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MarketScreener Homepage  >  Equities  >  Nyse  >  CVS Health Corporation    CVS

CVS HEALTH CORPORATION

(CVS)
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CVS Health : S&P Downgrades CVS After News of Bond Sale

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03/06/2018 | 10:31am EDT

By Imani Moise

Standard & Poor's Global Ratings downgraded CVS Health Co debt rating to one notch above non-investment grade after the pharmacy operator announced plans to sell $44 billion in bonds to fund its $69 billion acquisition of Aetna Inc..

The offering marks the largest bond sale in more than two years.

The ratings firm lowered CVS's position to BBB from BBB+, saying that the company's financial risk profile will weaken considerable from the substantial increase in debt. The firm said CVS's outlook is stable as it expects the company to pay down some debt.

According to the S&P website, debt rated BBB has sufficient protection parameters but "adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation."

Shares fell 0.8% to $67.76 during morning trading and have fallen 16% over the past year.

Write to Imani Moise at imani.moise@wsj.com

Stocks mentioned in the article : CVS Health, Aetna
Stocks mentioned in the article
ChangeLast1st jan.
CVS HEALTH CORPORATION 0.53% 53.07 Delayed Quote.-19.43%
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Financials ($)
Sales 2019 252 B
EBIT 2019 14 375 M
Net income 2019 6 545 M
Debt 2019 64 157 M
Yield 2019 3,74%
P/E ratio 2019 10,57
P/E ratio 2020 9,38
EV / Sales 2019 0,53x
EV / Sales 2020 0,49x
Capitalization 68 943 M
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Technical analysis trends CVS HEALTH CORPORATION
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TrendsBearishBearishBearish
Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 68,5 $
Spread / Average Target 29%
EPS Revisions
Managers
NameTitle
Larry J. Merlo President, CEO & Non-Independent Director
David Wyatt Dorman Chairman
Jonathan C. Roberts Chief Operating Officer & Executive Vice President
Eva C. Boratto Chief Financial Officer & Executive Vice President
Troyen A. Brennan Chief Medical Officer & Executive Vice President
Sector and Competitors