CVS Health Corporation (CVS)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of CVS Health Corporation (“CVS” or “the Company”) (NYSE: CVS). Investors who purchased CVS securities are encouraged to obtain additional information and assist the investigation.
The investigation concerns whether CVS has violated federal securities laws.
Investigation Details:
On May 1, 2024, CVS issued a press release reporting its first quarter 2024 results and revising its full-year 2024 guidance. Among other items, CVS reported $88.4 billion in revenue, missing expectations of $89 billion. The Company stated that higher utilization of healthcare services, meaning more insurance dollars spent, weighed on its results in addition to Medicare reimbursement rate cuts that will continue to pressure CVS for the remainder of the year. Accordingly, CVS issued revised full-year 2024 guidance, including “[r]evised GAAP diluted EPS guidance to at least $5.64 from at least $7.06”; “[r]evised Adjusted EPS guidance to at least $7.00 from at least $8.30”; and “[r]evised cash flow from operations guidance to at least $10.5 billion from at least $12.0 billion”.
On this news, CVS’s stock price fell $11.40 per share, or 16.84%, to close at $56.31 per share on May 1, 2024.
What’s Next?
If you are aware of any facts relating to this investigation or purchased CVS securities, you can assist this investigation. You can also contact Peretz Bronstein or his client relations manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660.
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Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Nathan Miller,