New CFO, New Momentum: CVS Health Shares Soar After Tough Year
Following the announcement of a new chief financial officer and an enhanced full-year projection, shares of CVS Health (CVS) surged on Tuesday. The massive pharmaceutical and health insurance company stated that it now anticipates meeting or surpassing its February adjusted profits forecast of $5.75 to $6 per share.
On average, analysts anticipate $5.89, according to Visible Alpha. Additionally, following a challenging 2024, the company’s shares are up roughly 55% year-to-date, making it the S&P 500‘s best-performing stock since the year began.
CVS Health Taps Industry Veterans to Lead Next Growth Phase
In addition to its more optimistic projection, CVS announced the hiring of a new CFO. Brian Newman, a former CFO at UPS (UPS), will assume the position on April 21. Additionally, on May 19, the business appointed Amy Compton-Phillips, who was most recently Press Ganey’s chief physician executive, as its chief medical officer. These changes come after CVS veteran David Joyner was appointed CEO in October. Late Monday, the federal government also revealed that it will pay Medicare insurers, including Aetna from CVS, more than it had originally anticipated.
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