07:58 EDTCVSCVS Health sees FY15 revenue up 7%-8.25%, consensus $146.09B
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07:55 EDTCVSCVS Health backs FY14 adjusted EPS view $4.47-$4.50, consensus $4.50
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07:36 EDTCVSCVS Health sees FY15 free cash flow $5.9B-$6.2B
CVS Health expects to generate free cash flow of $5.9B-$6.2B in 2015, and cash from operations of $7.6B-$7.9B in 2015. This guidance assumes the completion of $6B in share repurchases during 2015. "We've established a solid track record of delivering on our promises, and our results prove that out. Looking ahead, we are targeting solid, long-term enterprise growth and expect to generate a significant amount of cash that will be available to enhance returns. Some of that cash will be used to invest in the business, such as through strategic, bolt-on acquisitions that drive continued share gains. The rest will be returned to our shareholders through dividends and value-enhancing share repurchases," said CFO Dave Denton.
07:35 EDTCVSCVS Health adds $10B to share repurchase plan, boosts dividend 27%
CVS Health announced that its board of directors approved a 27% increase in its quarterly cash dividend, to 35c per share on the common stock of the company. This increase translates to $1.40 per share annually, up 30c per share, and keeps the company solidly on track to meet its 2018 dividend payout ratio target of 35%. The quarterly dividend is payable on February 2 to holders of record on January 22. In addition, the company announced that its board of directors approved a new share repurchase program for up to $10B of the company's outstanding common stock, which is effective immediately and is expected to be completed over a multi-year period, permits the company to effect the repurchases from time to time through a combination of open market repurchases, privately negotiated transactions, accelerated share repurchase transactions, and/or other derivative transactions. Combined with approximately $2.7B that remains on the share repurchase program approved by the board of directors in December of 2013, this new $10B share repurchase authorization makes available a total of approximately $12.7B for share repurchases.
07:33 EDTCVSCVS Health sees FY15 adjusted EPS $5.05-$5.19, consensus $5.11
07:32 EDTCVSCVS Health announces $10B share repurchase plan, boosts dividend 27%
December 15, 2014
12:26 EDTCVSCVS Health volatility increases into analyst day
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December 11, 2014
05:53 EDTCVSCVS Health to host analyst day
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December 10, 2014
10:00 EDTCVSOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: 3D Systems (DDD) initiated with an Underperform at Longbow... AutoZone (AZO) initiated with a Buy at Nomura... C.H. Robinson (CHRW) initiated with a Neutral at Nomura... CSX (CSX) initiated with a Buy at Nomura... CVS Health (CVS) initiated with a Neutral at Citigroup... Canadian National (CNI) initiated with a Neutral at Nomura... Carrizo Oil & Gas (CRZO) initiated with a Buy at Canaccord... CenterPoint Energy (CNP) initiated with a Neutral at Nomura... Con-way (CNW) initiated with a Neutral at Nomura... Cornerstone OnDemand (CSOD) initiated with a Buy at BofA/Merrill... Depomed (DEPO) initiated with an Outperform at RBC Capital... Dollar General (DG) initiated with a Buy at Citigroup... Dollar Tree (DLTR) initiated with a Neutral at Citigroup... Dynagas LNG (DLNG) initiated with a Buy at ABN Amro... EMC (EMC) initiated with a Neutral at JPMorgan... Energy Focus (EFOI) initiated with a Buy at Roth Capital... Expeditors (EXPD) initiated with a Neutral at Nomura... GasLog (GLOG) initiated with a Buy at ABN Amro... Genesee & Wyoming (GWR) initiated with a Neutral at Nomura... Golar LNG (GLNG) initiated with a Sell at ABN Amro... HII Technologies (HIIT) initiated with a Buy at Roth Capital... Hudbay Minerals (HBM) initiated with an Overweight at Barclays... J.B. Hunt (JBHT) initiated with a Buy at Nomura... Kansas City Southern (KSU) initiated with a Buy at Nomura... Kroger (KR) initiated with a Buy at Citigroup... Lear (LEA) initiated with a Buy at Northcoast... Lundin Mining (LUNMF) initiated with an Overweight at Barclays... NetApp (NTAP) initiated with a Neutral at JPMorgan... Norfolk Southern (NSC) initiated with a Neutral at Nomura... PROS (PRO) initiated with an Outperform at Pacific Crest... Qlik Technologies (QLIK)initiated with a Buy at BofA/Merrill... Rentokil (RTOKY) initiated with a Neutral at UBS... Revolution Lighting (RVLT) initiated with a Buy at Roth Capital... ServiceNow (NOW) initiated with a Buy at BofA/Merrill... Stratasys (SSYS) initiated with a Neutral at Longbow... Suburban Propane (SPH) initiated with a Hold at Stifel... Tableau (DATA) initiated with a Buy at BofA/Merrill... Teekay LNG (TGP) initiated with a Buy at ABN Amro... Tessera (TSRA) initiated with a Buy at Sidoti... Union Pacific (UNP) initiated with a Buy at Nomura... Viper Energy (VNOM) initiated with a Buy at Stifel... Visteon (VC) initiated with a Buy at Northcoast... Walgreen (WAG) initiated with a Buy at Citigroup... Werner (WERN) initiated with a Neutral at Nomura.
06:14 EDTCVSCVS Health initiated with a Neutral at Citigroup
Citigroup started shares of CVS Health with a Neutral rating and $99 price target saying much of the company's growth is priced into shares at current levels.
December 8, 2014
11:30 EDTCVSLeerink generics pharmaceutical analyst holds analyst/industry conference call
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