Retail Pharmacy Weakness Hit CVS’ Retail Operations; PBM Remains the Bedrock for the Firm
Even with the extremely weak retail pharmacy guidance issued by CVS, we are reiterating our $104 fair value estimate and wide moat rating for the firm, as we believe its own pharmacy benefit management segment is the true driver of value for the firm. CVS reported solid performance for its PBM segment, and management guided to a continuation of these results through 2017. We believe this segment is positioned well long term and will churn out significant economic profits over the next several ye...CVS Health is a health company. The company's segments are: Pharmacy Services, which provides a range of pharmacy benefit management solutions, including plan design offerings and administration, formulary management, and retail pharmacy network management services; Retail/Long-Term Care (LTC), which sells prescription drugs and general merchandise, including over-the-counter drugs, provides health care services through its MinuteClinic? walk-in medical clinics and conducts LTC pharmacy operations; and Health Care Benefits, which provides a range of voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental and behavioral health plans.
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