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

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01/12/2018 | 09:50pm CET
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 [email protected]

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Financials ($)
Sales 2017 184 B
EBIT 2017 9 944 M
Net income 2017 5 216 M
Debt 2017 24 376 M
Yield 2017 2,49%
P/E ratio 2017 15,94
P/E ratio 2018 14,13
EV / Sales 2017 0,57x
EV / Sales 2018 0,54x
Capitalization 80 898 M
Chart CVS HEALTH
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CVS Health Technical Analysis Chart | CVS | US1266501006 | 4-Traders
Technical analysis trends CVS HEALTH
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 88,0 $
Spread / Average Target 10%
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
David M. Denton Chief Financial Officer & Executive Vice President
Troyen A. Brennan Chief Medical Officer & Executive Vice President
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1st jan.Capitalization (M$)
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MCKESSON CORPORATION10.82%35 812
CARDINAL HEALTH18.57%22 604
AMERISOURCEBERGEN10.32%21 996