Analyst Praises CVS After ‘Notable Beat and Raise,’ Shares Up on Raised Guidance
2022.08.03 17:19
Analyst Praises CVS After ‘Notable Beat and Raise’, Shares Up on Raised Guidance
By Senad Karaahmetovic
Shares of CVS Health (NYSE:CVS) are up almost 4% after the company hiked the EPS guidance for the full year.
CVS delivered an adjusted EPS of $2.40 on sales of $80.64 billion to beat the consensus of $2.17 on revenue of $76.48 billion. All three core units topped analyst estimates with revenue in Pharmacy Services rising 12% on a year-over-year basis.
The company raised full-year guidance and now expects adjusted EPS between $8.40 and $8.60, up from the prior $8.20 and $8.40, and better than the consensus of $8.35. CVS also hiked its FY cash flow guidance.
A Goldman Sachs analyst said CVS delivered a “notable beat and raise.”
“We expect the strong 2Q22 beat and raised guidance to be viewed favorably, with focus likely to remain on management’s care delivery strategy and plans for capital deployment,” the analyst commented shortly after the earnings release.
