Why CVS Health Stock Is Tumbling Thursday
Portfolio Pulse from Adam Eckert
CVS Health Corp's shares are trading lower following reports that Blue Shield of California plans to drop CVS's Caremark as its pharmacy benefit manager. Blue Shield will begin working with Amazon.com Inc and Cost Plus Drug Company. This news comes after Centene Corp replaced CVS as its pharmacy benefit manager last year.
August 17, 2023 | 12:39 pm
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NEGATIVE IMPACT
CVS Health Corp's shares are trading lower due to the loss of Blue Shield as a client for its pharmacy benefit manager, Caremark.
CVS Health Corp's shares are trading lower due to the loss of Blue Shield as a client for its pharmacy benefit manager, Caremark. This is a significant loss for CVS as it directly affects their business and revenue.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Centene Corp had replaced CVS as its pharmacy benefit manager last year, which was a move aimed at cutting costs.
Centene Corp's decision to replace CVS as its pharmacy benefit manager last year is mentioned in the context of CVS losing another client, Blue Shield. However, there is no new direct impact on Centene Corp from this news.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
Amazon.com Inc is set to benefit as Blue Shield plans to work with them and Cost Plus Drug Company, replacing CVS's Caremark.
Amazon.com Inc is set to benefit as Blue Shield plans to work with them and Cost Plus Drug Company. This new partnership could potentially increase Amazon's revenue and market share in the pharmacy sector.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80