CVS Drops $6 Billion in Value the Day After Its Aetna Merger Was Approved [Fortune]
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Source: Fortune
The Department of Justice’s approval of CVS’s blockbuster $69 billion acquisition of insurance giant Aetna on Oct. 10 hit a pothole in the stock market just one day later. In the face of broad stock-market weakness, CVS Health closed down over 7%, losing $6 billion in market capitalization. The drop stems in part from investor concerns about the potential for earnings growth and the potential for efficiency in the merged entity. CVS’s largest competitor, Walgreens Boots Alliance , announced earnings Oct. 11 that were lower than analysts predicted . While sales increased 11% to $33.4 billion, that was $400 million shy of expectations, and same-store sales were up just 0.3% year over year. Much of the increased revenue resulted from its acquisition of nearly 2,000 Rite Aid stores, however. Walgreens stock declined 2%. CVS also suspended any increase in its dividend. The company had routinely increased its dividend over time, more than doubling it from 22.5 c
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