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Argus•February 17, 2021
Argus•February 17, 2021CVS Health Corporation: Maintaining BUY and $85 target
Summary
CVS Health Corp. operated 9,900 retail drugstores at the end of 2020, including over 1,700 locations in Target stores. The total number of locations exceeds 10,000 when we include a leading specialty pharmacy, Long Term Care pharmacies, Infusion Centers where cancer medicines, for example, are delivered through a needle. The combined company posted 2020 revenue of $269 billion, with about half in the PBM business, 30% in Retail/Long Term Care, and 20% in Health Care Benefits. Approximately 77% of the $91 billion in Retail and long-term care revenue came from prescriptions; 23% from over-the-counter medicines, Beauty and General Merchandise. The 2019
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Analyst Profile
Chris Graja, CFA
Senior Analyst: RetailChris covers the Consumer sector for Argus. He was the #1 Stock Picker in the Household Durables sector, winning the 2019 StarMine U.S. Analyst award from Refinitiv. He was the #1 Stock Picker in Food and Staples Retailing, winning back-to-back U.S. Analyst Awards in 2015 and 2016. He received a prestigious Volunteer of the Year award from the New York Society of Security Analysts in 2000. Prior to Argus, Chris spent 16 years at Bloomberg Financial Markets. He was the Director of Training and a Senior Researcher for Bloomberg’s research division before joining the new Bloomberg magazine as Technical Studies Editor in 1993. He rose to Executive Markets Editor of the publishing group. Chris co-authored the book “Investing in Small-Cap Stocks,” which was published in three U.S. editions, an audio book, and two Chinese editions. Chris earned an MBA from Rutgers University. He is a CFA charterholder.