COVID tests and vaccines have drawn customers to CVS Health’s (NYSE:CVS) stores during the pandemic. On Thursday, the company will pitch investors on how it plans to use other health-care services to keep them coming back.
The drugstore chain and insurance company will hold its first investor day since the start of the health crisis. CVS CEO Karen Lynch and other top executives are expected to share the company’s financial outlook and business strategy.
CVS has turned itself into a health-care-focused company rather than just a retailer. Along with its large footprint of about 10,000 U.S. stores, it owns pharmacy benefit manager Caremark and health insurer Aetna (NYSE:AET).
Many stores include urgent-care locations called MinuteClinics. And it is converting a growing number of drugstores into HealthHubs, a new store format that includes services from therapy appointments and yoga classes to diabetes management and sleep apnea screenings.
As of Tuesday’s close, CVS shares are up 36% this year. The stock opened Wednesday trading up $1.27, or 1.4%, to $94.20 The company’s market value is $122.63 billion.
On its third-quarter earnings call, CVS said it expects to earn between $7.90 and $8.00 per share this fiscal year, after adjustments, up from a range of $7.70 to $7.80 per share. It did not provide a specific outlook for next year, but said analysts’ consensus estimates for adjusted earnings per share of around $8.20 were within its anticipated range.
