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Pharmacy chain operator CVS Caremark Corporation ( CVS ) on Wednesday posted better-than-expected first quarter earnings results and upped its full-year forecast.

The Woonsocket, RI-based company reported first quarter net income of $776 million, or 59 cents per share, compared with $713 million, or 52 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 65 cents per share.

Revenue rose 20% from last year to $30.8 billion.

On average, Wall Street analysts expected a smaller profit of 62 cents per share, on lower revenue of $30.3 billion.

Looking ahead, CVS said it now expects full-year 2012 earnings to range from $3.23 to $3.33 per share, up from a prior outlook of $3.18 to $3.28. Analysts are looking for $3.29 per share for the year.

CVS shares rose 77 cents, or +1.7%, in premarket trading Wednesday.

The Bottom Line
Shares of CVS Caremark ( CVS ) have a 1.45% dividend yield, based on last night's closing stock price of $44.71. The stock has technical support in the $66 price area. If the shares can firm up, we see overhead resistance around the $71-$74 price levels.

CVS Caremark Corporation ( CVS ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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