5 Stocks Gaining Attention on Earnings Reports

1. CVS Health Corporation (NYSE:CVS)

Number of Hedge Fund Holders: 67

CVS Health Corporation (NYSE:CVS) made a new 52-week high of $96.57 on Wednesday, 3 November 2021, after beating expectations for the third quarter. The healthcare company reported adjusted earnings of $1.97 per share, up from $1.66 per share in the comparable period of 2020.

Revenue for the quarter increased 10 percent on a year-over-year basis to $73.8 billion. Analysts were expecting CVS Health Corporation (NYSE:CVS) to report earnings of $1.79 per share on revenue of $70.5 billion.

If we look at the year-over-year performance of key businesses, revenue from the health care benefits segment rose 9.5 percent, while revenue from the pharmacy services segment increased 9.3 percent in the quarter. In comparison, revenue from the retail segment jumped 10 percent versus last year, partly driven by the administration of coronavirus vaccinations and diagnostic testing.

CVS Health Corporation (NYSE:CVS) also raised its financial outlook for the full year. It expects adjusted earnings in the range of $7.90 – $8 per share, compared to its previous guidance between $7.70 – $7.80 per share. The revised outlook is better than analysts’ average estimate of $7.79 per share.

Speaking on the results, CEO Karen Lynch said:

“We outperformed expectations once again and continue to lead the way in changing how, when and where care is delivered for millions of Americans. Our services are responsive to evolving consumer needs, from administering millions of COVID-19 tests and vaccines to offering primary care accessible from virtually anywhere, and our touchpoints allow for unmatched impact.”

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