CVS Is Now One of the Most Powerful Players Within the U.S. Healthcare Market
CVS reported a solid quarter, and we are reiterating our $96 fair value estimate for the narrow-moat PBM. The firm reported a robust increase in revenue for all segments as its efforts to become a preferred pharmacy in restricted networks drove retail top line and a good gain in client wins and client member growth bolster its PBM operations. Impressively, CVS was also able to expand its gross margin by 9 basis points--driven largely by strong gross profit performance from the firm’s PBM operati...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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