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MarketScreener Homepage  >  Equities  >  Nyse  >  CVS Health Corporation    CVS

CVS HEALTH CORPORATION (CVS)
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CVS Health : to Keep Aetna Headquarters in Hartford, Conn.

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01/12/2018 | 09:50pm CEST
By Joseph De Avila 

CVS Health Corp. has decided to keep Aetna Inc. in Hartford, Conn., reversing the insurer's plan announced last year to move its corporate headquarters to New York City.

"We have no plans to relocate Aetna's operations from Hartford," CVS spokesman David Palombi said, adding that the company had met with Connecticut Gov. Dannel Malloy and Hartford Mayor Luke Bronin on Thursday.

The planned move was put on hold after CVS's December announcement that it would buy Aetna for $69 billion. Aetna said at the time the merger was announced that all of its locations would be evaluated as part of its integration with CVS.

CVS will maintain its corporate headquarters in Rhode Island.

The reversal is a win for Connecticut, which has lost other corporate residents in recent years and has been struggling with budget shortfalls and declining population. The city of Hartford is in its own financial straits, relying on state aid to balance its budget.

"I'm thrilled that CVS has confirmed that Aetna will continue to call Hartford home," Mr. Malloy said.

At the time that Aetna announced its decision to leave Hartford, where it has been based since 1853, the insurer said it chose to move to New York to tap a more robust pool of talent as it sought to reposition itself as a consumer-oriented health company.

Earlier this week, New York City said it was shelving a $9.6 million incentive package offered to Aetna. The insurer had planned to move into a 170,000-square-foot Chelsea building developed by Vornado Realty Trust and Aurora Capital Associates.

Write to Joseph De Avila at joseph.deavila@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
AETNA -0.35% 199.49 Delayed Quote.10.28%
CVS HEALTH CORPORATION -1.81% 72.84 Delayed Quote.2.87%
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Financials ($)
Sales 2018 189 B
EBIT 2018 10 058 M
Net income 2018 1 476 M
Debt 2018 20 199 M
Yield 2018 2,80%
P/E ratio 2018 48,92
P/E ratio 2019 11,00
EV / Sales 2018 0,51x
EV / Sales 2019 0,48x
Capitalization 75 520 M
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 88,7 $
Spread / Average Target 20%
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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 Controller, Chief Financial & Accounting Officer
Troyen A. Brennan Chief Medical Officer & Executive Vice President
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