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Tag: CVS Health

  • ‘She was family’: Arlington woman says service dog died after pharmacy gave her wrong medication – WTOP News

    ‘She was family’: Arlington woman says service dog died after pharmacy gave her wrong medication – WTOP News

    An Arlington woman says her 10-year-old Cavalier King Charles spaniel died after a veterinarian prescribed one medication but a CVS pharmacy dispensed a different drug.

    Mircheva said her service dog was so important to her, she flew her pet to London for heart surgery.
    (Courtesy Miroslava Mircheva)

    Courtesy Miroslava Mircheva

    Daisy, the 10-year-old Cavalier King Charles spaniel, died after CVS gave her the wrong prescription to treat a heart arrhythmia.
    (Courtesy Miroslava Mircheva)

    Courtesy Miroslava Mircheva

    Daisy, Mircheva’s 10-year-old Cavalier King Charles spaniel, was doing well six months after a major heart surgery.
    (Courtesy Miroslava Mircheva)

    Courtesy Miroslava Mircheva

    Daisy was more than just a service dog to Mircheva, she considered her family.
    (Courtesy Miroslava Mircheva)

    Courtesy Miroslava Mircheva

    An Arlington, Virginia, woman says her 10-year-old Cavalier King Charles spaniel died after a veterinarian prescribed one medication but a CVS pharmacy dispensed a different drug.

    “Daisy was the most innocent, pure and loving dog,” Miroslava Mircheva told WTOP.

    Mircheva said her service dog was so important to her, she flew her pet to London for heart surgery. “The surgery was successful.”

    At the six-month post operative checkup, the veterinarian told Mircheva that Daisy had developed an arrhythmia: “He explained that it would be managed with medication.”

    Mircheva said her vet wrote a prescription, and sent it directly to her local CVS to be filled.

    But after the first dose, “the dog started experiencing symptoms the same day,” she said, “including labored breathing, lethargy and excessive thirst.”

    She sent a photo of the pill bottle to her veterinarian. “He called me 10 or 15 minutes later that day, and said he called CVS to let them know that the medication was wrong.”

    Mircheva provided a photo to WTOP of a prescription for amiodarone, which is used to treat heart arrhythmia. A second photo shows a prescription bottle for amlodipine, a blood pressure medicine.

    The pill bottle for the wrong medication that Mircheva was given for her dog. (Courtesy Miroslava Mircheva)

    “It’s completely different medicines, with different milligrams,” Mircheva explained.

    Both medicines can be prescribed for humans and dogs, according to Merck, a pharmaceutical company that researches and compiles human and veterinary medicine manuals.

    Mircheva brought Daisy to an emergency clinic on the evening of April 11. She said cardiology and toxicology critical care teams tried to save her pet, but Daisy died in the morning of April 13.

    Mircheva told WTOP’s Mike Murillo she got a call from someone at CVS on Wednesday.

    “He apologized,” she said. “But what threw me off is he said these prescriptions are difficult to read.”

    She was taken aback by that comment. “Difficult to read is for somebody like me, that doesn’t know anything about medication. I’m not a physician or a pharmacist — we trust them for our health, and our family, and our dogs, as well.”

    Mircheva said, “A statement like that from CVS, people that are responsible for health and well-being, to say that prescriptions are difficult to read, is unacceptable to me.”

    In a statement, Amy Thibault, lead director of external communications for CVS Health told WTOP the company has “comprehensive policies and procedures in place to support prescription accuracy,” and that they prioritize patients’ health.

    “We apologized to Ms. Mircheva when she noticed that her dog received the wrong medication. We’re looking into how this happened to help prevent a similar error in the future,” the statement read. “Prescription errors are a rare occurrence, but if one does happen, we use what we learn from it to continuously improve quality and patient safety.”

    Mircheva was not satisfied with that response.

    “CVS needs to make some changes, and implement some new procedures for accountability, so this never happens again,” she said.

    She said she had spent thousands of dollars on her dog’s care, including approximately $26,000 for the surgery in London, in addition to travel and local emergency veterinarian care, “then to have it ruined.”

    Without referring to any possible lawsuits, Mircheva noted, “Under Virginia law, she was property. But for me, she was family. And you don’t leave family behind.”

    WTOP’s Mike Murillo contributed to this report.

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    Neal Augenstein

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  • CVS cuts 2024 profit forecast as insurance unit faces soaring medical costs

    CVS cuts 2024 profit forecast as insurance unit faces soaring medical costs

    (Reuters) -CVS Health Corp slashed its annual profit forecast and missed Wall Street estimates for first-quarter earnings on Wednesday, as elevated demand for non-urgent procedures increased medical costs at its health insurance business.

