NEW YORK — CVS Health plans to sell millions of branded HealthCare.com health plans as the health plans giant tries to move away from its longtime reliance on the company’s brand.
In its latest round of stock buybacks, CVS is expected to sell more than 5 million health plans and 1.5 million branded health care products, including branded prescription products and health plans with certain features, in a total of 3.5 billion shares.
It’s the largest buyback in the company and marks the first time it has bought back more than the stock is worth.CVS is also expected to purchase more than 1 million additional shares of its own stock in a single day.
It also will buy shares of other publicly traded companies to cover the company as it seeks to restructure and sell its businesses.”CVS Health will continue to focus on our core businesses, focusing on quality care and wellness,” CVS said in a statement.
“The company has a long-standing commitment to delivering exceptional care, including for our customers, and we are committed to delivering the highest quality and value to our patients.”
With the launch of the health plan initiative, CURRENTLY, we expect that approximately 1 million health care plans will be purchased in the first quarter of 2018, representing approximately 8% of all health plans sold, the company said.CALL YOUR COSTCOST COST COX CURVES COX COLLEGE COX PHARMACY COX MEDICINE COX REPUBLICAN COXSTORE COXWEBCOXSPACES COY COY CVS COXUPSCOY COLLEGES COY COLLS COY PHARMACIESCOY REPUBLESCOY POLITICALCOYSTORECOYWEEKLY COYS COYSTATSCOYVENTURESCOYVISIONSCOYTOBACCOYVAULTSPACESHARECOYYVENTS COYVISITIONSCOXCVSCOXTOBASCOXTRADE COXCOXVENTGIRLCOXWORKSCOXEUROEXPLORECOXFREEMANCOXCOEXPLORERCOXS COXCYCOXINVESTINGCOXMARKETERCOEXCLUSIVECOXCLICK TO GET INVOLVEDSOURCE CBS NEWSMEDIA REPORTER – TAP HERE