Drug store chain operator CVS Caremark Corporation ( CVS ) on Tuesday posted better-than-expected third quarter earnings and lifted its full-year outlook.
The Woonsocket, RI-based company reported third quarter net income of $1.01 billion, or 80 cents per share, compared with $868 million, or 65 cents per share, in the year-ago period. Excluding special items, adjusted profit was 85 cents per share.
Revenue rose 13% from last year to $30.23 billion.
On average, Wall Street analysts expected a smaller profit of 83 cents per share, on lower revenue of $30.09 billion.
Looking ahead, CVS said it now expects full-year earnings to range from $3.38 to $3.41 per share, which would beat analysts' estimate of $3.36 per share for the year.
CVS Caremark shares rose $1.07, or +2.3%, in premarket trading Tuesday.
The Bottom Line
Shares of CVS Caremark ( CVS ) have a 1.39% dividend yield, based on last night's closing stock price of $46.63. The stock has technical support in the $42-$44 price area. The stock is trading near the all-time high price levels of $48-$49 a share.
CVS Caremark Corporation ( CVS ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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