    The U.S. healthcare giant cut its per-share adjusted earnings forecast for 2024 to at least $7.00 from at least $8.30, adding it anticipates the surge in medical procedures at its unit that houses health insurer Aetna to persist.

    Shares of the company fell 9.7% to $61.15 in premarket trading. They have fallen about 14% so far this year, through Tuesday’s close.

    U.S. health insurers have had to contend with rising medical costs over the past few quarters following higher demand for procedures, especially among older adults, that were delayed during the pandemic.

    CVS said in February it was seeing a rise in hip and knee surgeries, medical services related to the eyes, dental work, as well as vaccinations including the RSV shot during the last three months of 2023.

    The company’s health care benefits segment, which houses the Aetna unit, recorded medical cost ratio – the percentage of premiums spent on healthcare – of 90.4% for the first quarter. That compared with 84.6% a year earlier, and above analysts’ average estimate of 88.43%, according to LSEG data.

    Aetna is also expected to face pressure after the government announced 2025 reimbursement rates to providers of Medicare Advantage health plans below expectations, raising worries about a squeeze on margins.

    Humana last week pulled its already trimmed 2025 profit forecast, citing the disappointing rates.

    CVS, which withdrew its 2025 adjusted earnings forecast of $10 per share in August, said in February it was targeting low double-digit percentage growth.

    On an adjusted basis, the company reported a profit of $1.31 per share for the three months ended March 31, below analysts’ average estimate of $1.69.

    (Reporting by Christy Santhosh and Leroy Leo in Bengaluru; Editing by Sriraj Kalluvila)

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  • 3 Absurdly Cheap Stocks to Buy and Hold for Years

    3 Absurdly Cheap Stocks to Buy and Hold for Years

    The stock market has been showing some softness of late. And while that may be discouraging to investors, a pullback can make for a great buying opportunity, especially when you’re holding on for the long haul. There is no shortage of deals out there for investors to consider.

    Three stocks trading at incredibly cheap valuations today are CVS Health (NYSE: CVS), Carnival Corp. (NYSE: CCL), and Toronto-Dominion Bank (NYSE: TD). Here’s a closer look at why you’ll want to consider loading up on these stocks right now.

    CVS Health

    CVS Health has evolved over the years from a pharmacy retailer into a much broader healthcare business. And the company continues to focus on getting bigger and more diverse. Last year, it acquired home health company Signify Health as a way to get deeper into healthcare and help meet the growing needs of seniors through in-home care options.

    And in 2023, the company reported a profit of $8.3 billion on revenue of nearly $358 billion. This truly massive business is going to get bigger in the future. And while its margins may not be huge, there’s enough there to fund the company’s dividend, which yields 3.8%, and for CVS to pursue growth opportunities. Its free cash flow last year totaled $10.4 billion and CVS paid out just $3.1 billion in dividends.

    At a dirt cheap forward price-to-earnings multiple (based on analyst estimates) of just 8.4, shares of CVS Health today could look like a steal in a few years.

    Carnival Corp.

    Another good long-term option for investors to consider is cruise line operator Carnival Corp. If not for the shutdowns during the pandemic, the company wouldn’t have needed to accumulate so much debt and its share price would likely be much higher today.

    The good news, however, is that Carnival’s financials are improving and the company is in a position to pay down its debt, particularly as demand for cruises remains resilient. In March, the company reported record revenue and booking levels for its fiscal first quarter, ended Feb. 29. Revenue during the period rose by 22% year over year to $5.4 billion, and the company recorded an operating profit of $276 million (versus a loss of $172 million a year earlier).

    Carnival has long-term debt totaling $28.5 billion on its books, which may spook some investors given its more modest cash balance of $2.2 billion. But with its financials trending in the right direction and the company having liquidity totaling more than $5.2 billion, Carnival is in strong shape and should be able to chip away at its debt over time.

    At just 13 times its estimated future profits, investors are getting the growth stock at a good discount to help compensate for the risk that comes with its high debt load. But the risk may be overblown as the cruise ship company is doing exceptionally well at a time when many businesses are struggling.

    Toronto-Dominion Bank

    Top Canadian-based bank Toronto-Dominion rounds out this list of cheap stocks. At just 10 times its future profits and less than 1.4 times book value, investors can add this solid bank stock to their portfolios at a very reasonable valuation. Over the past 10 years, TD has averaged a price-to-book multiple of nearly 1.7.

