Key Developments: CVS Caremark Corporation (CVS)
32.72USD
9 Feb 2010
$0.00 (+0.00%)
$32.72
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$33.25
$32.39
15,541,610
15,177,243
$38.27
$23.74
Latest Key Developments
CVS Caremark Corporation Issues FY 2010 EPS Guidance In Line With Analysts' Estimates-Conference Call
CVS Caremark Corporation announced that for fiscal 2010, it expects to deliver adjusted earnings per share (EPS) from continuing operations in the range of $2.74 to $2.84, and GAAP diluted EPS of $2.56 to $2.65. According to Reuters Estimates, analysts are expecting the Company to report EPS of $2.75 for the same period.
CVS Caremark Corporation Profit Tops View; Shares Jump-Reuters
Reuters reported that CVS Caremark Corporation said recent problems at its pharmacy benefits management unit have been corrected and it posted a slightly better-than-expected rise in quarterly profit as its drugstore bested its rivals, driving the Company's shares up.
CVS Caremark Corporation Increases Quarterly Dividend
CVS Caremark Corporation announced that it has approved an increase in its quarterly dividend of approximately 15%, to $0.0875 per share on the Common Stock of the Corporation, payable February 2, 2010 to holders of record on January 22, 2010. This increase translates into an annual rate of $0.35 per share, up $0.045 per share from the previous rate of $0.305.
CVS Caremark Corporation To Collaborate With Allscripts-Misys Healthcare Solutions On Electronic Prescribing-AP
The Associated Press reported that CVS Caremark Corporation said it will partner with Allscripts-Misys Healthcare Solutions Inc., and begin switching clients to Allscripts' e-prescribing tool. CVS said it will stop offering its iScribe prescription tool and transition thousands of clients to products made by Allscripts. CVS said current iScribe users will have the opportunity to switch to a full electronic health record system made by Allscripts. Financial terms of the deal were not disclosed.
CVS Caremark Corporation Increases Investment In Generation Health, Inc.
CVS Caremark Corporation announced that it is taking an increased ownership interest in Generation Health, Inc., a genetic benefit management company (GBM).
CVS Caremark Corporation In $1 Billion Texas Pension Fund Contract-Reuters
Reuters reported that CVS Caremark Corporation said it has won a contract worth roughly $1 billion from the Teacher Retirement System of Texas (TRS) to provide pharmacy benefits for two years. The contract, which begins September 1 next year, is valued at $480 million in 2011 and $518 million in 2012. It allows for as many as four optional one-year renewals, according to a Wall Street Journal.
Connecticut Sues CVS Caremark Corporation For Selling Expired Products-Reuters
Reuters reported that Connecticut's attorney general has sued CVS Caremark Corporation, accusing the drugstore chain of selling food, beverages and over-the-counter medications past their expiration dates. Attorney General Richard Blumenthal said that CVS sold expired items including antacids, baby formula, cough medicine, energy drinks and foods including eggs, milk and yogurt. The lawsuit filed in state superior court in Hartford seeks fines of up to $5,000 per violation, a sum Blumenthal said may be 'significant,' and a halt to the sale of outdated products.
Pharmacists and Consumer, Privacy Advocates Urge Feds To Investigate CVS Caremark Corporation For Alleged HIPAA Violations
The National Community Pharmacists Association (NCPA), Consumer Action, U.S. Public Interest Research Group (PIRG), Patient Privacy Rights, Private Citizen, and Privacy Journal announced that they are asking the U.S. Department of Health and Human Services' Office for Civil Rights (OCR) and the Federal Trade Commission to investigate potentially illegal activity by CVS Caremark Corporation. The Health Insurance Portability and Accountability Act (HIPAA) allows CVS Caremark access to information on patients covered by its pharmacy benefit manager for administering claims and other limited purposes. Company letters collected by NCPA document CVS Caremark tapping into personal medical histories for marketing purposes, such as to urge patients to switch an existing prescription from their independent community pharmacy to a CVS retail or Caremark mail order pharmacy. CVS Caremark previously paid a $2.25 million fine in February for HIPAA violations centering on the improper disposing of patient records. Another investigation by the Federal Trade Commission (FTC) for anti-competitive violations was acknowledged recently by CVS Caremark on November 5. The National Community Pharmacists Association (NCPA) represents America's community pharmacists, including the owners of more than 22,700 independent community pharmacies, pharmacy franchises, and chains.
Stull, Stull & Brody Announces Class Action On Behalf Of Shareholders Of CVS Caremark Corporation
Stull, Stull & Brody announced that a class action has been commenced in the United States District Court for the District of Rhode Island on behalf of purchasers of CVS Caremark Corporation common stock during the period between May 5, 2009 and November 4, 2009, inclusive, for violations of the Securities Exchange Act of 1934. The complaint charges CVS and certain of its officers and directors with violations of the Exchange Act. The complaint alleges that, throughout the Class Period, defendants made numerous positive statements regarding the Company's financial condition, business and prospects. The complaint further alleges that CVS failed to disclose operating problems in the PBM business, the more than $6 billion in contractual losses for 2010 and the adverse impact this would have on its 2010 financial results. According to the complaint, CVS belatedly disclosed that the Federal Trade Commission (FTC) had begun a nonpublic investigation in August 2009 into whether CVS's business practices and service offerings violated antitrust laws. Among the business practices of CVS that the FTC is reportedly investigating is the improper use of pricing and patient data from its retail pharmacy operations to steer its PBM members to CVS stores.
Shalov Stone Bonner & Rocco LLP Announces Class Action Against CVS Caremark Corporation
Shalov Stone Bonner & Rocco LLP announced that a class action lawsuit has been filed on behalf of all persons who purchased the common stock of CVS Caremark Corporation during the period between May 5, 2009 and November 4, 2009, inclusive (Class Period). The lawsuit is pending in the United States District Court for the District of Rhode Island against CVS and certain of its officers and directors. The complaint alleges that during the Class Period defendants made numerous positive statements concerning CVS's financial condition, business and prospects. But, according to the complaint, Defendants failed to disclose, among other things, the following material adverse facts: CVS's pharmacy benefit management business (PBM business) was suffering from and would continue to suffer from serious operating problems; CVS suffered more than $6 billion in contractual losses for 2010, which would have an adverse impact on its financial results for 2010; and in August 2009, the Federal Trade Commission (FTC) began an investigation into whether CVS's business practices and service offerings violated antitrust laws. On November 5, 2009, the Company issued a press release disclosing the adverse material facts concerning its PBM business, the impact of losses in the PBM business on CVS's financial results for 2010, and the FTC investigation. As a result of this announcement, the price of CVS's common stock dropped 20%.
Exclusive: Walgreen CEO confident despite consumer angst
CHICAGO (Reuters) - Walgreen Co, the largest U.S. drugstore chain, wants to expand its position as a provider in the larger healthcare arena, but still sees cigarettes and alcohol as goods that convenience-oriented customers expect to find in its stores.
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