    The stock has fallen more than 5% in the past 12 months but this isn’t a risky bank stock that’s in danger of running into liquidity issues like some regional banks. TD is among the safest bank stocks you can own.

    In the company’s most recent quarter, which ended on Jan. 31, TD’s revenue totaled 13.7 billion Canadian dollars and rose 12% year over year. Its net income of CA$2.8 billion was up an impressive 79% and its diluted earnings per share of CA$1.55 was far higher than the CA$1.02 that the company pays in dividends per share.

    At a cheap price and a high yield of 5.2%, TD makes for a fantastic dividend stock to buy right now.

    Should you invest $1,000 in CVS Health right now?

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    David Jagielski has no position in any of the stocks mentioned. The Motley Fool recommends CVS Health and Carnival Corp. The Motley Fool has a disclosure policy.

    3 Absurdly Cheap Stocks to Buy and Hold for Years was originally published by The Motley Fool

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  • Walgreens Is Looking for a New CEO. Why That Could Make the Stock a Winner.

    Walgreens Is Looking for a New CEO. Why That Could Make the Stock a Winner.

    Usually, the announcement of a CEO change at a struggling company brings optimism and maybe even a stock pop. Not for


    Walgreens Boots Alliance


    Its shares have tumbled since Rosalind Brewer announced on Sept. 1 that she was stepping down. That could present a buying opportunity if the company makes the “right” choice…

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  • Pictet Asset Management SA Sells 19,298 Shares of CVS Health Co. (NYSE:CVS)

    Pictet Asset Management SA Sells 19,298 Shares of CVS Health Co. (NYSE:CVS)

    Pictet Asset Management SA lowered its position in CVS Health Co. (NYSE:CVSFree Report) by 3.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 572,422 shares of the pharmacy operator’s stock after selling 19,298 shares during the period. Pictet Asset Management SA’s holdings in CVS Health were worth $42,537,000 at the end of the most recent reporting period.

    Several other large investors also recently modified their holdings of the company. Morgan Stanley lifted its position in CVS Health by 10.9% during the fourth quarter. Morgan Stanley now owns 33,576,388 shares of the pharmacy operator’s stock valued at $3,128,984,000 after purchasing an additional 3,311,928 shares in the last quarter. Moneta Group Investment Advisors LLC lifted its position in CVS Health by 103,371.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 15,547,559 shares of the pharmacy operator’s stock valued at $1,448,877,000 after purchasing an additional 15,532,533 shares in the last quarter. Norges Bank purchased a new position in CVS Health during the fourth quarter valued at $1,425,416,000. Charles Schwab Investment Management Inc. lifted its position in shares of CVS Health by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,055,009 shares of the pharmacy operator’s stock valued at $1,103,488,000 after acquiring an additional 155,280 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of CVS Health by 10.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,615,521 shares of the pharmacy operator’s stock valued at $989,261,000 after acquiring an additional 1,006,358 shares in the last quarter. Institutional investors own 76.96% of the company’s stock.

    Insider Buying and Selling

    In related news, SVP James David Clark sold 25,759 shares of the stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $74.92, for a total value of $1,929,864.28. Following the transaction, the senior vice president now owns 4,698 shares of the company’s stock, valued at $351,974.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.25% of the stock is owned by insiders.

    Wall Street Analyst Weigh In

    Several brokerages have recently commented on CVS. TheStreet downgraded CVS Health from a “b” rating to a “c” rating in a research report on Wednesday, May 3rd. Mizuho decreased their target price on CVS Health from $120.00 to $88.00 in a research report on Tuesday, July 11th. Barclays decreased their target price on CVS Health from $89.00 to $86.00 and set an “overweight” rating on the stock in a research report on Thursday, August 3rd. Wells Fargo & Company decreased their target price on CVS Health from $95.00 to $76.00 in a research report on Monday, May 8th. Finally, Piper Sandler assumed coverage on CVS Health in a research note on Thursday, May 25th. They set an “overweight” rating and a $85.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $98.82.

    Get Our Latest Stock Analysis on CVS

    CVS Health Trading Down 8.1 %

    CVS opened at $66.80 on Friday. The stock has a market cap of $85.80 billion, a price-to-earnings ratio of 29.30, a P/E/G ratio of 1.32 and a beta of 0.63. The stock’s 50 day moving average price is $71.71 and its 200-day moving average price is $74.89. CVS Health Co. has a one year low of $64.62 and a one year high of $104.89. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.64 and a current ratio of 0.86.

    CVS Health (NYSE:CVSGet Free Report) last released its earnings results on Wednesday, August 2nd. The pharmacy operator reported $2.21 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.09. The firm had revenue of $88.92 billion for the quarter, compared to analysts’ expectations of $86.41 billion. CVS Health had a return on equity of 15.43% and a net margin of 0.86%. The company’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.40 earnings per share. On average, equities analysts forecast that CVS Health Co. will post 8.62 EPS for the current year.

    CVS Health Dividend Announcement

    The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Friday, July 21st were paid a $0.605 dividend. The ex-dividend date was Thursday, July 20th. This represents a $2.42 annualized dividend and a yield of 3.62%. CVS Health’s dividend payout ratio (DPR) is currently 106.14%.

    About CVS Health

    (Free Report)

    CVS Health Corporation provides health services in the United States. It operates through Health Care Benefits, Pharmacy Services, and Retail/LTC segments. The Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services. It serves employer groups, individuals, college students, part-time and hourly workers, health plans, health care providers, governmental units, government-sponsored plans, labor groups, and expatriates.

    Further Reading

    Want to see what other hedge funds are holding CVS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CVS Health Co. (NYSE:CVSFree Report).

    Institutional Ownership by Quarter for CVS Health (NYSE:CVS)

    Receive News & Ratings for CVS Health Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for CVS Health and related companies with MarketBeat.com’s FREE daily email newsletter.

    ABMN Staff

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  • Catholic Health, CVS Health partner | Long Island Business News

    Catholic Health, CVS Health partner | Long Island Business News

    Rockville Centre-based Catholic Health and Catholic Health Physician Partners Accountable Care Organization (ACO) is collaborating with the CVS ACO, a division of CVS Health based in Woonsocket, RI.

    With this collaboration, the organizations aim to expand value-based care and health care access for Medicare beneficiaries across the Catholic Health Physician Network in New York.

    Value-based care has received a lot of attention lately. The New England Journal of Medicine defines it as a model “in which providers, including hospitals and physicians, are paid based on patient health outcomes. Under value-based care agreements, providers are rewarded for helping patients improve their health, reduce the effects and incidence of chronic disease, and live healthier lives in an evidence-based way.”

    In its partnership with CVS, Catholic Health seeks to build on its ACO program, boosting care for more than 40,000 Medicare beneficiaries on Long Island, and saving millions of dollars by meeting quality and total cost of care goals.

    The two organizations say that the collaboration would help to strengthen care coordination for patients by providing customized support. That support includes home-based care, transportation support for annual wellness visits and connections to services to address social determinants of health.

    It would also help improve support for Catholic Health providers, including primary care providers; enhance the health system’s care delivery service offerings, including adding same-day access, multidisciplinary chronic condition care management programs and analytics to allow physicians to provide top-of-license care; and utilize innovative value-based payments to incentivize providers, according to a news release about the partnership.

    The agreement is based on the Centers for Medicare & Medicaid Innovation’s redesigned direct contracting model, ACO REACH. ACO REACH prioritizes health equity, the coordination of care among health care providers to improve outcomes, and the reduction of unnecessary medical costs by moving patients toward value-based care, according to the news release.

    “Catholic Health looks forward to working with CVS ACO and bringing these important care enhancements to our Medicare population,” Catholic Health President and CEO Dr. Patrick O’Shaughnessy said in a statement.

    “As CVS’s exclusive health system partner in the Long Island market, we will be able to reach more patients as a unified resource and will provide new equity-focused clinical programs and services at a time when access to high-quality health care is more important than ever,” he added.

    “We know value-based care, particularly for Medicare beneficiaries, can help dramatically improve outcomes for patients who need it most and achieve lower costs,” Dr. Mohamed Diab, the CEO of CVS Accountable Care Organization said in a statement.

    “That’s why value-based care as a framework is central to our broader care delivery strategy,” Diab added. “CVS ACO is bringing to the table powerful tools to help provide coordinated, high-quality care to Medicare patients.”

    Diab noted the ACO REACH program enables CVS ACO to employ community-based assets such as MinuteClinic retail health clinics, as well as the company’s data analytics and connected electronic medical record technology to support providers as they care for patients with complex medical histories. The program also provides administrative tasks that include appointment and lab scheduling assistance and delivers actionable insights at the point-of-care to help providers offer more personalized patient care. Overall, the partnership allows for more integration, data sharing and care coordination resulting in less fragmentation and ultimately the goal of better outcomes, according to the news release.

    The collaboration builds on Catholic Health’s Physician Partner’s ACOs effortssin the Medicare Shared Savings Program to help ensure that patients have access to equitable, accessible and high-quality care.

    Catholic Health and CVS Health say they are committed to “reducing health disparities that contribute to unequal health outcomes,” according to the news release.

    “CVS Health is focused on advancing health equity for our customers, colleagues, clients and communities by improving health care access and quality of health for every patient we serve,” Diab said.

    “At Catholic Health, we are grounded in our humanity and dedicated to the transformation of health care,” said O’Shaughnessy. “We remain dedicated to making a critical difference in the health trajectory of the underserved and to enhancing the care in the communities most in need. That is what health equity is all about.”

    Catholic Health will join a growing national network of  providers working within the CVS ACO framework to care for Medicare beneficiaries. This network includes other clinically integrated networks, primary care groups and Federally Qualified Health Centers.

    l

    Adina Genn

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  • CVS, Walgreens And Walmart Agree To $12 Billion Global Opioid Settlement

    CVS, Walgreens And Walmart Agree To $12 Billion Global Opioid Settlement

    CVS, Walgreens and Walmart – the nation’s three largest retail U.S. pharmacy chains — have agreed “in principle” to pay $12 billion in a massive global settlement to resolve claims they contributed to the opioid epidemic.

    Bloomberg News was the first major news outlet to report Tuesday night that CVS Health, Walgreens Boots Alliance and Walmart have “tentatively agreed to pay more than $12 billion to resolve thousands of state and local government lawsuits accusing the chains of mishandling opioid painkillers.” Bloomberg cited “people familiar with the matter” as its sources on the settlement.

    The U.S. Centers for Disease Control and Prevention estimates the nationwide opioid crisis has led to more than a half million deaths from overdose in the last 20 years. Walmart, CVS and Walgreens combined have more than 23,000 U.S. pharmacies.

    None of the U.S. drugstore chains reached Tuesday night agreed to comment on the reports or a proposed settlement. CVS is scheduled to report its third quarter earnings on Wednesday when more details of its share of the potential settlement could be disclosed.

    According to reports and sources close to the companies, CVS is expected to pay $5 billion, Walgreens about $4 billion and Walmart will pay $3 billion. The settlement still has to be agreed to by the states, counties and other government entities involved in the discussions and who stand to reap the payouts.

    But none of the retail pharmacy chains are admitting to wrongdoing, according to sources close to the company and media reports Tuesday night.

    Investigations by state and federal attorneys as well as lawyers in private practices representing families of opioid victims have cited the role of distributors and pharmacies in the epidemic. A 2019 investigative report in the Washington Post said Walgreens “handled nearly one in five of the most addictive opioids” at the peak of the crisis surrounding the painkiller and acted as its “own distributor.”

    Bruce Japsen, Senior Contributor

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  • Walgreens And CVS Aren’t Done With Primary Care Buying Binges

    Walgreens And CVS Aren’t Done With Primary Care Buying Binges

    It appears Walgreens Boots Alliance and CVS Health aren’t done gobbling up primary care and related outpatient assets even after spending billions of dollars in the last two years.

    The latest report on merger and acquisition activity came over the weekend from Bloomberg News which said VillageMD, a primary care company Walgreens has invested $6 billion in, is looking to merge with Summit Health. Primary care provider Summit Health merged with CityMD in 2019 to create a company with more than 1,400 healthcare providers that offer primary, specialty and urgent care.

    Walgreens last year invested another $5.2 billion into VillageMD to escalate the rollout of hundreds of doctor-staffed clinics at its drugstores under its fast-growing “Walgreens Health” business. That investment gave Walgreens a stake of more than 60% in VillageMD.

    Meanwhile, CVS Health has been doing some wheeling and dealing of its own. Most notably, CVS two months ago beat out Amazon and other companies for the home care company Signify Health for $8 billion. In buying Signify Health, CVS Health is adding to its growing menu of healthcare services that includes more than 9,000 retail drugstores, 1,100 MinuteClinics staffed by nurse practitioners and the nation’s third largest health insurer, Aetna.

    But CVS, which is expected to provide an update on its ongoing healthcare expansion strategy later this week when it discusses its third quarter earnings, has told Wall Street analysts and investors it also wants to add to its primary care assets.

    “We can’t be in primary care without M & A,” CVS chief executive Karen Lynch told analysts in August during the company’s second quarter earnings call. “We are being very disciplined both strategically and financially.”

    Some have mentioned CVS as possibly interested in purchasing Cano Health, but those reports have died down lately.

    Meanwhile, Lynch has said the company will “enhance our health services in three categories: primary care, provider enablement and home health.”

    Bruce Japsen, Senior Contributor

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